Warren Buffett's Annual Shareholder Letter (page numbers for your convenience, but may not be comprehensive)
1. Describe the methods Warren Buffett uses to measure both his own firm's performance and that of the S&P 500. Explain why he thinks Berkshire's book value and intrinsic value have diverged over time. (p. 3)
2. Explain what Buffett means by "normalized earnings." (pp. 4-5)
3. Describe what Buffett means by "float" and "underwriting profit" in his overview of Berkshire's insurance business. (p. 8 and elsewhere)
4. Explain why Buffett says that "our size precludes a brilliant result" (p. 6)
5. State the rule that Buffett and Munger use in repurchasing Berkshire shares. (p. 7)
6. Describe Buffett's reasons for optimism about America and its economy.
7. List the four disciplines that a sound insurance operation needs to follow, according to Buffett (p. 10)
8. Discuss Buffett's specific views on "adjusted earnings" (p. 16)
9. Summarize Buffett's views on "The Bet" and passive investment management (pp. 21-25)