I've reluctantly discarded the notion of my continuing to manage the portfolio after my death - abandoning my hope to give new meaning to the term "thinking outside the box." - Warren Buffet

The Berkshire-Hathaway Annual Report is something of a classic in business lore. CEO Warren Buffet's letters to shareholders are a great read. The letters contain business advice, a review of the past year in business, and Mr. Buffet's thoughts on the future. Onstartups.com has posted some of the most entertaining comments from this year's report.

The report is about 76 pages long, but the first 24 or so pages encompass Buffet's letter. Why should you read Mr. Buffet's wisdom? First, it is entertaining. Second, Mr. Buffet explains some very serious negative conditions facing U.S. business in a way that anyone can understand. For example:

The U.S. dollar weakened further in 2007 against major currencies, and it's no mystery why: Americans like buying products made elsewhere more than the rest of the world likes buying products made in the U.S.

Finally, this year's report features Buffet's thoughts on the potential for the S&P's performance in this century - a must read if you are planning retirement based on the historical returns of the last century.