Parsing Warren Buffett

The following is from my weekend reading column at I did some low-rent textual analysis of Warren Buffett’s 2003 letter to Berkshire Hathaway shareholders:

It is interesting to see what happened to last year’s topics. Last year Mr. Buffett was incensed about derivatives, with the word popping up 38 times, but this year derivates rate a mere six mentions. In 2003 we have much more talk about value, whatever that is.

Topics related to value and valuation appeared 13 times in 2002, but 28 times in 2003. For those of you wondering, “growth” appeared a mere seven times in 2002, and only 5 times in 2003 — it should be obvious where Mr. Buffett sees himself in the growth/value scheme of things.