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Berkshire Hathaway Letter 2023

Buffett reflects on 60 years of Berkshire, the power of retained earnings, and what makes a truly great business.

Berkshire Hathaway Letter 2022

On the importance of American tailwinds, Berkshire's operating earnings, and why share buybacks create value.

Berkshire Hathaway Letter 2021

Buffett on the four gems of Berkshire, the magic of compounding, and a tribute to Charlie Munger.

The Superinvestors of Graham-and-Doddsville

Buffett's 1984 Columbia speech proving value investing works — nine investors, one shared philosophy, decades of outperformance.

Mr. Market & Margin of Safety

The two foundational concepts from The Intelligent Investor — treating market volatility as an opportunity, not a risk.

All Berkshire Letters (1977–2023)

The complete archive of Buffett's annual letters — arguably the best free business education available anywhere.