Today Warren Buffett has released the 50th annual shareholder letter for Berkshire Hathaway (BRK-A).  As I looked over the letter, I pulled out some classic Buffett-isms.

Here we go:

pg 5:

“With the acquisition of Van Tuyl, Berkshire now owns 9 1⁄2 companies that would be listed on the Fortune 500 were they independent (Heinz is the 1⁄2). That leaves 490 1⁄2 fish in the sea. Our lines are out.”

pg 6:

“At Berkshire, we much prefer owning a non-controlling but substantial portion of a wonderful company to owning  100% of a so-so business. It’s better to have a partial interest in the Hope Diamond than to own all of a rhinestone”

pg 18:

“During 2014, Tesco’s problems worsened by the month. The company’s market share fell, its margins contracted and accounting problems surfaced. In the world of business, bad news often surfaces serially: You see a cockroach in your kitchen; as the days go by, you meet his relatives.”

On pages 19-21, Buffett details the activities that will take place at the annual meeting.   I think these few pages are unlike anything published in any other SEC filing you’ll ever see.   Tidbits:

“Gorat’s and Piccolo’s will again be open exclusively for Berkshire shareholders on Sunday, May 3rd. Both will be serving until 10 p.m., with Gorat’s opening at 1 p.m. and Piccolo’s opening at 4 p.m. These restaurants are my  favorites, and I will eat at both of them on Sunday evening. Remember: To make a reservation at Gorat’s, call  402-551-3733 on April 1 st (but not before); for Piccolo’s, call 402-346-2865. At Piccolo’s, order a giant root beer float for dessert. Only sissies get the small one.”

See all my outtakes and a link to Buffett's letter here.