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

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

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.

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

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.

This letter focuses on the success of Buffett’s decade-long bet that an S&P 500 index fund would outperform a basket of hedge funds. He critiques the high fees of active management and emphasizes the power of low-cost indexing. Buffett also discusses the massive share repurchases at Apple and their impact on increasing Berkshire’s ownership stake without spending additional capital.

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.

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 introduces his new investment managers, Todd Combs and Ted Weschler, praising their performance and cultural fit. He expresses disappointment in failing to make a major acquisition despite a large cash pile. The letter emphasizes the importance of the 'Big Four' investments and the continued growth of Berkshire’s insurance float as a source of low-cost capital for the conglomerate.

Graham identifies two fundamentally different approaches to time management and argues that the collision between them—managers who schedule in one-hour blocks and makers who need half-day chunks—is one of the most common and least understood sources of friction in organizations.

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.

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

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

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

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