Friday, April 13, 2007

Why corporate reporting so seldom enlightens


His opening words are always the same. “Dear Doris and Bertie,” writes Warren Buffett, the second richest man in the world. It is his annual report to shareholders and the iconic boss of Berkshire Hathaway imagines he is penning a down-home letter to just two of them.

They’re a smart duo, Mr Buffett tells the Financial Times – and they happen to be his sisters. “They’ve got practically all their money in Berkshire Hathaway, so they’re interested. And they don’t want to be talked down to.

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