By Warren Buffett
Warren E. Buffett first took regulate of Berkshire Hathaway Inc., a small fabric corporation, in April of 1965. A percentage replaced arms for round $18 on the time. Forty-eight letters to shareholders later, a similar proportion traded for $134,060, compounding investor capital at just below 21% in step with yr -- a multiplier of 7,448 times.
This e-book compiles the whole, un-edited models of each one in all Warren Buffett's letters to the shareholders of Berkshire Hathaway. as well as supplying an surprising case learn on Berkshire's good fortune, Buffett exhibits an enormous willingness to percentage his tools and act as a instructor to his many students.
There are hundreds and hundreds of books approximately Buffett's lifestyles, recommendation, and techniques. those are his genuine letters -- be aware for notice -- a "lesson plan" of his perspectives on company and making an investment. you will discover many of the letters at no cost on Berkshire's site, yet this compiles them right into a well-designed, simply readable format.
Features of the book:
* Berkshire Hathaway annual shareholder letters from 1965 to 2012 (706 pages), together with 1965-1976 letters now not on hand on Berkshire's site
* Tabulated letter years so that you can simply turn to the specified letter
* subject matters index
* corporation index
* individual index
* Charts of: progress in Berkshire's publication price and industry cost relative to benchmarks, assurance flow and function, the working companies of Berkshire
Read or Download Berkshire Hathaway Letters to Shareholders PDF
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Additional info for Berkshire Hathaway Letters to Shareholders
During this time I watched the Dow break down to a point where it was not quite down 1,000 points before bouncing back to around -300. Six hundred Dow points had disappeared and reappeared within a matter of minutes and I had no idea if and where my buy-to-cover orders were being ﬁlled. As the system worked through the delay and my ﬁlls began to come in, I could see exactly where I had covered my short-sale positions. To my astonishment, they were all covered very near the lows of the day. With the market springing back so suddenly, the fact that I had started entering my orders just as the market was beginning to break sharply to the downside had enabled me to ‘‘catch’’ stock as it was being thrown out the window.
73. I’ll leave it up to the reader to calculate the percentage return for the month. We can be frank and recognize that this type of short-selling success was aided by a very unusual start to the month in the form of the now infamous Flash Crash of May 2010. But a fortuitous event like the Flash Crash, what we might consider the ‘‘luck’’ component, can only be taken advantage of on the short side by being in the right place at the right time. You can’t get lucky if you don’t ﬁrst put yourself in the position of being able to get lucky by knowing when and where to begin selling stocks short.
Com), C2014. 12 NASDAQ Composite Index daily chart. A short three-month bear market that has three distinct downside selling waves was centered on what became known as the Long-Term Capital crisis. com), C2014. 6 billion bailout on September 23, 1998. This spooked the market, as many feared that the collapse of Long-Term Capital Management would bring down the ﬁnancial system. In hindsight, this ‘‘crisis’’ doesn’t look like much of a crisis compared to the 2008 ﬁnancial meltdown in terms of the threat it posed to the overall ﬁnancial system, but it was enough to scare investors into a selling panic that generated a 33-percent decline in the NASDAQ.