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No. of Recommendations: 17
I found the letter was neither interesting, insightful, funny or inspirational.

I don't mind uninteresting as such, but "insightful" and "informative" are reasonable expectations.
I want to learn about the business results---what they are, and why they are what they are.

So, I tend to agree with you.
I remember when we got a whole raft of new shareholders at the time of the BNSF purchase, the following year's letter was extra simple (dumbed down, you might say), as a simple welcome and introduction to the firm.
That made some sense.
But the trend does seem to have continued, a bit.
This year's letter is, well, aimed low.
Most shareholders are longer-term holders now than they were then, not shorter.
(we can ignored the fund trackers, as they're not likely to read a report one way or the other).

Surely look-through earnings are a concept that is well understood by most any shareholder willing to read the letter.
Why waste all those words on something so obvious?
I would rather hear good comments on why operating earnings are up only 3% in some areas in a good economy, despite access to effectively unlimited capital from head office for good opportunities.

Business results are good, don't get me wrong, but it's not the level of pithiness and frankness I'd hoped for.

Jim
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