Warren Buffett's annual letter reviewing Berkshire Hathaway's performance is is out (.pdf). As always, it's a highly accessible must-read not only for hard core investors, but for anyone interested in one of our generation's great business minds. As venture capitalist Brad Feld succinctly states, "it's good, interesting, fun and clever."
Here are some smart responses to Buffett's latest missive, updated as they come in:
- Critical analysis of Buffett's Annual Letter - David Merkel: "I have the unique perspective of being both an actuary and a value investor. I get what Buffett is doing, though by no means am I his equal. This is a commentary on his 2010 shareholder letter."
- Buffett on Housing - Calculated Risk: "I agree with Buffett's comments on how prudent lending "concentrates the mind", and about putting people into homes they can afford."
- Berkshire Hathaway's Profit Not as Strong as Appears - Horan Capital: "on an apples to apples basis, organic results are not as strong as many in the media are reporting"
- Buffett vs. Lampert: A Tale of Two Letters - Jeff Matthews: "a remarkable difference in both the substance and style of letters by two men who actually have a great deal in common"
Image: Alice Schroeder