Every year, Warren Buffet issues his annual investment letter. Unlike slick corporate annual reports, the second richest man in the world's scrawl on Berkshire Hathaway's investment portfolio is a folksy down-to-earth business tome. Like the sensation I receive from anticipating the weekly New Yorker, every year I eagerly await the Buffet letter, which appeared on the Berkshire Hathaway Web site on Saturday. In the old days, it was distributed by snail mail. His references to pal Charlie Munger and how they navigate business challenges reminds me of how my father and his brother, my uncle Jack, strategized about their challenges running tiny retail stores in small Illinois towns. Of course, the difference comes in the number of zeros behind Warren and Charlie's portfolio versus that of Jack and Jim's. Each year, I search for any insight the Big Guy at Berkshire may be have on our industry: real estate. In his reference to the MidAmerican utility holdings, Buffet mentions Home Se...
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