You can find a copy here: http://www.berkshirehathaway.com/letters/2012ltr.pdf
I’ve been reading the Buffett letters for years, and have read the historic reports dating back to 1977. My main interest is the colour Warren puts on his approach to a manager, and his openness with investors. He uses increases in book value against the S&P500 as a yardstick for BRKA’s performance. I particularly enjoyed this quote from the latest letter:
“There are a lot of ways to lose money in insurance, and the industry never ceases searching for new ones.”
I disagree with his current view that the US economy will not tank, but there’s still plenty to learn from the letters. For further reading on Buffett I would recommend The Snowball: Warren Buffett and the business of life. The Author, Alice Shroeder, used to cover Berkshire Hathaway as a financial analyst.