The oracle speaks

Last night, as the Oscar festivities were in full swing, the Oracle of Omaha, Warren Buffett, released his 2005 annual report, containing his annual letter to shareholders. The letter to shareholders is always a fascinating read, and this year was not a let-down.

Especially worth checking out is towards the end of the annual report, Buffett reprints his basic tenants in an “owner’s manual”. This owner’s manual is a manifesto on how the stock market (and capitalism in general) works. A timeless classic, chock full of fantastic insights.

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