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 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.

Klarman argues that investors who demand certainty before acting will always be too late, and that the ability to act decisively under uncertainty—with appropriate risk controls—is the defining skill of great investing.

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

In the aftermath of the worst financial crisis in 75 years, Klarman reflects on how Baupost's conservative positioning and margin-of-safety discipline allowed them not just to survive but to find extraordinary opportunities while others were forced to sell.

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.