84 letters spanning 70 years of investment wisdom. From the early Partnership years to the 2025 farewell letter. Each letter includes key concepts, company mentions, and cross-references.
27 letters — 1956 to 1970
The founding document of Buffett Associates, Ltd. - the partnership agreement signed on May 5, 1956 establishing the terms and investment philosophy that would guide Warren Buffett's investment partnership for the next 13 years.
Buffett's first annual letter to partnership investors. Markets were relatively flat; the partnership was formed late in the year with starting capital of $105,000. Performance was modest but positive.
Markets fell sharply in 1958 amid recession fears. The partnership posted gains while the Dow declined. Buffett introduced the concept of "Mr. Market" - the market as a bipolar personality offering daily prices.
A bull market year. The Dow rose sharply. Buffett wrote about the dangers of euphoria and the difficulty of maintaining discipline when prices are rising. The partnership maintained its approach of focusing on fundamentals rather than market trends.
A year when the Dow fell 9.3% but the partnership gained 22.8%. Buffett highlighted the Sanborn Map investment case and discussed plans to merge all partnerships into one entity.
Buffett's first semi-annual letter announcing plans to merge all partnerships at yearend. Detailed the new profit-sharing arrangements and introduced provisions for withdrawals, borrowing, and tax adjustments.
Buffett's 15th year investing and 5th year for the partnership. He provided a detailed analysis of his three investment categories: Generals (undervalued securities), Workouts (event-driven), and Control situations. The partnership achieved 45.9% vs 22.2% Dow in 1961, a 23.7 percentage point advantage.
Mid-1962 report showing the partnership's strong performance during a market decline. Dow fell 21.7% in the first half while the partnership declined only 7.5%, a 14.2 percentage point advantage. Includes reprinted 'And a Prediction' section.
Buffett's 1962 annual letter written in January 1963. The partnership gained 13.9% vs the Dow's 7.6% decline, a 21.5 percentage point advantage. He detailed his three investment categories: Generals, Workouts, and Controls, with Dempster Mill as the standout control situation. Harry Bottle was brought in to turn around Dempster, raising its per-share value from $35 to $51.
Mid-1963 report showing partnership gains of 14% vs the Dow's 10% advance. Discusses Dempster Mill turnaround continuing under Harry Bottle, with per-share value rising from $35.25 (Nov 1961) to $64.81 (Nov 1963). Investment companies comparison table included.
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.
Mid-1964 report with first-half figures. The Dow advanced from 831.68 to 849.79 (plus 2.2%), with dividends bringing overall return to plus 3.8%. Partnership results reported at plus 8.1% — 4.3 percentage points ahead of the Dow for the first half.
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.
Mid-year letter covering first half 1965. Partnership gained 10.4% vs Dow's 0.8%, a 9.6 percentage point advantage. Discusses the controlling interest in Berkshire Hathaway acquisition — a 'General Private Owner' situation where assets and earning power become the dominant factors in value. Mentions the firm's constant goal of a 10 percentage point per annum advantage over the Dow.
Annual letter reporting 1965 results: partnership gained 47.2% vs the Dow's 14.2%, the widest margin in BPL's history. The partnership took effective control of Berkshire Hathaway. Buffett reflects on compounding, critiques institutional investment management, and discusses the joys and challenges of operating increasingly large capital.
Mid-1966 report: BPL gained 8.2% vs the Dow's -8.7% in the first half. Topics include the Hochschild, Kohn & Co. acquisition (first entire business purchase by BPL), market forecasting philosophy, and institutional investment critique.
The Partnership's 10th anniversary letter. BPL gained 20.4% vs the Dow's -15.6% — a record 36-point advantage. Buffett reflects candidly on the drying up of investment opportunities as capital grows, and analyzes performance in Controls, Generals, Workouts and Misc categories.
BPL gained 21% vs the Dow's 11.4% in first half 1967, a 9.6-point advantage. Discusses Berkshire Hathaway textile difficulties, Hochschild Kohn & Associated Cotton Shops acquisitions, and the DRC controlled company. Predicts substantial unrealized capital gains in 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.
BPL gained 35.9% vs the Dow's 19.0% in 1967 — a record year. However, 95% of investment managers beat the Dow. Worst year ever in Workouts (0.89% return). Berkshire textile operations remain a drag; National Indemnity acquisition described as highly satisfactory. Moderated objectives from October letter discussed candidly.
Mid-year report for 1968. BPL gained 16% vs Dow's 0.9% in the first half. Buffett warned this was partly concentrated positions creating volatility, and that the revised limited objectives remain the right frame for long-term evaluation.
1968 was the best year in BPL history — 58.8% overall gain vs Dow's 7.7%. Buffett called this a 'freak' result like picking up thirteen spades in bridge. Despite record performance, he warned that the partnership would be dissolved at yearend 1969 and outlined the reasons for his continued pessimism about finding undervalued opportunities.
In this pivotal letter, Buffett formally announced his intention to dissolve the partnership at yearend 1969. He cited three reasons: quantitative investment opportunities had dried up, BPL's $100M size eliminated most small-cap ideas, and his desire to focus on non-investment activities. A frank self-assessment of his inability to 'slow down' while still publicly managing partners' capital.
Buffett provided partners with detailed information on BPL's two controlled companies — Diversified Retailing Company (DRC) and Berkshire Hathaway — and their principal operating businesses. Describes the sale of Hochschild Kohn, the Associated Retail Stores acquisition, the insurance operations (National Indemnity), and the Illinois National Bank.
Detailed Q&A on the partnership dissolution covering: initial cash distribution (~64% of Jan 1 1969 capital, mailed Jan 5 1970), DRC and B-H stock distribution, Blue Chip Stamps, tax implications, and the March 31st deadline for bond purchase assistance.
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.
Written to help partners who received large cash distributions from BPL invest in tax-exempt municipal bonds. Buffett explained bond mechanics (bearer vs registered, coupon collection, custody accounts), discussed maturity and quality trade-offs, and committed to helping partners through March 31st before permanently closing his office.
55 letters — 1971 to 2025
1971 was a pivotal year as Buffett fully took control of Berkshire. The textile business showed mixed results while insurance operations began to contribute meaningfully. This marked the beginning of Berkshire's transformation from a struggling textile company to an investment powerhouse.
1972 saw improved performance across Berkshire's operations. Insurance underwriting benefited from favorable market conditions. The investment portfolio showed gains while Buffett continued to look for acquisition opportunities.
1973 was a challenging year with the market decline. Berkshire's diversified operations helped weather the storm while maintaining the investment approach. This period demonstrated the value of having businesses with strong cash generation.
1974 brought a severe market decline. Buffett used the downturn to make strategic acquisitions and investments at attractive valuations. The partnership approach to investing continued while building the insurance operations.
1975 saw continued market weakness but also created opportunities. Insurance operations began to show better results. The focus remained on building businesses with strong competitive advantages.
1976 marked continued progress and the beginning of GEICO's turnaround under new management. Insurance operations improved significantly. This year was crucial in establishing Berkshire's insurance-focused business model.
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.
1978 was a year of solid progress. GEICO's turnaround continued to contribute to earnings while investment portfolio performed well.
1979 showed mixed results. Textile operations faced challenges while insurance and investments provided steady contributions.
1980 saw continued difficult conditions in some businesses. Buffett discussed the importance of intrinsic value and long-term thinking.
1981 was a year of careful navigation. The focus remained on building durable businesses with strong franchise values.
1982 marked a year of strategic positioning. Insurance operations showed strong performance while seeking new investment opportunities.
1983 saw excellent results. See's Candy and other controlled businesses contributed strongly while the investment portfolio appreciated.
1984 was another strong year. Buffett discussed the concept of 'wide moats' around businesses and the importance of franchise value.
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 letter highlighted Berkshire's investment in Coca-Cola and the nascent "annual meeting" tradition that would grow to become "Woodstock of Capitalism." The meeting was becoming an increasingly important ritual for shareholders.
Written after the October 1987 crash (22% in one day). Buffett explained that crashes are inevitable, unpredictable, and irrelevant to long-term investors. He made no major moves during the crash, having cash available but not deployed.
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.
1989 saw continued progress. The insurance float became increasingly valuable while investment gains contributed to overall performance.
1990 brought a recession in the early 1990s. Berkshire's diversified operations and patient approach served well during uncertain times.
1991 showed strong performance despite economic uncertainty. The insurance operations continued to generate valuable float.
1992 was a year of solid results. Capital allocation remained focused on businesses with durable competitive advantages.
1993 saw continued progress. The investment philosophy of buying quality businesses at reasonable prices continued to drive results.
1994 marked another strong year. Berkshire's diverse businesses and investment portfolio contributed to shareholder value.
1995 was a landmark year with the acquisition of GEICO. This transformed Berkshire's insurance operations significantly.
Buffett formalized the "Circle of Competence" concept and discussed Berkshire's investment in a variety of businesses. He also explained the challenges of capital allocation as Berkshire grew larger and the search for "elephant-sized" acquisitions.
1997 saw strong performance driven by insurance operations and investment gains. The market environment favored patient capital allocation.
1998 was a year of major acquisitions including General Re. This expanded Berkshire's insurance operations globally.
1999 was a year of continued growth and discipline. Berkshire's operating businesses performed well, and acquisition strategy remained focused on quality.
2000 marked a year of transition as the dot-com bubble began to deflate. Berkshire's value approach proved its worth.
2001 was a challenging year following September 11. Insurance operations faced significant claims but the diversified businesses showed resilience.
2002 saw strong performance from insurance and investments. Berkshire's financial strength allowed it to take advantage of opportunities.
2003 marked continued progress. The economic recovery benefited many of Berkshire's operating businesses.
2004 was a solid year. Insurance operations continued to generate valuable float while operating businesses performed well.
A year of contrasts: Buffett navigated record hurricane losses ($3.4B from Katrina, Rita and Wilma) while celebrating GEICO's extraordinary productivity gains - 32% improvement in two years. Five new acquisitions were announced, including Medical Protective, Forest River, Business Wire, Applied Underwriters, and PacifiCorp. A defining passage: "Unlike many business buyers, Berkshire has no exit strategy. We buy to keep."
2006 saw strong performance across all businesses. The investment portfolio benefited from favorable market conditions.
2007 was a year of excellent results before the financial crisis. Buffett discussed the importance of liquidity and financial strength.
Written during the depths of the 2008 financial crisis. Buffett's famous "buy American" op-ed from October 2008 is summarized. He explained that economic Armageddon did not occur, and Berkshire emerged from the crisis stronger, having invested heavily while others panicked.
2009 was a challenging year during the financial crisis but Berkshire's strong position allowed strategic moves.
2010 saw a recovery in results. The diverse businesses benefited from economic improvement.
2011 was a year of continued progress. Insurance operations performed well while investments contributed to results.
2012 was a year of solid performance. Berkshire continued to grow through acquisitions and operating excellence.
2013 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2014 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2015 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
Berkshire disclosed its first major tech investment - Apple - and discussed the ongoing hunt for transformative acquisitions. Buffett also addressed the growing pile of cash (over $80 billion) and the challenge of deploying capital in an expensive market.
2017 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2018 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2019 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
Written during the COVID-19 pandemic. Buffett acknowledged the human tragedy while remaining optimistic about America's long-term economic resilience. He made a historic pivot: selling airline stocks, and writing off most of the Precision Castparts acquisition.
2021 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2022 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2023 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
2024 was a year of progress for Berkshire Hathaway with solid performance across insurance and investment operations.
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.
2 milestone letters — selected for historical significance
Annual administrative letter sent to partners each November. Enclosed partnership agreement amendments for 1964, commitment letters, and a copy of 'The Ground Rules'. At end of October 1963, the partnership had gained approximately 32% vs the Dow's 18.8%, with Dempster Mill operating assets sold on a going-concern basis.
November commitment letter to partners outlining 1966 partnership terms. Introduces Ground Rule 7 reflecting a moderate shift in Buffett's attitude over time. Describes valuation methodology for Berkshire Hathaway controlling interest — halfway between net current asset value and book value, effectively valuing current assets at 100 cents on the dollar and fixed assets at 50 cents.