Warren Buffett’s annual letter to Berkshire Hathaway shareholders is always entertaining (previous letters here and here), but this year’s edition contains so much levity that Buffett could use it as the script for a guest stand-up routine on Leno, Letterman or Comedy Central. My favorite observation is the following one on the subject of picking good managers for Berkshire’s businesses:

The attitude of [Berkshire’s] managers vividly contrasts with that of the young man who married a tycoon’s only child, a decidedly homely and dull lass. Relieved, the father called in his new son-in-law after the wedding and began to discuss the future:

“Son, you’re the boy I always wanted and never had. Here’s a stock certificate for 50% of the company. You’re my equal partner from now on.”
“Thanks, dad.”
“Now, what would you like to run? How about sales?”
“I’m afraid I couldn’t sell water to a man crawling in the Sahara.”
“Well then, how about heading human relations?”
“I really don’t care for people.”
“No problem, we have lots of other spots in the business. What would you like to do?”
“Actually, nothing appeals to me. Why don’t you just buy me out?”