It had been some while since I had read an annual letter from Warren Buffett. My friend Tom Romero sent me both the current one and his letter from 1967, outlining his returns since 1957. I found the first, rather short one interesting. There is a table showing the difference between what the partnership returns were and individual returns (without fees). Of course, you could not have made those returns without fees, so he earned them. And the latest, longer letter reimnds us that middle America, the nuts-and-bolts world (and the world of higher-powered insurance) is alive and well. Better than Muddle Through for some! I offer these for some background reading. On page 17 is his take on bonds, gold, and businesses/stocks. He doesn't like the first two but does like the latter. Surprise. But a fun read nonetheless. And you can get the flavor of his style from the first letter. Read at your leisure.