[nhstanley]

> Yet Mr Buffett’s 50th letter to shareholders is an exception, serving to muddy rather than clarify, for two reasons. First, because it does not tackle the questions that hang over Berkshire’s conglomerate model and its durability. Second, because of the uncharacteristic coyness with which Mr Buffett and his partner Charlie Munger —respectively aged 84 and 91—discuss how or when they will give up their jobs.

Did this guy not read the letter? Because Buffet spends a lot of time discussing why he thinks his version of the conglomerate model works and will continue to work. You can disagree with his reasoning, but he certainly discusses it at length.

Second, there have been rumors that Buffet is planning to give up control soon, perhaps at this shareholder meeting. Even if he doesn't, it's not clear that it matters. The final word on asset allocation may come from him, but he is surrounded by people essentially making those decisions for him (as he basically implies in the letter).

Nowhere in this do I get the impression this guy actually read the FULL letter, beyond the first part (meaning beyond page 21).