Last night, large numbers of Berkshire Hathaway investors and Warren Buffet idolaters sat before their computers, expectantly clicking refresh over and over. Why? To be among the first to read Warren's annual shareholder letter.

Every year, a cult of capitalist geeks around the world eagerly awaits Warren Buffet's annual report prose, which is as entertaining as it is accessible. It includes phrases like, "Warning: It's time to eat your broccoli — I'm now going to talk about accounting matters" and "Once you've flown NetJets, returning to commercial flights is like going back to holding hands." He weaves in ancedotal quotes like "I owe my fortune to two great American institutions: monopoly and nepotism" and allegories about old men with errant shopping carts who abandon searches for their shopping wives upon hearing younger men describe their own lost spouses: "She's a gorgeous blonde... with a body that would cause a bishop to go through a stained glass window..." (It'll make sense when you read it in context.)

Here's the part we're most interested in:

In selecting a new director, we were guided by our long-standing criteria, which are that board members be owner-oriented, business-savvy, interested and truly independent... Charlie and I believe our four criteria are essential if directors are to do their job... Yet these criteria are usually ignored. Instead, consultants and CEOs seeking board candidates will often say, "We're looking for a woman," or "a Hispanic," or "someone from abroad," or what have you. It sometimes sounds as if the mission is to stock Noah's ark. Over the years I've been queried many times about potential directors and have yet to hear anyone ask, "Does he think like an intelligent owner?"...

That's exactly what we've found in Susan Decker, CFO of Yahoo!, who will join our board at the annual meeting. We are lucky to have her: She scores very high on our four criteria and additionally, at 44, is young -- an attribute, as you may have noticed, that your Chairman has long lacked. We will seek more young directors in the future, but never by slighting the four qualities that we insist upon.

Those who know Sue, even vaguely, know that Warren Buffett is her supreme idol. How often do you get to work side-by-side with a lifelong deity?

Congratulations, Sue!

Photo from jchaddickerson