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 annual letter emphasizing Berkshire's enduring competitive advantages, the power of insurance float, and Greg Abel's seamless leadership transition following Munger's passing.
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 2022 letter reflecting on Berkshire's resilience during market turmoil, the strategic importance of insurance float, and the dangers of inflationary pressures on business valuations.
Letter to Shareholders
Buffett's 2021 letter on Berkshire's record earnings, the enduring value of patient capital, and why short-term market volatility is an investor's greatest ally, not enemy.
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.
Letter to Shareholders
Buffett's 2015 letter highlighting the Kraft Foods acquisition strategy, the expansion of insurance float, and the deployment of Todd Combs and Ted Weschler as investment managers.
Letter to Shareholders
Buffett's 2014 letter on Berkshire's record market value, the debate over share buybacks versus dividends, and why the American economy will continue to reward patient investors.
Letter to Shareholders
Buffett's 2013 letter on the first full year of Burlington Northern ownership, the power of compounding at high rates of return, and the dangers of short-term performance thinking.
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.
Letter to Shareholders
Buffett's 2011 letter on the dangers of derivatives, the importance of financial strength, and why most risk models are dangerously inadequate.
Letter to Shareholders
Buffett's 2010 letter reflecting on the post-crisis recovery, why Berkshire's long-term approach proved superior to crisis-driven strategies, and the importance of owning businesses with durable moats.
2000s
Letter to Shareholders
Buffett's 2009 letter on Berkshire's crisis performance, the opportunities created by panic selling, and why financial strength is the foundation of all investing.
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
Letter to Shareholders
Buffett's 1999 letter during the dot-com bubble, why he refused to chase technology stocks, and why most internet companies would destroy rather than create shareholder value.
Letter to Shareholders
Buffett's 1998 letter on Berkshire's insurance operations, the General Re acquisition, and why most financial disasters stem from ignoring the obvious.
Letter to Shareholders
Buffett's 1997 letter on the importance of institutional imperative avoidance, why most managers fail to create value, and the dangers of extrapolating recent performance into the future.
Letter to Shareholders
Buffett's 1996 letter on the GEICO turnaround, why insurance float is Berkshire's most valuable asset, and the dangers of complexity in investing.
Letter to Shareholders
Buffett's 1995 letter on Berkshire's record earnings, the acquisition of Wesco Financial, and why the most important quality an investor can have is patience.
Letter to Shareholders
Buffett's 1994 letter on Berkshire's 30th anniversary, the power of long-term compounding, and why most investors destroy value by trading too frequently.
Letter to Shareholders
Buffett's 1993 letter on the definition of risk, why volatility is not risk, and the importance of owning businesses that can survive any economic environment.
Letter to Shareholders
Buffett's 1992 letter on the principles of value investing, why most financial analysis focuses on the wrong things, and the importance of focusing on business quality above all.
Letter to Shareholders
Buffett's 1991 letter on Berkshire's record earnings, why most investors misjudge risk by focusing on price history rather than business fundamentals, and the importance of owning businesses that will exist in 20 years.
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
Letter to Shareholders
Buffett's 1989 letter on the lessons of the 1987 crash, why he did nothing during the crash and doesn't regret it, and why the best investment decisions come from doing nothing.
Letter to Shareholders
Buffett's 1988 letter on Berkshire's investment in Coca-Cola, why quality and patience are the only two things that matter in investing, and how compounding transforms ordinary results into extraordinary wealth.
To the Shareholders of Berkshire Hathaway
The most iconic letter featuring Mr. Market, pessimism, and the concept of permanent capital loss.
Letter to Shareholders
Buffett's 1986 letter on Berkshire's insurance strategy, why permanent capital is worth more than temporary advantages, and the importance of maintaining financial strength at all times.
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.
Letter to Shareholders
Buffett's 1984 letter on the origins of value investing, the efficient market hypothesis debate, and why most professional investors underperform simple index strategies.
Letter to Shareholders
Buffett's 1983 letter on Berkshire's record book value of $975 per share, the importance of book value as an indicator of intrinsic value, and why management honesty is the most underrated quality.
Letter to Shareholders
Buffett's 1982 letter on the dangers of high interest rates, why he passed on most opportunities, and why the most important decision in investing is knowing when to do nothing.
Letter to Shareholders
Buffett's 1981 letter on the importance of thinking about business ownership as owning a claim on eternal earnings, why most acquisitions destroy value, and how to evaluate management performance.
Letter to Shareholders
Buffett's 1980 letter on Berkshire's compounding record, why equities are the best long-term investment, and the importance of temperament over intelligence in successful investing.
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.
To the Shareholders of Berkshire Hathaway Inc.
Berkshire Hathaway delivered strong performance in 1964 with a 24.5% gain versus 18.7% for the Dow, showcasing the partnership's disciplined approach even as the underlying textile business remained challenging.
To the Shareholders of Berkshire Hathaway Inc.
Berkshire Hathaway's first full year under Buffett's influence shows modest textile operations alongside a valuable investment portfolio, demonstrating his dual approach to operating businesses and securities selection.