It's that time again, when Berkshire Hathaway shareholders and Warren Buffett devotees pore over his annual letter.

Forbes identifies as "The Seven Best Quotes" in the letter, summarized as follows:

• Stock Buybacks Aren't Always Bad
• Vanguard's John Bogle Is A Hero
• Don't Bet Against America
• Fake Profits!
• Fees... Cut It Out!
• Why Berkshire Loves Dividends
• Buy When Others Are Fearful

This year, as The Wall Street Journal reports, Buffett "declared victory in a decade-long, $1 million bet that low-cost index funds would earn more than expensive hedge funds." This conclusion is reflected in at least two of the quotes Forbes selected: the one about Vanguard and the one about fees.

Berkshire Hathaway's website lists Buffett's annual letter every year since 1977. The website design is so simple-some might say boring.

Image source.

Discussion:

• Analyze the letter using business writing principles. Who are the primary and secondary audiences? How it is organized? What are the main points? How would you describe the writing style?
• Check out the website. What's your impression? Why do you think it looks as it does?