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• Warren Buffett spent a record sum on stocks and made a major acquisition in 2022.

• The Berkshire Hathaway CEO tore into bitcoin, adjusted some overseas bets, and gave a surprise gift.

• Here are the investing icon's 6 highlights of 2022.

Warren Buffett's luck changed in 2022. After years of battling to find bargains and watching Berkshire Hathaway's cash stack up, the famed investor seized his chance to put his conglomerate's mountain of money to work.

Buffett spent a record sum on stocks, executed a major acquisition, and made some striking changes to his overseas bets. He also crowed about four of Berkshire's key holdings in his yearly letter, trashed bitcoin at the annual shareholders' meeting, and made a surprise donation to his children's charities.

Here are Buffett's 6 highlights from 2022:

The annual letter

Buffett published his famous annual letter to Berkshire shareholders in February.

The investor vented his frustration with Berkshire's mammoth $144 billion cash pile, blaming a lack of bargains in the stock market. He also celebrated the "Four Giants" among Berkshire's businesses: insurance, railroads, energy, and its enormous Apple stake.

Moreover, Buffett appeared to respond to criticism of his tax practices by noting Berkshire paid $3.3 billion of federal income tax in 2021 — nearly 1% of all the corporate income taxes collected by the US government that year.

Here's a roundup of the best quotes from Buffett's letter, and here are the key insights it contained.

Acquiring Alleghany

Buffett struck a deal to buy Alleghany for nearly $12 billion in March. Berkshire completed its takeover of the insurer in October, ending a years-long drought on the acquisition front.

The investor showcased his trademark approach to dealmaking, which prizes trust and simplicity. He proposed the merger over dinner with Alleghany's CEO, who previously ran a Berkshire subsidiary, and the pair formally announced a deal less than two weeks later.

Buffet also refused to budge on the deal terms, and when Alleghany enlisted Goldman Sachs as a financial advisor, he insisted the investment bank's fee was subtracted from Berkshire's offer price.

An epic buying spree

Berkshire plowed a net $41 billion into stocks in the first quarter of 2022, setting a new record for its quarterly spending on equities.

Buffett and his team built large stakes in HP, Chevron, Occidental Petroleum, Citigroup, Paramount, and Taiwan Semiconductor in the first nine months of 2022. Berkshire also spent over $5 billion on buybacks and made other sizeable purchases, lifting its spending on stocks and acquisitions for the year to an astounding $70 billion or so.