These columns don’t always agree with Warren Buffett on issues such as the death tax or population control, but we’ve made it a habit to pay careful attention to Mr. Buffett’s annual letter to shareholders, and this year’s, as usual, contains some gems. At a moment when Israel is too often depicted as nothing more than a war zone or a belligerent occupying force, Mr. Buffett describes his July 5 purchase of ISCAR, an Israeli tool company, at a price of $4 billion for 80% of the company, as “the highlight of the year.”

Mr. Buffett reports that he and his longtime partner Charlie Munger visited ISCAR in Israel in September and that he and Mr. Munger “have never been more impressed with any operation.” Writes Mr. Buffett, “At ISCAR, as throughout Israel, brains and energy are ubiquitous.” We’re not experts on ISCAR, but Mr. Buffett’s assessment of Israel is right on target.

Mr. Buffett also had some words for another subject that is dear to our hearts — newspapers. “Charlie and I love newspapers — we each read five a day — and believe that a free and energetic press is a key ingredient for maintaining a great democracy,” wrote the owner of the Buffalo News and a director of the Washington Post. “We hope that some combination of print and online will ward off economic doomsday for newspapers.”

Finally — and somewhat surprisingly for someone often depicted as a political left-winger — Mr. Buffett, in offering some thoughts on selecting directors, disparaged identity politics. “Consultants and CEOs seeking board candidates will often say, ‘We’re looking for a woman,’ or ‘a Hispanic,’ or ‘someone from abroad,’ or what have you. It sometimes sounds as if the mission is to stock Noah’s ark. Over the years I’ve been queried many times about potential directors and have yet to hear anyone ask, ‘Does he think like an intelligent owner?”

Mr. Buffett is 76 and says he has an expected lifespan of 12 years, though, he writes, “naturally, I’m aiming for more.” His shareholders no doubt wish him good health and a long life because of his extraordinary record in creating wealth for them. For our part we wish him the same, if only because every year he writes a letter that we enjoy reading and mining for insights to share with our own readers.