I haven't read them all, but I do enjoy reading them, good peak into the mindset of a great investor. I especially like how in the first letter he talks about the mill not being a money maker, but he keeps it going because he doesn't believe the labor force posseses skills to survive without the mill. Have you made it to the 2007-2010 letters yet? I enjoyed those also with his opinion of the root cause of the crash and its affect over major market segments.