69 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.
16 letters — 1956 to 1969
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 investment approach and introduced the concept of managing expectations - distinguishing between absolute and relative performance.
A major market crash in 1962 (Dow down 8.3%) contrasted with the partnership's best year. Buffett introduced the "Three Groups of Securities" framework: (1) General Securities, (2) Workouts, (3) Controls. He also described his investment in Berkshire Hathaway.
Buffett discussed his investment in American Express following the Salad Oil scandal, which he saw as a temporary setback rather than a structural problem. He also introduced the Unisuper trade - a complex arbitrage of significant magnitude.
Buffett wrote about the importance of discipline in selling - specifically, when he sold Disney and American Express (too early and too late respectively). He also announced his decision to take control of Berkshire Hathaway.
The partnership took effective control of Berkshire Hathaway. Buffett described the textile business's decline and its poor capital allocation. This was the year he began transitioning from Graham's cigar-butt approach to buying quality businesses.
The partnership's last year of operation in name. Buffett wrote candidly about the challenge of managing increasingly large amounts of capital and the difficulty of finding attractive investments in overheated markets.
The last partnership letter. Buffett discussed the acquisition of National Indemnity (entering the insurance business), the diversification beyond Graham's strict criteria, and his evolving philosophy on risk and return.
1968 saw continued market enthusiasm. Buffett discussed the partnership's exceptional performance and the challenges of finding undervalued securities in an increasingly expensive market.
1969 was a pivotal year. With the partnership reaching its end, Buffett addressed partners about the planned dissolution and the future direction of their investments.
1970 marked the final year of the Buffett Partnership. Buffett completed the wind-down process, returning capital to partners and directing them toward Berkshire Hathaway.
53 letters — 1965 to 2025
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.
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.
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.
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."
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
0 milestone letters — selected for historical significance