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.
http://www.berkshirehathaway.com/letters/2003ltr.pdf
Subscribe to:
Post Comments (Atom)
With my new friends on the Great Wall of China
Click to go to my online photography
No comments:
Post a Comment