Fred assembles 11 bullet points from the BRK annual letter in this post The Berkshire Hathaway 2008 Annual Letter » A VC. I like number 7 – “Quants – “Beware of geeks bearing formulas.” It’s that γ (gamma) from this month’s wired again 🙂
I’m still trying to synthesize the Snowball. The biggest thing for me are the many descriptions of how Buffet works thru disasters like the Buffalo newspaper, Salomon, etc. It is amazing how many ugly situations are described. A big reminder that Buffet earned the wins. Investing and managing in “value-land” is very difficult.