Warren Buffett's annual 2005 Chairman's Letter for Berkshire-Hathaway

Warren Buffett has just published his annual 2005 Chairman's Letter for Berkshire-Hathaway. It's well worth reading. If you think derivatives are a piece of cake, here's Warren's advice:

Long ago, Mark Twain said: “A man who tries to carry a cat home by its tail will learn a lesson that can be learned in no other way.” If Twain were around now, he might try winding up a derivatives business. After a few days, he would opt for cats.

-- Jack Krupansky