To read the complete letter please go to
http://www.berkshirehathaway.com/letters/2013ltr.pdf

I have always been a fan of Warren Buffett and his annual letter is completely free yet priceless.
Here I leave you with the most valuable part of it, I hope you will enjoy and learn as much as I did.

Some Thoughts About Investing

Investment is most intelligent when it is most businesslike.
— The Intelligent Investor by Benjamin Graham

It is fitting to have a Ben Graham quote open this discussion because I owe so much of what I know about investing to him. I will talk more about Ben a bit later, and I will even sooner talk about common stocks. But let me first tell you about two small non-stock investments that I made long ago. Though neither changed my net worth by much, they are instructive. This tale begins in Nebraska. From 1973 ......