Buffett’s Annual Letter to Shareholders

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Warren Buffett recently released his latest letter to shareholders. One of my favorite things about Buffett is the attitude conveyed by the following passage from this year's letter:

There are many giantcompany managers whom I greatly admire; Ken Chenault of American Express, Jeff Immelt of G.E. and Dick Kovacevich of Wells Fargo come quickly to mind. But I don't think I could do the management job they do. And I know I wouldn't enjoy many of the duties that come with their positions – meetings, speeches, foreign travel, the charity circuit and governmental relations. For me, Ronald Reagan had it right: "It's probably true that hard work never killed anyone – but why take the chance?"

Not the kind of things too many CEOs would say, but part of the attitude that has made BRK so successful.

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