The Definitive Buffett Knowledge Archive
The most comprehensive English archive of Warren Buffett's wisdom. Explore 84 shareholder letters, 11 annual meetings,4 speeches, 8 recommended books, and 59 quotes — spanning 70 years of investment insight.
More Wisdom
Explore Buffett's insights beyond the letters
Essential Letters
The most influential letters in Buffett's history
Commitment Letter for 1968 — October 1967
The most famous partnership letter. Buffett announces a reduction in his performance target from '10 points better than the Dow' to '9% per annum or 5 points over the Dow.' Explains four reasons: fewer quantitative bargains, hyperactive markets, $65M capital base, and personal motivation. A candid self-assessment from age 37.
“The really big money tends to be made by investors who are right on qualitative decisions....”
Our Performance in 1969
The final full-year performance summary of the Buffett Partnership. BPL achieved a gain of approximately 6.7% for the year. Partners received a 64% cash distribution in January 1970, with the remaining assets distributed as DRC and B-H stock. This letter marks the formal conclusion of one of investment history's most remarkable records — 13 consecutive years of outperforming the Dow.
“I intend to have all important BPL matters out of the way before I talk with any of them on an individual basis....”
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....”
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Navigate Buffett's investment wisdom by concept, company, or person — cross-referenced across 84 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
29 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
55 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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