Buffett Speaks

A couple hours after hitting Berkshire's website, the press, investors, and even a few suburban housewives anxiously read Buffet’s latest annual shareholders' letter. This is seen as much a yearly ritual to gather nuggets of wisdom from the world's most renowned investor as to hear the company's financial results.

The most newsworthy story for most is the talk of his successor(s), and the spinoff of his role into two: CEO and chief investment officer (CIO). This still remains a mystery and is subject to speculation, though the company has very capable and rational people who could take over: Geico’s Tony Nicely; insurance exec. Ajit Jain, et al. I think it will be someone within Berkshire who becomes CIO. Though that hasn’t stopped a 4-year-old from applying.

The talk of seeking "business judgment" when searching for board members resonates simplicity and a welcomed lack of bureaucracy in a world awash with “synergies” and “strategy.”

Does anyone else find it curious that Buffett bashed metro newspaper economics while Berkshire owned over $200M of Gannett Inc. as of Q4 2006? And for those of you wondering the stocks alluded to in the equities section that Berkshire is still buying, well, you'll have to do your homework on that one.

His best investing tip of the year: "Be fearful when others are greedy, and be greedy when others are fearful."