This memo focuses on fundamental analysis and understanding the structural components of corporate earnings. Marks argues that top-line growth often masks deteriorating underlying quality and unsustainable capital structures.

Marks argues that asset allocation should be driven by long-term return goals and risk tolerance rather than short-term market timing or complex financial engineering.

Warren Buffett's 2024 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Compares the strategies of seeking home runs versus avoiding strikeouts, concluding that for most, a focus on consistency and loss avoidance is superior.

Warren Buffett's 2023 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Reflecting on Adam Smith’s legacy, Marks discusses the enduring nature of human behavior in markets. He emphasizes that while technology and assets change, the psychological cycles of greed and fear remain constant.

This memo focuses on the importance of long-term compounding and the futility of short-term trading. Marks argues that the key to investment success is staying invested through cycles rather than reacting to volatility.

Marks argues against the common urge to sell winners prematurely. He posits that the best way to achieve exceptional wealth is to hold great assets and let them compound, rather than attempting to time exits.

Warren Buffett's 2022 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Warren Buffett's 2021 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Marks explores the shift in value investing, suggesting that traditional metrics must evolve to account for intangible assets and the dominance of technology companies.

Warren Buffett's 2020 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Marks discusses the social and political challenges facing capitalism, arguing that for the system to remain viable, it must address inequality and ensure that economic growth benefits a broader segment of society.

Warren Buffett's 2019 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Warren Buffett's 2018 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Buffett addresses the significant insurance losses from major hurricanes, yet notes that Berkshire’s financial strength remained unshaken. He celebrates the final victory of his S&P 500 bet against Protégé Partners, proving the superiority of passive investing over active management. The letter also explains how the 2017 Tax Cuts and Jobs Act significantly boosted Berkshire’s net worth and GAAP earnings.

Using sports analogies, Marks emphasizes the importance of defensive investing, avoiding losers, and the role of luck versus skill in achieving long-term success.

Buffett details the massive acquisition of Precision Castparts, Berkshire’s largest to date, highlighting its competitive moat and essential products. He offers a powerful defense of the American economy, dismissing political rhetoric about decline. The letter explains how the 'American Tailwind' has fueled Berkshire's growth and why long-term optimism remains the most rational investment stance for shareholders.

A follow-up to his 2006 memo, Marks argues that achieving superior performance requires the courage to be different and the willingness to look wrong.

Celebrating Berkshire’s 50th year, Buffett and Munger provide separate essays on the company’s history and future. Buffett outlines the 'Berkshire System,' emphasizing decentralized management and the permanent nature of their capital. He discusses the transition from a struggling textile mill to a diversified conglomerate and expresses confidence in the company’s resilience and culture after his eventual departure.

Buffett uses a personal story about a Nebraska farm to illustrate the principles of long-term, productive asset investing. He details the partnership with 3G Capital to acquire Heinz, signaling a new model for large-scale acquisitions. The letter reinforces the idea that investors should ignore market volatility and focus on the underlying earnings power and future productivity of their holdings.

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.

Provides a framework for evaluating investment managers, distinguishing between genuine skill and luck in historical performance records.

Discusses the outlook for the new year, focusing on the need for realistic expectations amidst ongoing global economic challenges.

Outlines Oaktree's core investment philosophy, emphasizing the importance of consistency, risk control, and avoiding large losses.

Marks examines the complexities of the US tax system and the fiscal deficit, arguing that sustainable economic growth requires a balanced approach to taxation and spending rather than political posturing.

Buffett highlights the transformative acquisition of BNSF, emphasizing its role as a productive asset for decades. He discusses the massive capital expenditures required for railroads and utilities, contrasting them with capital-light businesses. The letter also addresses the slow recovery in the housing market and the enduring strength of Berkshire’s insurance float, which provides low-cost funding for future investments.

Marks outlines the fundamental principles that guide Oaktree's investment philosophy, focusing on risk control, consistency, and the avoidance of macro forecasting to achieve superior long-term results.

Marks encourages investors to look past short-term volatility and focus on the long-term intrinsic value of assets, especially when market panic creates significant buying opportunities for patient capital.

Warren Buffett's 2009 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Warren Buffett's 2008 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Warren Buffett's 2007 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Warren Buffett's 2006 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Reflecting on Oaktree's first decade, Marks emphasizes the importance of a consistent investment philosophy centered on risk control. He argues that avoiding losers is more important than finding winners for long-term success.

Warren Buffett's 2005 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

This memo advocates for a balanced approach to investing, avoiding the extremes of both reckless aggression and paralyzing caution. Marks emphasizes the need for a middle ground that prioritizes risk management while remaining invested.

Marks addresses the responsibilities of fiduciaries and investment committees. He argues that stewards of capital must focus on long-term goals and resist the pressure to follow short-term market trends or peer performance.

Marks discusses the conflict of interest between investment managers and their clients. He argues that many managers prioritize asset gathering and fee generation over delivering superior risk-adjusted returns for their investors.

Warren Buffett's 2004 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Marks discusses the limitations of investment knowledge and the danger of overconfidence, emphasizing that what we don't know is often more important than what we do.

This memo defines the 'realist' investor as one who avoids the emotional extremes of the market, focusing instead on objective analysis and disciplined risk management.

Warren Buffett's 1998 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.

Marks discusses the importance of consistency and risk control over swinging for the fences. He advocates for a 'tennis-like' approach where avoiding errors is more important than hitting winners.

Marks argues that superior long-term performance is best achieved through consistency and the avoidance of losers rather than the pursuit of occasional winners. He emphasizes that a defensive approach minimizes errors, leading to outperformance over full market cycles.

Warren Buffett's 1983 annual letter to Berkshire Hathaway shareholders, discussing business operations, investment philosophy, and capital allocation.