One of the great things I look forward to every year is reading Berkshire Hathaway’s Annual Report. Warren provides great insights in how to own and manage a business. He also admits his mistakes. His average annual return is about 21% which is phenomenal considering most of the market averages 10% or less. If you include trading costs, the returns are around 8%. My accountant who does a lot of people’s taxes and many of them are in the financial industry as traders, most have lost money despite what you hear on the television at CNBC or Bloomberg. This report is 78 pages but it is the pages 4-20 is what is worth reading.

 As an “investor” not a trader, these pages offer the most valuable insight.

I am grateful to watch him so I can learn how he invests. It is really helpful to my business. My dream is to have a similar business model as Berkshire but on a smaller scale than BRK.A