All Shareholder Letters
The complete collection of Warren Buffett's letters to Berkshire Hathaway shareholders, spanning six decades of investment wisdom.
Jump to Year
2020s
Letter to Shareholders
Buffett's letter discussing the impact of AI and technology, the enduring value of Berkshire's culture, and the legacy of Charlie Munger who passed away in late 2023.
Letter to Shareholders
Buffett's letter during the COVID-19 pandemic, discussing Berkshire's resilience, the importance of long-term focus, and the enduring power of American business.
2010s
To the Shareholders of Berkshire Hathaway
A candid letter on Berkshire's evolving investment in Apple, the case for share repurchases, and the importance of intangibles in modern valuation.
Letter to Shareholders
Buffett discusses the new stock buyback policy, the increased investment in Apple, and the importance of intrinsic value in capital allocation decisions.
Letter to Shareholders
Buffett discusses the impact of tax reform, the increased investment in Apple, and the enduring power of Berkshire's business model.
Letter to Shareholders
Buffett discusses the acquisition of Precision Castparts, the largest in Berkshire's history, and the continued growth of insurance operations and investment portfolio.
To the Shareholders of Berkshire Hathaway
Buffett explains why book value growth is not the true measure of Berkshire's success and articulates the case for share repurchases at Berkshire.
2000s
To the Shareholders of Berkshire Hathaway
Full analysis of the financial crisis and Berkshire's response to the credit crisis.
Letter to Shareholders
Buffett discusses the emerging housing crisis and its implications, while Berkshire's insurance operations continue to generate exceptional results.
Letter to Shareholders
Buffett discusses the challenges of finding attractive acquisitions in a competitive market, while insurance operations continue to generate exceptional results.
Letter to Shareholders
Buffett's letter following Hurricane Katrina, discussing the dangers of leverage and derivatives, and the importance of maintaining financial strength during crises.
Letter to Shareholders
Buffett discusses Berkshire's first major investment in foreign currencies, expressing concern about the U.S. trade deficit and its implications for the dollar.
Letter to Shareholders
Buffett discusses the acquisition of MidAmerican Energy and the expansion into regulated utilities, diversifying Berkshire's earnings base.
Letter to Shareholders
Buffett discusses the dangers of derivatives and corporate governance failures, while Berkshire's insurance operations benefit from improved market conditions.
Letter to Shareholders
Buffett discusses the impact of the September 11 attacks on insurance markets and Berkshire's response, demonstrating the value of financial strength in crisis.
To the Shareholders of Berkshire Hathaway
Tech bubble warning — historically prescient analysis of market excesses.
1990s
To the Shareholders of Berkshire Hathaway
First detailed articulation of the power of compounding and the circle of competence concept.
To the Shareholders of Berkshire Hathaway
Buffett reflects on the characteristics of durable businesses and explains why management quality and culture matter as much as financial metrics.
1980s
To the Shareholders of Berkshire Hathaway
The most iconic letter featuring Mr. Market, pessimism, and the concept of permanent capital loss.
To the Shareholders of Berkshire Hathaway
Buffett's clearest articulation of capital allocation principles and the framework for evaluating when to repurchase shares vs. invest vs. distribute.
1970s
Letter to Shareholders
Buffett's crucial letter on inflation's corrosive effect on equity returns, explaining why high inflation destroys purchasing power even for companies earning high returns on equity.
To the Shareholders of Berkshire Hathaway Inc.
1978 saw the full consolidation of Blue Chip Stamps and the Diversified Retailing merger, simplifying Berkshire's corporate structure. GEICO's recovery accelerated with ROE improving to 19.8%. First systematic explanation of owner earnings and accounting changes.
To the Shareholders of Berkshire Hathaway
First systematic explanation of intrinsic value calculation and the foundation of Berkshire's insurance strategy.
To the Shareholders of Berkshire Hathaway Inc.
1976 marked dramatic improvement with record operating earnings of $16.07 million and ROE of 17.3%. The pivotal GEICO crisis investment is discussed in detail—Berkshire acquired 33% of GEICO for $4.2 million at the trough, one of Buffett's greatest investments.
To the Shareholders of Berkshire Hathaway Inc.
1975 produced Berkshire's worst ROE (7.6%) since 1967, driven by poor insurance underwriting. However, tax refunds and early GEICO investments provided hope. Buffett announces expansion into new businesses and reflects on lessons learned.
Letter to Shareholders
Buffett discusses the severe 1974 bear market and the emerging crisis at GEICO, which would become one of Berkshire's greatest opportunities.
Letter to Shareholders
Buffett discusses buying during the 1973-74 bear market, including the initial investment in Washington Post, demonstrating the value of having cash available during market declines.
Letter to Shareholders
Buffett discusses the power of consumer brands and insurance float, as See's Candies and insurance operations both perform excellently.
Letter to Shareholders
Buffett discusses the acquisition of See's Candies, a pivotal moment that demonstrated the value of paying for quality and brand strength.
Letter to Shareholders
Buffett's first letter as a pure operating company owner, discussing the transition from investment partnership to business operator and the challenges of the textile business.
1960s
To the Partners of Buffett Partnership Ltd.
Buffett announces the dissolution of his investment partnership, citing an investment environment that no longer permits the disciplined value approach to work. This marks the end of an era and the beginning of the Berkshire Hathaway transition.
To the Partners of Buffett Partnership Ltd.
Mid-year letter covering first half 1968 results (16.0% vs Dow 0.9%). Buffett signals that the investment environment has become increasingly difficult, setting the stage for the eventual partnership dissolution.
To the Partners of Buffett Partnership Ltd.
The partnership achieved 35.9% in 1967 against a rising Dow of 19.0%. Buffett reflects on the irony of better absolute results in down markets and discusses the importance of patience in value investing.
To the Partners of Buffett Partnership Ltd.
The partnership's first decade closes with exceptional results. 1966 saw a 20.4% gain against a Dow decline of 15.6%, demonstrating the power of disciplined value investing in a bear market.
To the Shareholders of Buffett Partnership Ltd.
The year Buffett closed his investment partnership with record-breaking returns, laying the groundwork for Berkshire Hathaway.