Every couple weeks I receive in the mail yet another weighty book from one of the stocks that I own. And every couple weeks, I spend the time to rip it open, flip through it, wonder how much of my money it cost to produce this full-color glossy advertisement for a company that I already own. I then find the nearest person, show them some token shiny pictures, charts and graphs and hurumph to them, “This book here, it tells me that ‘we are going to try and make as much money for you as we can’.” Then it goes straight into the trash.
Last year I bought some Berkshire Hathaway stock. A couple weeks ago I got the Annual Report in the mail. I flipped through it. It’s different. It’s wonderful. It’s useful. It’s educational. It’s smart. The first 24 pages contains Warren Buffett’s Chairman’s Letter. Read the Berkshire Hathaway 2006 Annual Report for yourself.