By Warren Buffett
Warren E. Buffett first took keep an eye on of Berkshire Hathaway Inc., a small fabric corporation, in April of 1965. A proportion replaced palms for round $18 on the time. Forty-eight letters to shareholders later, an identical percentage traded for $134,060, compounding investor capital at just below 21% in line with 12 months -- a multiplier of 7,448 times.
This publication compiles the complete, un-edited types of each one among Warren Buffett's letters to the shareholders of Berkshire Hathaway. as well as supplying an outstanding case examine on Berkshire's good fortune, Buffett exhibits a tremendous willingness to percentage his equipment and act as a instructor to his many students.
There are hundreds and hundreds of books approximately Buffett's existence, suggestion, and techniques. those are his real letters -- observe for be aware -- a "lesson plan" of his perspectives on company and making an investment. you will find lots of the letters at no cost on Berkshire's site, yet this compiles them right into a well-designed, simply readable format.
Features of the book:
* Berkshire Hathaway annual shareholder letters from 1965 to 2012 (706 pages), together with 1965-1976 letters no longer on hand on Berkshire's web site
* Tabulated letter years so that you can simply turn to the specified letter
* themes index
* corporation index
* individual index
* Charts of: progress in Berkshire's publication price and industry expense relative to benchmarks, coverage flow and function, the working companies of Berkshire
Read or Download Berkshire Hathaway Letters to Shareholders PDF
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Additional info for Berkshire Hathaway Letters to Shareholders
Conversely, if GEICO had earned an extra $100 million—and retained it all—our mentioned gains might were unchanged. truly “accounting” profits can heavily misrepresent fiscal truth. We want an idea of “economic” profits that incorporates all undistributed profits, despite possession percent. In our view, the price to all vendors of the retained profits of a company relies on the effectiveness with which these gains are used—and now not via the scale of one’s possession percent. when you've got owned . 01 of one% of Berkshire up to now decade, you might have benefited economically in complete degree out of your percentage of our retained gains, it doesn't matter what your accounting approach. Proportionately, you may have performed simply in addition to if you happen to had owned the magic 20%. but when you've gotten owned a hundred% of a very good many capital-intensive companies throughout the decade, retained gains that have been credited absolutely and with painstaking precision to you below average accounting tools have led to minor or 0 financial worth. this isn't a feedback of accounting methods. we might in contrast to to have the task of designing a greater procedure. It’s just to say that managers and traders alike needs to take into account that accounting numbers are the start, now not the top, of commercial valuation. In such a lot agencies, less-than-20% possession positions are unimportant (perhaps, partly, simply because they hinder maximization of adored pronounced gains) and the excellence among accounting and monetary effects we've simply mentioned issues little. yet in our personal case, such positions are of very huge and starting to be value. Their value, we think, is what makes our mentioned working gains determine of restricted value. In our 1981 annual record we envisioned that our percentage of undistributed gains from 4 of our significant non-controlled holdings might mixture over $35 million in 1982. without swap in our holdings of 3 of those companies—GEICO, normal meals and The Washington Post—and a substantial raise in our possession of the fourth, R. J. Reynolds Industries, our proportion of undistributed 1982 working profits of this crew got here to good over $40 million. This number—not mirrored in any respect in our earnings—is more than our overall mentioned gains, which come with purely the $14 million in dividends got from those businesses. And, after all, we have now a few smaller possession pursuits that, in combination, had significant extra undistributed gains. We connect actual value to the final significance of those numbers, yet we don’t think they need to be carried to 10 decimal areas. awareness through Berkshire of such retained profits via better marketplace valuations is topic to very significant, yet indeterminate, taxation. And whereas retained profits through the years, and within the combination, have translated into at the least equivalent industry price for shareholders, the interpretation has been either terribly asymmetric between businesses and abnormal and unpredictable in timing.