Berkshire Hathaway has published Warren Buffet's 2005 Annual Report. The Chairman's Letter is, as usual, a pleasure to read. He references Pascal's wager, explores the inherent of value-minus of investment managers by allegory and Newtonian physics, and continues to rail against executive compensation. If i only had the energy to read one piece of financial wisdom each year (and i'm pretty close to that number), it would be Buffett's Annual Letter.