The Definitive Buffett Letters Archive
The most comprehensive English archive of Buffett's shareholder letters. Explore 68 letters spanning 68 years,49 investment concepts, 32 companies, and 10 key people — all cross-referenced and searchable.
Essential Letters
The most influential letters in Buffett's history
The Moat Speech - 1977
One of the most important letters in Berkshire history. Buffett introduced the "economic moat" concept - describing competitive advantage as a "城堡" (castle) with a protective moat. This letter laid out the framework for evaluating business quality that would guide Berkshire for decades.
“The essential economic test is whether a business has a durable competitive advantage - a moat....”
The Textile Exit & Quality Companies - 1985
Buffett formally closed Berkshire's textile operations - marking the end of the business that started it all. The letter introduced the "owner earnings" concept as a truer measure of business value than accounting earnings, and discussed the acquisition of Scott & Fetzer.
“The last textile operation of any magnitude was closed in 1985....”
Coca-Cola & Federal Home Loan Bank - 1988
Buffett disclosed the massive Coca-Cola investment (cost $592.5 million, about 6.3% of Berkshire's net worth - at the time the largest single investment of Buffett's career) and explained the thinking behind buying wonderful businesses at fair prices.
“We established a new position of 14,166,500 shares of Coca-Cola at a total cost of $592.5 million....”
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Navigate Buffett's investment wisdom by concept, company, or person — cross-referenced across 68 letters.
Investment Concepts
From Intrinsic Value to Economic Moat — 49 core ideas that shaped value investing, with cross-references to every letter.
- Intrinsic Value
- Margin of Safety
- Economic Moat
- Circle of Competence
Company Profiles
32 companies that appeared in Buffett's letters — from See's Candies to Apple — with investment thesis and timeline.
- Berkshire Hathaway
- National Indemnity
- See's Candies
- GEICO
Key People
10 key figures who shaped Buffett's thinking — from mentor Benjamin Graham to successor Greg Abel.
- Warren Buffett
- Benjamin Graham
- Charlie Munger
- Ajit Jain
- Greg Abel
Two Eras of Buffett
The Buffett Partnership (1956–1969) and Berkshire Hathaway (1965–2025) — two distinct phases of the greatest investment career in history.
Partnership Letters
15 letters, 1956–1970
Strict Graham-style value investing — cigar butts, workouts, and margin of safety. These letters reveal the analytical foundations that would later evolve into Berkshire's quality focus.
Berkshire Letters
53 letters, 1971–2025
Where Buffett evolved from cigar-butts to “wonderful businesses at fair prices,” built an insurance conglomerate, and created the most legendary long-term investment record.
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