Buffet's 2003 letter -- his crystal ball has less scratches than mine

Wow, Buffet's letters are the most entertaining and awesome pieces of financial and business literature out there. It's such a stark departure from the sterile technical writing of most companies that I feel like he's speaking directly to me. From page 14, "And now it’s confession time: I’m sure I could have saved you $100 million or so, pre-tax, if I had acted more promptly to shut down Gen Re Securities."

I also particularly enjoyed the anecdote about his acquisition of Clayton Homes. He predicts the future.

Funny, there is one paragraph in the Clayton Homes section which perfectly sums up the current SubPrime mess causes and effects. Buffett's comments on the large numbers of manufactured homes foreclosures is pretty interesting in that the same thing will likely happen to the housing market. Glad I am renter and not a home owner. :)

In addition to this article, I really enjoyed a recent interview with a hedge fund manager explaining the financial meltdown. http://www.nplusonemag.com/?q=financial-meltdown

I love collecting Buffett quotes:

"Investment managers often profit far more from piling up assets than from handling those assets well. So when one tells you that increased funds won’t hurt his investment performance, step back: His nose is about to grow."

He's talking about mutual funds here, but the same applies to VC.

check out p14 - it's like he wrote it yesterday as an op-ed piece