Tomorrow at around 10 a.m., Warren Buffett will publish his anxiously awaited annual letter to Berkshire Hathaway investors. This Wall Street Journal ($) article provides interesting background into the development of this annual event that literally can move markets, comments on Mr. Buffett’s investment moves over the past year, and reveals Mr. Buffett’s often pithy observations on the economy and the state of American capitalism, such as the following:

He looks for memorable phrases. In one annual letter, he complained that any director’s questioning of lavish options awards to CEOs was tantamount to “belching at the dinner table.” He moaned that misleading tax treatments have resulted in an “Alice in Wonderland outcome.” Last year, before New York Attorney General Eliot Spitzer launched a probe of the mutual-fund industry, Mr. Buffett wrote: “A monkey will type out a Shakespeare play before an ‘independent’ mutual-fund director will suggest that his fund look at other managers.” He called derivatives “weapons of mass financial destruction,” prompting a rebuttal from Federal Reserve Chairman Alan Greenspan.