Daniel Lauchheimer's  Instablog

I downloaded all of the BRK.A annual shareholder letters, PDF'ed them, and combined them.

I think it could be useful if you want to search through all of the letters at once to see if WB ever wrote about a certain company/topic.

Anyways, here is the file.

Good luck and enjoy

From BRK.A 1993 Investor LetterLet me add a lesson from history: Coke (KO) went public in 1919 at $40 per share. By the end of 1920 the market, coldly reevaluating Coke's future prospects, had battered the stock down by more than 50%, to $19.50. At year end 1993, that single share, with dividends reinvested, was worth more than $2.1 million. As Ben Graham said: "In the short-run, the market is a voting machine - reflecting a voter-registration test that requires only money, not intelligence or emotional stability - but in the long-run, the market is a weighing machine."

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

In a previous post, I gave multiple reasons why I thought The New York Times will remain a financially successful company. I still believe in the main thrust of my thesis (though I had imprecise formulations), but I would like to raise an alternative possibility -- that Mike Bloomberg might buy The New York Times.

This idea has gained a nice head of steam after a New York Magazine article floated the idea a few months back.

I would just add one wrinkle to their speculation. Steven Rattner, a former hot shot investment banker at Lazard (LAZ) currently serves as chairman of Willet Advisors -- the firm that manages Mayor Bloomberg's fortune.

Steven Rattner also (according to Vanity Fair, and Time Magazine) has a long time friendship with current New York Times publisher Arthur Sulzberger Jr.

Could Mr. Rattner put on the old IB cap, and make one last front page deal?

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.