Berkshire Hathaway Shareholder Letters
Complete index of Warren Buffett's annual shareholder letters, 1977-2024
Berkshire Hathaway Shareholder Letters
The Berkshire Hathaway Annual Shareholder Letters (1957-present) are widely regarded as the best free investment education in the world. Buffett writes these letters annually, sharing his investment philosophy, lessons learned, and assessment of Berkshire's businesses.
"When writing these letters, I think of the shareholders as my partners, and I try to explain what we're doing and why." — Warren Buffett
Quick Reference
| Year | Format | Key Themes |
|---|---|---|
| letter-2024 | Current year,最新年度 | |
| letter-2023 | Annual report | |
| letter-2022 | Annual report | |
| letter-2021 | Annual report | |
| letter-2020 | COVID pandemic | |
| letter-2008 | Financial crisis |
By Decade
2020s (2020-2024)
- letter-2024 - Most recent letter
- letter-2023 - Annual report
- letter-2022 - Annual report
- letter-2021 - Annual report
- letter-2020 - COVID pandemic response
2010s (2010-2019)
- letter-2019 - 2010s summary
- letter-2016 - 50th anniversary
- letter-2015 - Annual report
- letter-2008 - Financial crisis
2000s (2000-2009)
- letter-2008 - Financial crisis lessons
- letter-2000 - Dot-com aftermath
1990s (1990-1999)
- letter-1996 - Internet era lessons
1980s (1980-1989)
- letter-1987 - Pre-crash wisdom
Key Themes Across Letters
On Intrinsic Value
Buffett consistently explains his calculation of intrinsic value using "owner earnings" rather than GAAP earnings, emphasizing long-term thinking.
On Moats
The moat concept is developed and reinforced across decades of letters. See berkshire-hathaway for the evolution of his thinking.
On Capital Allocation
Buffett details how capital-allocation decisions are made at Berkshire — when to invest, when to buy back stock, when to pay dividends.
On Market Crashes
Letters from 2008-2009 (financial crisis) and 2020 (COVID) contain critical lessons about Mr. Market and maintaining conviction during panic.
Famous Letters
2008 Letter (Financial Crisis)
One of the most important letters in investment history. Buffett wrote "The Leveraging of the American Dream" explaining what caused the crisis and why he was investing heavily during the panic.
2020 Letter (COVID)
Buffett broke with tradition by not writing a normal letter, instead making unprecedented moves (selling airlines, buying Apple) and explaining his revised capital allocation thinking.
How to Read the Letters
- Start with recent letters (2020-2024) to understand current thinking
- Read the 2008 letters for crisis management lessons
- Explore by topic using the index below
Source
All letters are available free at berkshirehathaway.com/letters
Letters are available in:
- HTML: 1977-2003
- PDF: 2004-present
Related
- warren-buffett - The author
- berkshire-hathaway - The company
- moat - Key concept discussed
- margin-of-safety - Risk management
- capital-allocation - Capital deployment