Fortune has released an exclusive excerpt of Warren Buffett’s annual shareholder letter.

In the shared passage, Buffett discusses his real-estate investment experience. Turns out, he bought two key pieces of property in 1986 (a 400-acre farm north of Omaha) and 1993 (retail property in New York). Both times, bubbles had recently burst and the property values were low.

To find out more about how he assessed the properties and what he’s learned from the investments, click here.

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