Berkshire Hathaway Letters to Shareholders: 1965 - 2014

by Warren Buffett, Max Olson

Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Fifty letters to shareholders later, the same share traded for $226,000, compounding investor capital at just under 21% per year-a multiplier of 12,556 times. This book compiles the full, un-edited versions of 50 years 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. There are hundreds of books about Buffett's life, advice, and methods. These are his actual letters -- word for word -- a "lesson plan" of his views on business and investing. You can find most of the letters for free on Berkshire's website, but this compiles them into a well-designed, easily readable format. Features of the * 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway (769 pages), including 1965-1976 letters not available on Berkshire's website * Tabulated letter years so you can easily flip to the desired letter * Topics index * Company index * Person index * Charts Growth in Berkshire's book value and market price relative to benchmarks, Insurance float and performance, the operating businesses of Berkshire.

Genres: Finance, Nonfiction, Economics

796 pages, Hardcover

Published September 9, 2022

About the author

Warren Edward Buffett is an American businessman, investor, and philanthropist who currently serves as the co-founder, chairman and CEO of Berkshire Hathaway. As a result of his investment success, Buffett is one of the best-known investors in the world. As of April 2024, he had a net worth of $139 billion, making him the ninth-richest person in the world.
Buffett was born in Omaha, Nebraska. The son of US congressman and businessman Howard Buffett, he developed an interest in business and investing during his youth. He entered the Wharton School of the University of Pennsylvania in 1947 before graduating from the University of Nebraska at 19. He went on to graduate from Columbia Business School, where he molded his investment philosophy around the concept of value investing pioneered by Benjamin Graham. He attended New York Institute of Finance to focus on his economics background and soon pursued a business career. He later began various business ventures and investment partnerships, including one with Graham. He created Buffett Partnership Ltd. in 1956 and his investment firm eventually acquired a textile manufacturing firm, Berkshire Hathaway, assuming its name to create a diversified holding company. Buffett emerged as the company's chairman and majority shareholder in 1970. In 1978, fellow investor and long-time business associate Charles T. Munger joined Buffett as vice-chairman.
Since 1970, Buffett has presided as the chairman and largest shareholder of Berkshire Hathaway, one of America's foremost holding companies and world's leading corporate conglomerates. He has been referred to as the "Oracle" or "Sage" of Omaha by global media as a result of having accumulated a massive fortune derived from his business and investment success. He is noted for his adherence to the principles of value investing, and his frugality despite his wealth.
Buffett has pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Bill & Melinda Gates Foundation. He founded the Giving Pledge in 2010 with Bill Gates, whereby billionaires pledge to give away at least half of their fortunes.

Reviews

[Madhur Bhargava · Rating 5 out of 5]

The knowledge contained between these pages is sacred. While many study the letters to understand and potentially replicate the investment success of Buffett and Munger, there is a significant additional benefit: the opportunity to discover numerous talented and driven individuals throughout the narrative—the Claytons, the Blumkins, the Borsheims, and many others. In Buffet's own words, these individuals achieved success because they deserved it, nothing more. Furthermore, the letters provide insight into the fluctuating journey that Berkshire Hathaway has experienced through Buffett's eyes. This was a once-in-a-lifetime read.

[Niloy · Rating 5 out of 5]

No words can describe the magic that Mr Buffet presents here.

My suggestion to anyone reading it is please read it in chronological order and do not finish in one go. Please absorb the lessons imparted, make notes, share with others.

[Khoa · Rating 5 out of 5]

10 books for the price of 1.

[Navdeep Pundhir · Rating 5 out of 5]

It takes a lot to finish 770 plus pages but every bit of it is totally worth it! No point rating, this is a true five star!!!!!