These reports are written so that someone with almost no knowledge of investing can comprehend them, which is rare in a corporate America that is knee-deep in bullshit.

Extremely insightful, i like the moat quote - can definitely be applied to some online companies (amazon, google, facebook...).

Also loved this part:

A footnote: We paid the IRS tax of $1.2 billion on our PetroChina gain. This sum paid all costs of the U.S. government – defense, social security, you name it – for about four hours.