The Warren Buffett Annual Report 2017 showcases Berkshire Hathaway inc. outperforming the S&P 500 by 1.1% and several intriguing developments; a recent accounting change requiring reporting of unrealized gains, investment in Apple inc., and the results of a ten year bet. The accounting change requires reporting the net change of unrealized investments. Previously, realized gains were reported. This can produce surprising results during variations in the market. Benjamin Graham taught the value of the investment is more important than realized or unrealized price fluctuations. Value if what you get, price is what you pay. An investment of 20.9 Billion in Apple was a surprising move for Berkshire Hathaway given the lack of technology stocks in their history. Warren Buffet does not use a computer outside of the supercomputer in his head. This development begs the question: has Warren Buffett expanded his area of expertise to include investing in information technology or is Apple involved in ventures familiar to Warren Buffett? The 10 year bet of $500,000 with the S&P 500 index fund versus any investment professional has provided miserable results for the competition. A round of applause for the only man, Ted Seides, who chose five different fund-of-funds to enter the Coliseum for a 10 year battle with the savage lion of growth known as the S&P 500. The S&P 500 easily outperformed each fund-of-funds from 20.6% to 77.9%. The lion devoured everything in the arena. Although reporting has changed, value is still the name of the game. Value seen in Apple by Warren Buffett is a new brush stroke for a financial artist who made a 10 year bet show the value of simplicity in the S&P 500. A genius like Warren Buffett makes the complicated simple enough for the rest of us to understand.