THE LETTERS
An exhaustive archive of annual shareholder communications from the Omaha Node (1977-2024). Each entry represents a core pillar of legacy capital logic.
TOTAL RECORDS: 48
STATUS: PUBLIC DOMAIN
STATUS: PUBLIC DOMAIN
2024
Documenting the transition from Graham's 'Cigarette Butts' to quality franchises.
2023
Record $157B cash hoard while mourning the loss of Charlie Munger.
2022
Dismissed Bitcoin as non-productive while praising the resilience of American infrastructure.
2021
Acknowledged the mistake of selling Apple shares too early and criticized SPAC mania.
2020
Liquidated all airline stakes during the pandemic bottom, doubting long-term recovery.
2019
Focused on the 'Power of Retained Earnings' and the difficulty of finding big acquisitions.
2018
Criticized the volatility of crypto and highlighted the long-term tax advantages of equity.
2017
Explaining the impact of the US Tax Cuts and Jobs Act on Berkshire's book value.
2016
Heavy investment into Apple begins, shifting away from purely 'industrial' moats.
2015
Reflecting on 50 years of Berkshire and the importance of decentralized management.
2014
The famous 'Rat Poison' year: Formalizing the rejection of decentralized digital assets.
2013
Praising the performance of GEICO and the long-term 'American Tailwind'.
2012
Defending the decision not to pay dividends in favor of capital reinvestment.
2011
First major entry into IBM, marking a significant (and later failed) tech pivot.
2010
Finalizing the BNSF acquisition: The massive bet on US rail and physical logistics.
2009
Navigating the aftermath of the GFC and the wisdom of 'Buying American'.
2008
The Global Financial Crisis: 'Be greedy when others are fearful' in full action.
2007
Warning about the housing bubble and the complexity of derivative 'time bombs'.
2006
Announced the historic plan to donate the majority of wealth to the Gates Foundation.
2005
Warning about the US trade deficit and its long-term impact on the Dollar.
2004
Analysis of the insurance 'hard market' and the discipline of walking away from bad deals.
2003
Criticizing the ethics of executive compensation and mutual fund scandals.
2002
Labeling derivatives as 'Financial Weapons of Mass Destruction'.
2001
Assessing the 9/11 impact on insurance and the necessity of 'Terrorism Risk' pricing.
2000
The Dot-com crash: Proof that 'Value' wins when the 'New Era' hype fades.
1999
The peak of the tech bubble: Standing firm on the 'Circle of Competence' despite criticism.
1998
Acquisition of General Re and the focus on 'Float' as the engine of growth.
1997
Heavy investment in Silver and the critique of overly aggressive accounting practices.
1996
The launch of Class B shares to stop the creation of 'Unit Trusts'.
1995
Acquisition of GEICO and the power of low-cost distribution models.
1994
A masterclass on 'Opportunity Cost' and why cash is a call option on a new future.
1993
The power of Brand Equity: Deep dive into the Coca-Cola and Gillette 'Moats'.
1992
Defining 'Intrinsic Value' vs. 'Book Value' for the modern era.
1991
Navigating the Salomon Brothers scandal and the importance of corporate reputation.
1990
Closing the Buffett Partnership era's ghost and focusing on permanent capital.
1989
Formalized the 'Moat' philosophy: Identifying unbreachable economic castles.
1988
The massive initial stake in Coca-Cola: Investing in 'The Inevitables'.
1987
The Black Monday crash: Demonstrating the value of permanent capital during panic.
1986
Defining 'Owner Earnings' as the only metric that truly matters for long-term holders.
1985
Shutting down the textile mill: A painful lesson in the 'Sunk Cost' fallacy.
1984
The 'Graham-and-Doddsville' manifesto: Proving value investing is not luck.
1983
The acquisition of Nebraska Furniture Mart: Betting on 'Mrs. B' and local monopolies.
1982
Analysis of the 'Economic Goodwill' and why it's better than tangible assets.
1981
Navigating high-inflation environments by owning businesses with pricing power.
1980
The rise of the insurance float and its role as 'free' leverage for acquisitions.
1979
The decade of high inflation ends: Re-emphasizing Return on Equity (ROE).
1978
Integrating Wesco Financial and the strengthening partnership with Charlie Munger.
1977
The early doctrine: Setting the rules for disciplined capital allocation.