Warren Buffett's Final Annual Letter

The Oracle of Omaha is "going quiet."

A. Berkshire Hathaway’s legendary value investor Warren Buffett has penned his final annual letter to shareholders. Alice Schroeder’s biography The Snowball (London: Bloomsbury, 2009) is well worth reading on Buffett. Alex W. Morris’s new book Buffett and Munger Unscripted (Petersfield, Hampshire: Harriman House, 2025) also looks good. Bloomberg TV reported earlier today on this.

B. Brittany Higgins is using a trust to protect herself against her former boss, ex-Liberal Senator Linda Reynolds. This is common sense asset protection (as a wealth management strategy) to hedge litigation risk. N.E. Renton & R.A. Caldwell’s Family Trusts: A Plain-English Guide for Australian Families (6th ed.) (Melbourne, Australia: John Wiley & Sons Australia, 2025) is helpful to begin establishing a trust strategy for asset protection, estate planning and intergenerational wealth transfer.

C. Today is the 50th anniversary of the Dismissal in Australia, when Prime Minister Gough Whitlam was sacked. The Dismissal has been called “the quiet coup” and political maven Michelle Grattan has offered her memories of the tumultuous day in Australian democracy.

D. New York University’s Professor Scott Galloway has written about masculinity in his new book Notes on Being a Man (London: Simon & Schuster, 2025). Also check out The Prof G Pod and Galloway’s prior book The Algebra of Wealth: A Simple Formula for Success (London: Transworld Digital, 2024).

E. The Council on Foreign Relations on New Frontiers in Intelligence: The Changing Nature of Espionage.

F. I missed a local screening of Andrei Tarkovsky’s classic Stalker tonight but may see it later this week. He influenced me in my adolescence as I had a copy of his memoir Sculpting In Time: Reflections on the Cinema (Austin TX: University of Texas Press, 1989). You can view Stalker below.

G. MIT OCW has released an entire university level course (also MIT OCW site) on projection theory.

H. Netflix explains how the stock market actually works.

I. If like me you are influenced by PBS Frontline, here is a curated playlist of documentaries from its first seven seasons.