Warren Buffett
Berkshire Hathaway
2024
Annual Letter
On Berkshire's Future, Successor Planning, and American Optimism
Warren Buffett's 2024 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2023
Annual Letter
On Charlie Munger's Legacy and the Berkshire Model
Warren Buffett's 2023 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2022
Annual Letter
On Charlie Munger, Operating Companies, and Patient Investing
Warren Buffett's 2022 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2021
Annual Letter
On Share Repurchases, BNSF, and Berkshire's Unique Structure
Warren Buffett's 2021 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2020
Annual Letter
On the Pandemic, American Business, and Long-Term Optimism
Warren Buffett's 2020 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2019
Annual Letter
On Share Buybacks, Intrinsic Value, and Berkshire's Moat
Warren Buffett's 2019 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2018
Annual Letter
On Berkshire's Culture, Retained Earnings, and Share Buybacks
Warren Buffett's 2018 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2017
Annual Letter
On Insurance Catastrophes, the S&P 500 Bet, and Tax Reform
Warren Buffett's 2017 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2016
Annual Letter
On American Tailwinds, Active vs. Passive Investing, and the Bet
Warren Buffett's 2016 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2015
Annual Letter
On Berkshire at 50, Precision Castparts, and American Tailwinds
Warren Buffett's 2015 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2014
Annual Letter
On Risk, Volatility, and the Fallacy of Beta
Buffett dismantles the academic definition of risk as volatility (beta), arguing that the real risk is permanent loss of purchasing power. He explains why stock price drops should excite, not frighten, the true investor.
Warren Buffett
Berkshire Hathaway
2014
Annual Letter
On Berkshire's 50th Year and the Vision for the Future
Warren Buffett's 2014 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2013
Annual Letter
On Long-Term Investing and Productive Assets
Buffett uses a Nebraska farm and New York real estate purchase to explain why focusing on productive assets—not daily price fluctuations—is the key to building lasting wealth. A masterclass in thinking like an owner, not a trader.
Warren Buffett
Berkshire Hathaway
2013
Annual Letter
On Long-Term Investing, Productive Assets, and the Nebraska Farm
Warren Buffett's 2013 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2012
Annual Letter
On Todd Combs, Ted Weschler, and Investment Management
Warren Buffett's 2012 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2011
Annual Letter
On Acquisitions, Intrinsic Value, and Stock Repurchases
Warren Buffett's 2011 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2010
Annual Letter
On BNSF, Renewable Energy, and Berkshire's Future
Warren Buffett's 2010 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2009
Annual Letter
On the Recession, Todd Combs, and Long-Term Optimism
Warren Buffett's 2009 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2008
Annual Letter
On the Financial Crisis, American Resilience, and Berkshire's Strength
Warren Buffett's 2008 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2007
Annual Letter
On the Subprime Mortgage Crisis and Berkshire's Float
Warren Buffett's 2007 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2006
Annual Letter
On Iscar, Wesco, and Compounding Wealth Over Time
Warren Buffett's 2006 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2005
Annual Letter
On Berkshire's Acquisition Strategy and the Insurance Advantage
Warren Buffett's 2005 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
2004
Annual Letter
On GEICO's Growth and the Search for Good Businesses
Warren Buffett's 2004 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
1998
Annual Letter
On General Re, GEICO, and Catastrophe Risk
Warren Buffett's 1998 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.
Warren Buffett
Berkshire Hathaway
1985
Annual Letter
On Capital Cities/ABC and Portfolio Philosophy
Buffett details the acquisition of Scott Fetzer and the major investment in Capital Cities/ABC, highlighting the importance of economic goodwill. He explains why businesses with high returns on tangible assets are superior to capital-intensive ones. The letter also marks the closure of the original textile operations, emphasizing that capital should not be committed to businesses with poor economics regardless of sentiment.
Warren Buffett
Berkshire Hathaway
1983
Annual Letter
On Intrinsic Value and See's Candies
Warren Buffett's 1983 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.