Every year, Berkshire Hathaway's chairman writes a letter to his shareholders that should be required reading for investors. This year's is no exception.

My favorite part begins on pg. 17 and is entitled "How to Minimize Investment Returns." In it, Buffett has less than kind things to say about the usefulness of financial intermediaries, e.g. brokers, investment advisers (yours truly!), and asset managers (Buffett himself). My take-away. If all these professionals are adding fees but no value, why do investors keep employing them?

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