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Well, I'd say Buffett's letters' strong points are the way it breaks down tough concepts into a language that most people can understand. While I wouldn't say that he dispenses much in the way of investment advice, they make good reading if you're looking for a broad stroke of the US economy (especially the financial sector) as well as the factors that affect his business.

It also helps that his letters tend to be free of the BS that permeates some of the annual reports I've had to read through. When a business he owns isn't doing well, he admits to it without needing to couch behind platitudes.