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Here's this year's letter to Berkshire shareholders from Warren Buffett.

You can see all of the letters for the last 30 years here.

Four years ago, Buffett warned that "derivatives are financial weapons of mass destruction." But he may be changing his tune. In this year's letter, he writes: "Why, you may wonder, are we fooling around with such potentially toxic material? The answer is that derivatives, just like stocks and bonds, are sometimes wildly mispriced."

Posted by edelfenbein at March 2, 2007 7:53 AM