Warren Buffett is a funny, funny (insanely rich) man

I normally would never have a reason to read a letter to shareholders from billionaire Warren Buffett. I just happened to hear about his writing style on NPR’s Marketplace Money. The hosts said he was funny. Funny!  

And they were right.  

This is from his 2006 letter (some of which is covered by copyright) – a report of earnings: 

All that said, a confession about our 2006 gain is in order. Our most important business, insurance, benefited from a large dose of luck: Mother Nature, bless her heart, went on vacation. After hammering us with hurricanes in 2004 and 2005 –- storms that caused us to lose a bundle on super-cat insurance –- she just vanished. Last year, the red ink from this activity turned black – very black.

The rest of the letter is just as good, including a great paragraph about why GEICO’s success is the reason parents should change their kids’ names to Tony. 

Bravo, Mr. Buffett.

Government agency advocates for clear writing (gasp!)

Writers of annual reports everywhere, take heart! The Securities and Exchange Commission is finally on our side. The Federal Securities Law Blog offers a nice recap: 

The SEC has published its observations regarding executive compensation disclosure for the first round of proxy statements that were filed under the new executive compensation rules. … Companies are encouraged to think about how they present information, including by use of plain English …

See the full report. Warning: It doesn’t follow its own advice.

Pfizer did, though. It rewrote its 2006 executive pay report supposedly in plain English. Bill Sweetland at Ragan Communications has a great column on the company’s effort, which hasn’t yet been approved by the SEC or made available to the public. Let’s hope Pfizer at least gets credit for trying. 

Official response to fake PR people falls flat

Last week, FEMA held a press conference in which its own public relations people posed as reporters asking questions; real members of the media were allowed only to listen in by phone. It would be funny if it wasn’t tragic. (But feel free to laugh along with fellow Indianapolis blogger Erik Deckers at Laughing Stalk.)                                                                                              

Idiots like these folks at FEMA may call themselves PR professionals, but no one else should. They don’t deserve the label.  

As disappointed as I am in their actions, though, I’m more disappointed in the official written response of the Public Relations Society of America:  

30 October 2007
MEDIA ADVISORY: PRSA Responds to FEMA News Conference Incident New York, NY (Oct. 29, 2007) — To prevent deceptive practices and to advocate for honest and accurate communications, the 32,000-member Public Relations Society of America (PRSA) put forward its Code of Ethics today to address issues raised by the Oct. 23 news conference where Federal Emergency Management Agency (FEMA) employees appeared to pose as reporters. PRSA, the world’s largest organization for public relations professionals and students, outlined its PRSA Code of Ethics, a unique set of principles that has become the industry standard for ethical practice by communications professionals in the private and public sectors. The Code is developed and maintained by the PRSA Board of Ethics and Professional Standards.

Nowhere in its press release does PRSA clearly state its opposition to a PR person lying about being a journalist.

The PRSA Code of Ethics includes the admonitions to “act promptly to correct erroneous communications” and “preserve the integrity of the process of communication.”  

In that vein, then, PRSA shouldn’t have been afraid to issue a press release that said, “These people engaged in unethical practices and have forfeited the right to be called public relations professionals. We do not condone in any way what they did.” 

Then, by all means, share the code. But first, say what you mean.