Skip to Content
Stock Strategist

Learn to Think Like Warren Buffett

Hidden gems in Berkshire Hathaway's annual report.

Mentioned: , , ,

"If you want to succeed, it's common sense to study success."

So remarked Warren Buffett,  Berkshire Hathaway's  (BRK.B) chairman and CEO, and we'd have to agree. Buffett's remarkable investment success has made his annual shareholder letter, part of Berkshire's 2004 annual report, a must-read for any investor who hopes that a little of Buffett's magic may rub off. We've already reviewed some of the lessons for fund investors in this year's letter, but we also think stock investors have much to gain. Commentary on Buffett's annual letters is now somewhat ubiquitous, so we'd like to take a different tack and share three less-obvious insights we gleaned.

Dreyfus Neenan does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.