Labitan.沃伦.巴菲特文集(EN)——The_Warren_Buffett_Bu(5)

and co-written by Mr. Munger. Therefore, I concluded that the annual letters best capture these ideas. The order or disorder in which they are presented can be blamed on me. In general, the order of presented sections goes from friends and teachers towards concepts and actions. I attempted to “trim a bit of fat” off a large fine steak.

These are minimalistic edits of selected passages from the annual letters of Warren E. Buffett to the Shareholders of Berkshire Hathaway Inc. In order to preserve Mr. Buffett’s words, I approached the material as if I were editing scripture. Therefore, there are no additions of content from me.

My editing was performed by careful surgical subtraction of less essential words. My goal was:

1.Dividing up sections into more easily readable independent pieces, 2.Clarifying ideas presented in longer sentences and 3.Enhancing clarity of thought of the reader. As a book, it is designed/divided to be an appealing bestseller by my intentional division of interesting selections into small sections/chapters. I have heard Mr. Buffett describe the process of writing the annual letters, initially dedicating them to his sisters in this way: “Dear Doris and Bertie,” Therefore, this book could also be titled: ( Dear Doris and Bertie, Here is what I learned about wonderful businesses from your brother Warren. )

_____________________________________________________________________________

August 15,2002

Dear Dr. Labitan:

I enjoyed your letter and organization of the material from the Berkshire annual

reports. However, I would not like to reissue these stories in a book. Larry

Cunningham's work was designed as a textbook, organizing various principles I'd laid

out over the years. I, therefore, okayed publication (without sharing in any way in

royalties or profits) because I felt he had developed a good way to teach my ideas to

younger audiences. I've never wanted to take other parts of the report and package them

for resale; rather I wish them to be free and available through the internet.

Sincerely,

Warren E. Buffett

_____________________________________________________________________________

Therefore, this organized collection is released freely to my friends and associates. C.L.