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Berkshire Hathaway Letters to Shareholders

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4.58  ·  Rating details ·  1,713 ratings  ·  54 reviews
This book compiles the full, un-edited versions of every one of Warren Buffett's letters to the shareholders of Berkshire Hathaway. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students.
Paperback, 730 pages
Published April 25th 2013 by Max Olson
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Average rating 4.58  · 
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Gwern
Apr 03, 2017 rated it liked it

(online letters) The famous annual letters of Buffett laying out the progress of Berkshire Hathaway and his & Munger’s investment beliefs. Apropos of an investigation into Long Bets as a charitable giving opportunity, I read through them. Perhaps the most interesting part about them is how skewed Buffett’s reputation is, given how often he is cited as a counter-example to EMH, despite him clearly explaining his strategy many times. W

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Shiva Shetty
Nov 14, 2013 rated it really liked it
Mount Everest, K2 and Kangchenjunga are the 3 indisputable tallest mountain ranges out there. It is likely on the bucket list of many new and aspiring climbers, working as a backdrop siren call as they hone their skills on lesser mounds.

Book lovers have their own list but this list can never be definitive since there can be no universal consensus on what should go into “the toughest reads out there!” book list. Each person’s list, like the idea of utopia or hell, is personal and uniq
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Kelly
Feb 13, 2017 rated it really liked it  ·  review of another edition
Finally! This one took awhile, but I read through all of them. The way to read this book is to read one letter a day.

Here's the 2015 letter (the book stops at 2014): 2015 Letter
The 2016 letter: 2016 Letter

Going to my first shareholder meeting this May, so reading this was a great way to get the most out of the trip.
Sujay Muzumdar
May 28, 2018 rated it it was amazing
Warren Buffett's letters to his shareholders for the past 50 years contain wisdom on business and investing like no other book. It is the unparalleled journey of the greatest investor of our age and the study of the unrelenting behemoth that Berkshire Hathaway has developed into, surely the best success story of capitalism.

It was one of those books that I wanted to read at least once in my life and after 77 days of patience and persistence, I'm glad to have reached the end of it! :)
Zhong Sheng
Jun 04, 2016 rated it it was amazing
If you have enough time, this book covers everything you need to know about the value investment, but it is a book require slow and repetitive reading and thinking. Highly Time consuming. Warren's letter and actions described needs to be related to that context of that year. Don't read those numerous related books, warren and munger's original writings are the best.
Shahan Lilja
Mar 22, 2017 rated it it was amazing
Probably the best business book ever.
Carl Sandberg
Jun 23, 2018 is currently reading it
A collection of Warren Buffett's eloquently written letters to shareholders of Berkshire Hathaway 1965-2017. The first thing that struck me was his level of honesty. Compared to other investors' account of their investment performance that tends to be first and foremost self-congratulatory, Buffett makes a decent attempt giving a more nuanced picture of his investment performance.

The letters provide you with a solid understanding of Buffett's investment philosophy and that alone makes the book
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Vipin Pandey
Oct 12, 2016 rated it it was amazing  ·  review of another edition
Fairy tale for a value investor

Reading the letters was like reading a comic that comes out in sequels. Just like a comic, the letters are fascinating to read. A good comic leaves you gasping for more after every chapter. The letters do the same. After every letter, you are keen to know by how much percentage points the co. grew, what were the new acquisitions, how were they made (some were made in 5 mins!), new accounting lessons, proverbs n phrases,country songs, jokes and so much more.
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Mitesh
Nov 27, 2016 rated it it was amazing
I feel bad I kept postponing reading Oracle of Omaha's letters until now. So much to learn on investing and really gels wells with my investment philosophy. This is a must read for anyone who wants to seriously consider investing in equities.
Gutenberg Neto
Jan 13, 2018 rated it it was amazing
Nothing better than to learn from the greatest investor of all-time! This book is a compendium of Buffett's legendary annual letters to shareholders since he took control of Berkshire Hathaway in the mid-1960s*. As expected, each letter discusses the overall performance of BH's business during the year (beginning with a focus on the original textile business, and expanding as the years pass to cover dozens of different business, insurance being the most important one), but what's most interestin ...more
NARENDER SINGH
May 27, 2019 rated it really liked it
Buffet's letters are not just about Berkshire Hathaway. They go beyond just telling the affairs of one Company. Buffet is one of the rare business leaders who believe in passing on the wisdom that they have acquired over the years to the next generation. He does that through these letters. Though, the letters are really voluminous but the effort to complete the entire bunch is really worth it. Buffet has shared the thought process that has gone into making various investment decisions and has al ...more
Nicholas Wright
Mar 21, 2019 rated it it was amazing  ·  review of another edition
Shelves: investment
One word: wow. It took me over 2 years to finish this book (with many sabatticals from it) but I'm so glad I persevered. The Berkshire journey is in incredible story of rags to riches (pun intended), and the crystal clear way in which Buffet takes his shareholders through every step of that journey over 50 years is incredible.

Buffet is a master of business, accounting, investment and PR - and to see his prowess in all 4 disciplines come together in such an easy to understand and personable way
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Cristobal
Sep 10, 2017 rated it it was amazing  ·  review of another edition
Shelves: favorites
If you choose to read just one book on investing, this is it. Warren Buffett is the Einstein of investment, a figure so large it towers over any other. These compilation of his letters to shareholders serves as a compendium of his investment principles and how they not only shaped his company but also became sharper through the dull edge of experience.

I've read several books on Buffet, from biographies to essays and the collection of his letters is the best distilling of his philosop
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TJW
Jan 08, 2019 rated it it was amazing
Incredible book. A textbook for finance, entrepreneurs, business management, and so much more. If you aspire to be great look to great people. Who else better to teach success than Warren Buffett. His letters to shareholders are unwavering consistent, unfailingly loyal to principles and standards, and kind to all readers and interested persons. Warren Buffett has not just a gift for capital allocation, but down-to-earth demeanor, attractive sense of humor, and uncanny ability to read people. Thi ...more
David Neal
I would recommend this book to anyone that is a business student and interested in the business world. Buffett has put together annual letters to the shareholders of Berkshire Hathaway over the last 50 years. It is an asset to any business student because it demonstrates how senior leadership communicates with its employees and its shareholders. He is able to break down on a year-by-year basis where the company has succeeded and where it has failed. It indicates to the reader how to write at a h ...more
Sohil Gupta
Jan 01, 2018 rated it it was amazing
Warren Buffett is God at understanding capitalism, and dissecting businesses. Corporate Governance, Management Biases, Investment thesis, there is no one in the world that has more breadth of knowledge on Corporate America than Warren. Great learnings on analyzing balance sheets, P&Ls, Earnings, Cash-Flows, as well as building a definite and sound investment rationale. This book will definitely make you 10x better investor.
Harshdeep
Nothing could, and probably will, go close to worthy of read compare to these letters from Sir Warren Buffett. Got long list of highlights on Amazon Kindle book and list of scrabbled notes on my diary. I hope to go over these letters again, and again, if time permits.

Thank You Sir Warren Buffett.
John
Mar 02, 2018 rated it it was amazing
Shelves: finance
Learn from the master. Buffett is as transparent and self-critical as can be. His purpose in delivering his annual reports is "to put the reader in his postion if their roles were reversed." Year after year, Buffett explains his thought process. It's amazing to watch the inexorable growth of Berkshire Hathaway. The 2017 report is due tomorrow and I can't wait!
Ragavendhra Perumall
Jun 30, 2019 rated it it was amazing
Business Bible . Not only for investors do business and professionals this is a must read ... Mr. Buffett is a master at making things simple . There’s no place that requires extra explanation and my investing philosophy has been shaped by reading letters to shareholders .
Guillermo Trueba
Jul 31, 2019 rated it really liked it
You don’t need to read this book to get some of Buffet’s wisdom, but i enjoyed learning about his success throughout the years with a clear and simple prose he’s funny and informative now my role model for investments.
Andre
Feb 24, 2019 rated it it was amazing  ·  review of another edition
Brilliant a must read it you want to be an investor

This book has it all of you are to read 3 books this has to be in the top three
Mikhail Golub
Nov 17, 2018 rated it it was amazing  ·  review of another edition
Simply the best book on business and investment. I wish I had read it earlier.
Arturo
Feb 10, 2019 rated it it was amazing  ·  review of another edition
Impressive. A must read book

Great book.
Indispensable for any investor.
A bit long at times, but great overall.
Good sense of humour as well
Beverley Dow
Oct 28, 2019 rated it it was amazing  ·  review of another edition
Just all the pearls of wisdom in one place

It does what it says on the tin, the book is merely a collection of all his letters. Nonetheless invaluable
Sheng Peng
Mar 25, 2018 rated it really liked it
Common sense still wins the day. Don't fall for the pitches and salesmanship and fad and new 'investment style'.
Boris Kalendarev
Jul 07, 2017 rated it it was amazing
There is no one like Warren Buffett out there. He instills so many
Matt Watkinson
Jan 02, 2019 rated it it was amazing  ·  review of another edition
Shelves: business-general
Avuncular billionaire Warren Buffett's letters to his shareholders are a joy to read. You'll come for the business acumen, and stay for his modest, considered prose.
Apoorv Agrawal
Sep 02, 2017 rated it it was amazing
Very detailed letters - good intro to evaluating businesses with a strong dose of Buffettian humor.
Adam McNamara
Jan 01, 2014 rated it it was amazing
Shelves: business, economics
This is the best investment book I've ever read. Warren has a gift for communicating complex topics clearly.

The following two quotes best summarize Warren's philosophy and Berkshire Hathaway's corporate strategy:

"Charlie and I look for companies that have a) a business we understand; b) favorable long-term economics; c) able and trustworthy management; and d) a sensible price tag. We like to buy the whole business or, if management is our partner, at least 80%. When control-type pu/>
"Charlie
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Luca
May 15, 2016 rated it it was amazing
A long, repetitive book. Yet, one of the most enthralling reads I've ever done. If you find business and especially investing fascinating, reading this book will teach you more valuable lessons than attending an MBA, I think (I can't be sure -- I've never attended one).

Buffett isn't shy about his reasoning and criteria for decision making, and describes the Berkshire way over and over again, providing an invaluable blueprint for wannabe investors, as well as so many points of reflect
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Warren Edward Buffett is an American investor, industrialist and philanthropist. He is widely regarded as one of the most successful investors in the world. Often called the "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 ...more
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