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Annual Letters
Warren Buffett's annual letters to Berkshire Hathaway shareholders are legendary for their wit, wisdom, and straightforward insights. These letters blend humor with deep investment knowledge, covering Berkshire’s performance and broader economic trends. They offer invaluable lessons on value investing and financial discipline, becoming essential reading for investors and business leaders worldwide.
2024
Latest
Buffett discusses Berkshire Hathaway's record cash reserves, strategic investments in Japanese conglomerates, Geico's cost-cutting measures inspired by Elon Musk, and the company's significant tax contributions, while also addressing succession planning for the CEO role.
2023
Reflecting on Berkshire's performance, Buffett highlights key investments, market insights, and strategic decisions. He also underscores the importance of strong management across Berkshire's diverse subsidiaries.
2022
Discusses the resilience of Berkshire's business model, the impact of macroeconomic factors on their operations, and notable achievements in various sectors. Buffett emphasizes the role of long-term planning and value investing.
2021
Highlights the robust recovery from the pandemic's economic impact, detailing gains in the insurance and utility businesses. Buffett reflects on past investments and the continued importance of innovation.
2020
Addressing the challenges posed by COVID-19, Buffett discusses how Berkshire adapted, stressing financial prudence and the value of their diverse holdings. The letter also covers philanthropic initiatives.
2019
Examines Berkshire’s growth and the economic landscape. Buffett emphasizes the importance of the company's culture and their investment in Apple, among other key moves.
2018
Focuses on operating results, the performance of key subsidiaries, and significant stock purchases. Buffett addresses the role of retained earnings in value creation.
2017
Discusses the tax reform's impact on Berkshire's bottom line, major acquisitions, and the strategic importance of insurance operations. Buffett elaborates on investment philosophy.
2016
Reviews a year of steady growth and profitable acquisitions. Buffett covers the performance of key sectors, emphasizing disciplined investing and long-term perspectives.
2015
Marks the 50th anniversary of Buffett’s tenure at Berkshire, reflecting on the journey and future prospects. Detailed analysis of various business segments and investments.
2014
Highlights record earnings and strategic business operations. Buffett discusses the importance of their insurance business and future growth areas.
2013
Reviews the performance of Berkshire's diverse portfolio, including energy, railroads, and insurance. Buffett emphasizes prudent financial management and shareholder value.
2012
Focuses on acquisitions, the performance of non-insurance businesses, and significant stock holdings. Buffett underscores the importance of Berkshire's decentralized management structure.
2011
Discusses the resilience of Berkshire's insurance operations, major investments, and the economic environment. Buffett highlights the company’s approach to risk and opportunity.
2010
Reviews Berkshire’s recovery from the financial crisis, significant acquisitions, and operational achievements. Buffett elaborates on investment strategies and market outlook.
2009
Buffett discusses Berkshire's resilience during the financial crisis, highlighting the strength of its insurance operations, the acquisition of Burlington Northern Santa Fe, and the performance of their stock portfolio.
2008
Buffett addresses the impact of the financial crisis on Berkshire, emphasizing the company's strong financial position, key investments, and the importance of conservative financial practices.
2007
A look at Berkshire's growth, major acquisitions, and the performance of key subsidiaries. Buffett stresses the importance of long-term investing and disciplined management.
2006
Highlights significant achievements, including the acquisition of Iscar and a strong performance in insurance and utility operations. Buffett reflects on the value of quality businesses.
2005
Buffett covers Berkshire's expansion, particularly in the energy sector, and the benefits of maintaining a diversified portfolio. He also addresses corporate governance issues.
2004
Focuses on operational performance, key acquisitions, and the company's approach to managing risks and opportunities in various sectors.
2003
Buffett discusses Berkshire's strong financial performance, successful investments, and the role of insurance operations in generating capital for other investments.
2002
Reflects on a challenging year with market declines, emphasizing the resilience of Berkshire's core businesses and strategic acquisitions.
2001
Buffett highlights the impact of the September 11 attacks on the insurance industry and Berkshire's financial strength in navigating the aftermath. He also reviews significant investments.
2000
Addresses the bursting of the tech bubble, Berkshire's conservative investment strategy, and the performance of their core businesses.
1999
Buffett focuses on the value of patience in investing, the performance of Berkshire's diverse holdings, and the strategic importance of their insurance operations.
1998
Discusses major acquisitions, including General Re and NetJets, and the strategic advantages they bring. Buffett also elaborates on investment principles and market dynamics.
1997
Highlights Berkshire's growth, the importance of retaining earnings for reinvestment, and key acquisitions. Buffett provides insights into market trends and investment strategies.
1996
Buffett discusses the performance of Berkshire's businesses, key acquisitions, and the overall success of their investment strategy. He emphasizes the value of discipline and patience in investing.
1995
Reviews Berkshire’s progress over the past year, highlighting significant investments and the performance of various subsidiaries. Buffett reflects on market conditions and future prospects.
1994
Buffett covers the performance of Berkshire’s investments and subsidiaries, focusing on their long-term value creation. He discusses the impact of market fluctuations and future strategies.
1993
Examines the financial health of Berkshire Hathaway, major acquisitions, and the effectiveness of their investment approach. Buffett reflects on past performance and future opportunities.
1992
Highlights Berkshire Hathaway’s financial performance, focusing on successful investments and operational efficiency. Buffett also provides insights into the company’s growth strategy.
1991
Buffett discusses Berkshire’s performance during a challenging economic environment, detailing key investments and the company's approach to managing risk and growth.
1990
Reviews Berkshire’s achievements over the past year, focusing on significant acquisitions and investment successes. Buffett reflects on market conditions and the company’s strategic direction.
1989
Discusses the progress of Berkshire Hathaway, highlighting key investments and acquisitions. Buffett also reflects on the company's growth trajectory and future outlook.
1988
Buffett reviews Berkshire Hathaway’s performance, focusing on acquisitions, financial results, and the company’s investment philosophy. He provides insights into their long-term strategies.
1987
Highlights Berkshire Hathaway’s growth and investment success during a period of market volatility. Buffett discusses key acquisitions and the company’s approach to risk management.
1986
Buffett reflects on the year’s performance, focusing on the success of Berkshire Hathaway’s investments and acquisitions. He discusses market trends and future opportunities for the company.
1985
Discusses Berkshire Hathaway’s financial performance, highlighting successful investments and business acquisitions. Buffett also reflects on market conditions and future growth prospects.
1984
Reviews Berkshire Hathaway’s achievements and challenges over the past year, focusing on major investments and the company’s financial health. Buffett offers insights into their growth strategy.
1983
Buffett discusses Berkshire Hathaway’s performance, focusing on the success of their investments and acquisitions. He reflects on the company's strategic direction and future prospects.
1982
Highlights Berkshire Hathaway’s financial results, focusing on the performance of key investments and acquisitions. Buffett provides insights into the company’s growth and investment approach.
1981
Reviews the past year’s performance of Berkshire Hathaway, focusing on investment successes and major acquisitions. Buffett discusses the impact of market conditions on the company’s strategies.
1980
Buffett discusses Berkshire Hathaway’s performance, highlighting key investments and their impact on the company’s growth. He reflects on the year’s challenges and future opportunities.
1979
Highlights Berkshire Hathaway’s achievements and financial performance over the past year. Buffett provides insights into their investment strategy and future growth potential.
1978
Reviews Berkshire Hathaway’s performance, focusing on major acquisitions and financial results. Buffett reflects on the company’s growth and investment philosophy.
1977
Buffett discusses Berkshire Hathaway’s growth, key investments, and financial performance. He reflects on the company’s strategies and the impact of market conditions.