Sunday, March 07, 2004

Buffet's 2003 thoughts.....

One document that I try to read every year is Warren Buffet's annaul letter to shareholders - I've read every one since about 1990. I find this annual letter important for 2 reasons. For one, the guy always has some lucent observations about what's going on in the world and the financial markets.

More importantly, though, it is important to hear an eminently qualified voice like Buffet espouse more conservative, long term managerial strategies, such as his dislike of stock options as managerial incentives, his avoidance of fads (such as investing in the internet in 1999-2001), and his willingness to sit on huge piles of cash when most observers argue that this destroys value.

Here's this year's edition. If you're interested, all of the old letters are also on the Berkshire site.

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With my new friends on the Great Wall of China

With my new friends on the Great Wall of China
Click to go to my online photography

World sun clock

Uncommon Man's Creed

"I do not choose to be a common man. It is my right to be uncommon -- if I can. I seek opportunity -- not security. I do not wish to be a kept citizen, humbled and dulled by having the state look after me. I wish to take the calculated risk; to dream and to build, to fail and to succeed. I refuse to barter incentive for a dole, I prefer the challenges of life to the guaranteed existence; the thrill of fulfillment to the stale calm of utopia. I will not trade freedom for beneficence, nor my dignity for a handout. I will never cower before any master, nor bend to any threat. It is my heritage to stand erect, proud, and unafraid, to think and act for myself, to enjoy the benefit of my creations, and to face the world boldly and say, "this I have done." All this is what it means to be an American." -- Anonymous