When I take a look at a company's annual report, if I don't understand it, they don't want me to understand it.
I read annual reports of the company I'm looking at and I read the annual reports of the competitors - that is the main source of material.
When asked how he became so successful in investing, Buffett answered: 'we read hundreds and hundreds of annual reports every year.
Even in writing an annual report, the unconscious plays a role.
Other guys read Playboy. I read annual reports.
I've already written a section in the annual report for next year explaining why I think in one case that the figures on our balance sheet as calculated are wrong. But it's the standard way of doing it. It's holy writ. The SEC wants us to do it that way, and we'll do it that way, and I'll explain why I think it's wrong and shareholders can read it and see whether they agree with my logic or don't.
Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them.
The world is full of CEOs that think that just because they write a memo or they write a letter inside an annual report or they give a little video speech that gets sent around the company, they think that's what's really going to affect employees.
For corporations to be bedfellows with the arts is good business for both. The architecture that houses a company is a more visible statement than the president's in the annual report. Ditto interiors, particularly of offices and sometimes, dramatically, in plants. For solvent businesses, support of community cultural undertakings in music, drama, dance creates great goodwill. Also, the existence of such activities is often important to the executives and their families that companies want to keep or attract to keep.
Clients have no trouble paying $5,800 for an hour in a Gulfstream corporate jet or $425 for a month of parking. But God forbid they spend $3 per on a glossy annual report.
A ten per cent reduction in military expenditures per year would be reasonable, coupled with a programme of retraining the workforce and redirecting the resources in a manner that creates employment and advances social welfare. I also encourage all States to contribute to the UN's annual Report on Military Expenditures by submitting complete data on national defence budgets.
My first job at Graham-Newman was to prepare the annual report for that 10th year.
Even the classics that we read to our young children are full of wolves' fangs and burning ovens and bloody feet and ice shards piercing hearts. Even the New Testament climaxes with an act of unspeakable torture. Might as well just read to our kids from the Amnesty Annual Report and be done with it.
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