http://www.berkshirehathaway.com/letters/2006.html
Warren Buffet’s entertaining 2006 Chairman’s Letter. Chattily discusses the future of the newspaper business (not good), his search for a successor (the main problem is finding someone who’ll stick around), CEO compensation (he’s somewhat puzzled that as a board member of other companies, he always gets outvoted when he tries to limit executive compensation, even though in the 42-year history of Berkshire Hathaway, not one CEO of his companies has left because they thought they were compensated poorly), the declining fortunes of Blue Chip Stamps (from sales of $170 million in 1970, to $25,920 in revenues last year—“Ever hopeful, Charlie and I soldier on”), his favourite foods (“It’s amazing what Cherry Coke and hamburgers will do for a fellow”), his strategy for beating an 11-year-old girl at ping pong, and finally a few pages of advice and information about the annual meeting, which he describes as “Woodstock for Capitalists.”