Buffett’s Annual Letter to Shareholders


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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