Figure 5.2 provides excerpts from Warren Buffett’s annual letter to his stockholders. The complete letter is found at Warren Buffett, “Letters 2012,” Berkshire Hathaway Inc., http://www.berkshirehathaway.com/letters/2012ltr.

pdf . Answer these questions about the letter:

1. How many people are praised by name?

2. Pages 126–27 in this chapter offer examples of his colorful style. What other examples can you find?

3. Buffett is known for explaining general financial issues in these letters. In the 2012 letter what does he say about newspapers? Dividends? Are these explanations clear? What phrases and sentences support your opinion?