Warren Buffett released his annual letter to Berkshire Hathaway shareholders on Saturday morning, sharing investment reflections and eyeing the future of the Omaha, Nebraska-based holding company and the market at large.

Details, via Axios' Courtenay Brown: Buffett turns 90 this year, though there’s no indication he plans to step aside, there is speculation about Buffett’s successor. Berkshire also notably exited the newspaper business last month.

While many tech companies are still apprehensive about going public and all the scrutiny that comes with that, ex-Glu Mobile CEO Niccolo de Masi just listed a special purpose acquisition corporation (SPAC) on the New York Stock Exchange, raising $200 million.

What’s next: De Masi, along with co-sponsor and former EMC executive Harry You, wants to create the next great mobile app-focused public company via this vehicle, he tells Axios. Think of it as Match Group, but for a different app category.

When California passed its boardroom law requiring public companies based there to have at least one female director, there were concerns it would spark a gold rush for the same handful of well-known women — but that hasn’t happened.

Why it matters: Of the 138 women who joined all-male California boards last year, 62% are serving on their first company board, per a study by accounting firm KPMG. That means a majority of companies aren't contributing to so-called overboarding in corporate America.

The Boy Scouts of America filed for bankruptcy protection this week with the sole purpose of relieving the legal pressure it faces from sexual abuse victims.

Why it matters: Bankruptcy means that a judge will put a ceiling on how much BSA will pay to victims. The proceedings could limit the degree to which local councils' billions of dollars' worth of assets can be awarded to victims.

Donald Trump loves Wall Street shenanigans. Companies owned by him have declared bankruptcy six different times, and he was once sued alongside Mike Milken for participating in a scheme to artificially inflate junk-bond prices.

Driving the news: Trump pardoned Milken this week, with an official statement positively gushing over Milken's role in developing the wilder side of fixed-income capital markets.

Morgan Stanley is buying E*Trade Financial, the company known for helping everyday Americans manage their money, in a $13 billion all-stock deal, the investment bank said Thursday.

Why it matters: The deal signals Morgan Stanley's desire to bulk up in wealth management, a strong profit arm of its business model. As the WSJ notes, Wall Street banks have been looking for steadier sources of revenue, now that "postcrisis regulations and a long period of eerie calm in the markets" have taken a toll on profits.

Thanks to companies like AngelList and Carta that make it easier than ever to set up small VC funds, a new generation of so-called “super angels” is cropping up — and established venture funds are backing them.

Why it matters: Just like the boom in scout programs a number of years ago, it’s all about the deal flow.

L Brands is reportedly near a deal to sell a 55% stake in Victoria’s Secret to Sycamore Partners, which will take the women’s lingerie company private and value it at about $1.1 billion, per the Wall Street Journal.

Details: L Brands will keep the remaining stake in a separate company along with sister brand Pink, while the core company will now only operate Bath & Body Works. Leslie Wexner will step down as CEO and chairman but remain on the boards of both companies.

Markets are behaving strangely as investors attempt to make sense of the growing threat of the novel coronavirus. Assets that typically move in opposite directions are moving together, and assets that traditionally are very correlated are taking inverse tracks.

State of play: The market's two most popular safe-haven assets, gold and the Japanese yen, have decoupled and are moving in opposite directions.

Goldman Sachs and JPMorgan are joining the list of banks, brokerages and trading firms that back the Members Exchange, or "MEMX" — a new stock exchange that says it will go live in July and challenge incumbent exchanges by charging lower fees.

Why it matters: MEMX, which is still awaiting regulatory approval from the SEC, could be a formidable competitor to the entrenched "big three" stock exchanges.