This is Warren Buffett's complete shareholder letters from 1965 to 2024. 60 years of unfiltered insight into how the world's most successful investor built Berkshire Hathaway from a tiny textile company into a trillion-dollar compounding machine.
If you want summaries and sound bites, other books will do the job. If you want the unfiltered record, this is it. No hindsight, no editing, no interpretation - just the raw evolution of his thinking as Berkshire's story unfolded year by year.
You'll find candid mistakes that shaped future decisions, and the gradual development of principles that became investing gospel. Buffett walks you through capital allocation, incentive design, market panics, and the human side of great businesses, year by year. Includes charts that show visually how Berkshire grew, plus comprehensive indexes of topics, companies, and people for easy reference.
You can read the PDFs for free online, but this carefully designed book makes for a dramatically better reading experience.
Features:
- 60 Letters to Shareholders, from 1965-2024, including the 1965-1976 letters not available on Berkshire's website.
- Supplements:
- The Security I Like Best: GEICO (1951)
- The Security I Like Best: Western Insurance (1953)
- 1967 - National Indemnity Purchase Agreement
- 1975 - Buffett's essay on pensions
- 1978 - Diversified Retailing Merger
- 1980 - Illinois National Bank spinoff letter
- 1983 - Nebraska Furniture Mart purchase letter
- 2001 - 9/11 letter to managers