As we mentioned in
a previous shareholder letter, Jason Zweig, the noted Wall Street Journal columnist and author of Your Money and Your Brain (2007), credited much of the investment success of value investors such as Warren Buffett (Trades, Portfolio) and Benjamin Graham to being «inversely emotional,» i.e., sharing a quality that goes beyond calm, «a certain imperturbability or implacability.»
His annual
letter to
shareholders is often the forum Buffett uses to not only explain Berkshire's wins and losses over the
previous year, but also to espouse certain lessons the most novice investor can heed.