American Express

Gregory Abel's first shareholder letter as CEO, written after Warren Buffett's passing in early 2025. Abel opens by celebrating Buffett's legacy before laying out his own vision for Berkshire: strengthened culture and values, the enduring insurance franchise ($176B float), and disciplined capital allocation under new leadership. The letter demonstrates continuity with Buffett's philosophy while signaling a new chapter.

Buffett's 1964 annual letter written in January 1965. Partnership gained 27.8% vs the Dow's 18.7%, a 9.1 percentage point advantage. Discusses the Berkshire Hathaway takeover, the decision to end the partnership at yearend 1969, and the 'Year of Discipline' theme — specifically the importance of selling at the right price. Mentions Disney and American Express as lessons in opportunity cost.

Buffett's 1963 annual letter written in January 1964. The partnership gained 38.7% vs the Dow's 20.7%, a remarkable 18 percentage point advantage. The letter discusses American Express following the Salad Oil scandal, the Unisuper arbitrage trade, and compares performance against four major investment companies. Dempster Mill's operating assets were sold on a going-concern basis, with Harry Bottle celebrated for extraordinary value creation.