Berkshire Hathaway Inc. (BRK.B): 6 Quotes From Buffett’s Annual Letter That Nobody Else Is Talking About

“If you meet Ajit [Jain] at the annual meeting, bow deeply.”

On page 8, Warren Buffett basically says (and I’m paraphrasing), “Bow down before your new master!”  But maybe I’m reading too much into that quote and its implications for the CEO succession question.  When the leadership transition comes, I’m guessing it won’t be General Zod style, although that would be undoubtedly memorable.

At any rate, my gut says that Ajit Jain will be the successor.  My brain says that he’s a likely choice too.  But my heart says Kabletown CEO Jack Donaghy. I miss you already, Mr. Donaghy.

Some of you kids were “oops babies”

“I have made plenty of mistakes in acquisitions and will make more.”

On page 19, amid a discussion on dividend theory, Buffett admits that some of his corporate children were perhaps conceived by mistake, but he won’t ever tell us which of those kids are his least favorites. You know all the subsidiary CEOs are reading this and wondering if he’s talking about them. I’m looking at you, Pampered Chef.

You want fries with that mu shu pork?

“Phil [Fisher] explained that you can successfully run a restaurant that serves hamburgers or, alternatively, one that features Chinese food. But you can’t switch capriciously between the two and retain the fans of either.”

On page 21, Warren Buffett says something that immediately raises my skepticism.  There is a restaurant in my hometown that sometimes leaves take-out menus on my door handle, and they do indeed feature a full menu of both hamburgers and Chinese food (and subs and Buffalo Wings too). I’ve been getting these menus for years, and they have expanded to three locations, so I take that as evidence that the restaurant is doing a fine job of successfully running a hamburger and Chinese food business with repeat customers.

Admittedly, I’ve never ordered take-out from there.

Fast company

“Ted Weschler has run the marathon in 3:01. Jim Weber, Brooks’ dynamic CEO, is another speedster with a 3:31 best. Todd Combs specializes in the triathlon, but has been clocked at 22 minutes in the 5K. That, however, is just the beginning: Our directors are also fleet of foot (that is, some of our directors are). Steve Burke has run an amazing 2:39 Boston marathon. (It’s a family thing; his wife, Gretchen, finished the New York marathon in 3:25.) Charlotte Guyman’s best is 3:37, and Sue Decker crossed the tape in New York in 3:36.”

People who constantly post their running times and daily workout distances on Facebook always find their way into my “Hide posts from this person” bin. I don’t check Facebook to feel bad about my own lack of exercise. I check Facebook for pictures of my friends’ babies, graphics and quotes that reaffirm my own political views, and re-posts of cat pictures with funny captions.

Anyway, having said that, on page 22, Buffett runs down the marathon times of his top employees and directors, and I immediately vow to vote against all of them if I ever save up enough money to buy an A share with voting rights.

The article 6 Quotes From Buffett’s Annual Letter That Nobody Else Is Talking About originally appeared on Fool.com and is written by Mike Steele.

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