Despite an often serious tone in his annual letter, billionaire investor Warren Buffett had a few light comments in his annual letter to investors this year.

Below are some selected comments:

Philosophy

When investing, pessimism is your friend, euphoria the enemy.

Bureaucracy

[Describing his electricity company PacifiCorp.]

The company had 98 committees that met frequently. Now there are 28. Meanwhile, we generate and deliver considerably more electricity, doing so with 2% fewer employees.

Bad relationships

Upon leaving, our feelings about the business mirrored a line in a country song: I liked you better before I got to know you so well.

Headaches

Auditors can't audit these [derivatives] contracts, and regulators can't regulate them. When I read the pages of disclosure in 10-Ks of companies that are entangled with these instruments, all I end up knowing is that I don't know what is going on in their portfolios (and then I reach for some aspirin).

Rudeness

If you decide to leave during the day's question periods [at the annual shareholders meeting in May], please do so while Charlie [Buffett's Managing Partner] is talking.

Warren buffett Investment