Warren Buffett’s latest and longest-ever annual letter is out. For those who are interested, here is the link to the full version: http://www.berkshirehathaway.com/letters/2014ltr.pdf 43 pages of pleasure, enjoy!
For the hardcore fans, Buffett will give the traditional 3-hour interview to CNBC on Monday morning. I look forward to the interview because I know Becky won’t let him off easy and she will probably ask some tough questions that were avoided on this letter. To me, it was one of the most boring letters ever. Here are some thoughts that came to mind when I read the letter:
- Buffett didn’t write anything about his in-and-out investment in Exxon Mobil.
- Buffett writes: “I’ve mentioned in the past that my experience in business helps me as an investor and that my investment experience has made me a better businessman. Each pursuit teaches lessons that are applicable to the other. And some truths can only be fully learned through experience.” I can vouch for that. To further assert his point a bit of a Buffett-humor is used: “There are certain things that cannot be adequately explained to a virgin either by words or pictures.” Uncle Warren sends his two investment managers to dip their feet in the water as he tasked each of them to have oversight over one of Berkshire’s businesses. I think they will benefit a lot from that experience.
- In his section, Munger strongly hints that Ajit Jain and Greg Abel can replace Buffett when the day comes.
This blog started about a year ago before I made my first ever trip to Omaha to hear Buffett during Berkshire’s AGM. This year I will go back to Omaha for some more fun so stay tuned.