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Article: Born-again annual reports: this once-treasured corporate communique has become a relic. This could be the year CEOs make it relevant again. (Investor Relations).
- Article from:
- Chief Executive (U.S.)
- Article date:
- November 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 Chief Executive Magazine. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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"A gorgeous woman slinks up to a CEO at a party," begins the characteristically tasteless joke in Warren Buffett's 2001 letter to Berkshire Hathaway shareholders, "and through moist lips purrs, 'I'll do anything -- anything -- you want. Just tell me what you would like.' With no hesitation, he replies, 'Reprice my options.'"
Okay, so he's not Jerry Seinfeld, and his jokes might not be original. But Buffett's annual missives aren't known for their humor; they're known for an extraordinary level of candor and clarity. In reviewing a $46.2 million pre-tax loss in Berkshire's shoe operations, for example, Buffett points to the company's poorly performing Dexter Shoe ...