Warren Buffett's former deputy slams crypto and meme stocks, heralds AI's 'iPhone moment,' and flags big risks to commercial real estate. Here are the 6 best quotes from her annual letter.

• Warren Buffett's ex-deputy blasts meme stocks and cryptos and welcomes a more sensible market.
• Tracy Britt Cool advises investors to be careful and touts ChatGPT as groundbreaking.
• Here are the six best quotes from Britt Cool and her Kanbrick cofounder in their annual letter.

Warren Buffett's former deputy has welcomed the return of sanity to financial markets — and warned a mixture of large debts, rising interest rates, and pressure on asset prices could spell trouble for commercial real estate and other parts of the US economy.