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Warren Buffett
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Berkshire Hathaway Letters to Shareholders Paperback – January 1, 2016

by Warren Buffett (Author), Max Olson (Editor)
4.7 out of 5 stars 287 ratings

Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Fifty letters to shareholders later, the same share traded for $226,000, compounding investor capital at just under 21% per year-a multiplier of 12,556 times.

This book compiles the full, un-edited versions of 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students.

There are hundreds of books about Buffett's life, advice, and methods. These are his actual letters -- word for word -- a "lesson plan" of his views on business and investing. You can find most of the letters for free on Berkshire's website, but this compiles them into a well-designed, easily readable format.

Features of the book:

 * 50 years of Warren Buffett's letters to the shareholders of Berkshire Hathaway (769 pages), including 1965-1976 letters not available on Berkshire's website
 * Tabulated letter years so you can easily flip to the desired letter
 * Topics index
 * Company index
 * Person index
 * Charts of: Growth in Berkshire's book value and market price relative to benchmarks, Insurance float and performance, the operating businesses of Berkshire

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Previous slide of product details
  1. Print length
    769 pages
  2. Language
    English
  3. Publisher
    Explorist Productions
  4. Publication date
    January 1, 2016
  5. Dimensions
    8.5 x 1.57 x 10.98 inches
  6. ISBN-10
    0615975070
  7. ISBN-13
    978-0615975078
Next slide of product details
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Editorial Reviews

Review

When I started learning about Warren Buffett, one of the first things I did was buy a printer that could print on both sides of the page. I got a ream of three hole paper, and filled a few binders with Buffett's letters to investors, all of which are freely available on his website. . . .

Well, now they have been helpfully compiled by my friend Max Olson. This edition includes charts I haven't seen anywhere else, showing Berkshire's cost of float (to the uninitiated: Buffett has borrowed money more cheaply than the U.S. government over the years, and used this fuel to invest at incredible rates of return), a chronological list of acquisitions, and even includes a topic index.

Kudos to Olson and Buffett for making this public. Now it's up to you, the reader, to make the best of it. --Marcelo P. Lima

Max Olson has done a great job for all Warren Buffett fans in putting this great collection of letters together in one easy read. --Guy Spier

About the Author

Warren Edward Buffett (born August 30, 1930) is an American business magnate, investor, and philanthropist. He is widely considered the most successful investor of the 20th century. Buffett is the primary shareholder, chairman and CEO of Berkshire Hathaway and consistently ranked among the world's wealthiest people. He was ranked as the world's wealthiest person in 2008 and as the third wealthiest person in 2011. In 2012, American magazine Time named Buffett one of the most influential people in the world. Buffett is called the "Wizard of Omaha", "Oracle of Omaha", or the "Sage of Omaha" and is noted for his adherence to the value investing philosophy and for his personal frugality despite his immense wealth. Buffett is also a notable philanthropist, having pledged to give away 99 percent of his fortune to philanthropic causes, primarily via the Gates Foundation.

Product details

  • Publisher ‏ : ‎ Explorist Productions
  • Publication date ‏ : ‎ January 1, 2016
  • Edition ‏ : ‎ 3rd
  • Language ‏ : ‎ English
  • Print length ‏ : ‎ 769 pages
  • ISBN-10 ‏ : ‎ 0615975070
  • ISBN-13 ‏ : ‎ 978-0615975078
  • Item Weight ‏ : ‎ 3.99 pounds
  • Dimensions ‏ : ‎ 8.5 x 1.57 x 10.98 inches
  • Customer Reviews:
    4.7 out of 5 stars 287 ratings

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Warren Buffett

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Customer reviews

4.7 out of 5 stars
287 global ratings

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Customers say

Customers find this book to be a must-read for long-term investors, praising its priceless information and incredible collection of business lessons. Moreover, they appreciate its humor and consider it a complete collection of Warren Buffett's letters to shareholders. Additionally, the book offers great value for money.

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ReadabilityInformation qualityHumorLetter qualityValue for money
24 customers mention "Readability"21 positive3 negative

Customers find the book highly readable and consider it a must-read, with one customer noting it's particularly valuable for long-term investors.

"Good job. received in good condition." Read more

"The wisdom and biggest from this book are timeless. One of the best books I’ve read! As a BRK shareholder, highly recommend!" Read more

"...It is a long read, but well worth it: you learn all the essentials to the company and get the best investing advice possible for long term wealth..." Read more

"...Wow, these guys are good!..." Read more

19 customers mention "Information quality"19 positive0 negative

Customers find the information in the book priceless and consider it one of the most important books on investing, with one customer noting it provides unmatched insights into investments including equities.

"...It is a long read, but well worth it: you learn all the essentials to the company and get the best investing advice possible for long term wealth..." Read more

"...view on Berkshire's annual report with a lot of humor and musings on investing thrown in. Buffett is a master communicator...." Read more

"...this edition and book is an outstanding treasure and amazing addition to anyone's library, full of awesome information and knowledge about the inner..." Read more

"It's hard for me to review a book but this one has great information for everyone. I recommend." Read more

3 customers mention "Humor"3 positive0 negative

Customers find the book humorous, with one mentioning how the humor makes accounting lessons more engaging.

"...In addition, you'll find worldly wisdom and humor that make lessons in accounting, business governance, and other boaring topics far more tolerable...." Read more

"Amazing book and such an easy read. Warren Buffet is as funny and humble as he is wise...." Read more

"Funny and wonderfully insightful..." Read more

3 customers mention "Letter quality"3 positive0 negative

Customers appreciate the quality of these letters to shareholders, with one customer noting it's a complete collection of Warren Buffett's writings.

"It is a complete collection of WB's letters to shareholders. Quite a lot of content an aspiring investor can learn from." Read more

"The best letters to shareholders of any public company ever - period." Read more

"ONE OF THE BEST COMPOUNDED ANNUAL LETTER" Read more

3 customers mention "Value for money"3 positive0 negative

Customers find the book to be a great value.

"Great value, but book is unwieldy." Read more

"...He says they are excellent reading and very interesting and of value. My husband does not give praise lightly." Read more

"Good value. Better than printing yourself. Excellent resource...." Read more

Back cover almost torn off
2 out of 5 stars
Back cover almost torn off
Back cover was almost torn off. This book should not have been resold. Not worth the used price reduction. The book is just really beat up.
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Top reviews from the United States

  • gan chin sern
    5.0 out of 5 stars Good job
    Reviewed in the United States on July 29, 2024
    Format: PaperbackVerified Purchase
    Good job. received in good condition.
    Helpful
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  • Kody
    5.0 out of 5 stars BEST book I’ve read
    Reviewed in the United States on March 6, 2024
    Format: PaperbackVerified Purchase
    The wisdom and biggest from this book are timeless. One of the best books I’ve read! As a BRK shareholder, highly recommend!
    Helpful
     Report
  • T. S.
    5.0 out of 5 stars A must read for any longterm investor!!!!
    Reviewed in the United States on July 14, 2019
    Format: PaperbackVerified Purchase
    I own a significant amount of berkshire stock and read this whole book. It is a long read, but well worth it: you learn all the essentials to the company and get the best investing advice possible for long term wealth accumulation. I have steadily grown more knowledgeable and wealthy thanks to Buffet's gracious sharing of his profound understanding of capital markets. Buffet's wisdom is much more valuable than the refuse they teach in finance school. If you believe you have to study how to become wealthy, as I most assuredly do, seize on the opportunity to learn from the master and order this book with rapidity and incorporate it into your investing life. I thanks my lucky stars every day for Buffet's intellectual generosity.
    29 people found this helpful
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  • Michael Vanbuskirk
    5.0 out of 5 stars Funny and wonderfully insightful
    Reviewed in the United States on September 14, 2014
    Format: PaperbackVerified Purchase
    I was so entertained by the shareholder letters -- in combination with the performance of the stock -- that I had to read other things by or about Buffett and his partner Munger. The shareholder letters are Buffett's view on Berkshire's annual report with a lot of humor and musings on investing thrown in. Buffett is a master communicator. One has to shake one's head at the chart at the book's beginning showing the comparison of Berkshire and S&P over 40 or so years. Wow, these guys are good! Other books -- Cunningham's book on Buffett (compilation of shareholder letter passages illustrating recurring themes, a kind of Berkshire in a Nutshell -- very good), Munger's "Psychology of Misjudgements" (a speech at Harvard Law School, on Youtube, very good), Tao of Buffett and Snowball (neither are my cup of tea), Intelligent Investor by Graham (Buffett's favorite book on investing, get the edition with commentary by Jason Zweig. -- fantastic).
    15 people found this helpful
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  • Kilonova
    5.0 out of 5 stars 10 STARS ⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
    Reviewed in the United States on July 19, 2017
    Format: PaperbackVerified Purchase
    There have been critics who have written reviews on here that this book is no different than going online and printing out all of the shareholders letters and there are others that say that you should pick up Lawrence Cunningham's version because that version is editorialized and I am here to tell you that I have done all three, not because anyone has told me or I recommended it, but because I have thoroughly entrenched myself in the study of Warren Buffett, Charlie Munger and Berkshire Hathaway and I will tell you this edition and book is an outstanding treasure and amazing addition to anyone's library, full of awesome information and knowledge about the inner workings of Berkshire Hathaway. I'm actually very sorry I didn't get it much, much sooner. I cannot recommend this book strongly enough...10 STARS!!!!!
    59 people found this helpful
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  • RA
    5.0 out of 5 stars Great Information
    Reviewed in the United States on November 6, 2023
    Format: PaperbackVerified Purchase
    It's hard for me to review a book but this one has great information for everyone. I recommend.
    Helpful
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  • Evan Lotzof
    5.0 out of 5 stars Please Update Through 2023
    Reviewed in the United States on May 14, 2023
    Format: PaperbackVerified Purchase
    Invaluable resource. Can you please update through 2023?
    8 people found this helpful
    Helpful
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  • Amazon Customer
    5.0 out of 5 stars Very good packaging & condition of item.
    Reviewed in the United States on May 2, 2022
    Format: HardcoverVerified Purchase
    Item as described & in good condition on arrival due to good packaging . Took a while to arrive but worth the wait for free shipping.
    Helpful
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Top reviews from other countries

  • Carol Lee
    5.0 out of 5 stars Berkshire Hathaway Letters to Shareholders: 1
    Reviewed in Singapore on February 20, 2023
    Format: PaperbackVerified Purchase
    I am happy to have bought this Berkshire Hathaway Letters to Shareholders. After read the 1st chapter, I would recommend it to all investors who are new to the trading or investing in equity market. It focus on the market trade, courage, insight of doing the business and or the investing direction. So much to learn from what has Mr Warren shared of his precious wisdom and insight of investment.
    Report
  • Debapriya Mohapatra
    5.0 out of 5 stars Must have.
    Reviewed in India on February 18, 2019
    Format: PaperbackVerified Purchase
    Must have.
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  • Rob
    5.0 out of 5 stars The best investment education you will ever get
    Reviewed in Australia on October 9, 2021
    Format: PaperbackVerified Purchase
    If you have the determinaton to read all the letters chronilogically from start to end, you will experience a truly worth while education at the hands of the worlds greatest investor, who evolves with his investing landscape. works hard to avoid losses, and compounds his successive gains.

    You experience in real time, the trials, the tribulations, and the brutal self assessments of the the Sage of Omaha. Then, as you see the story of suceess progressively unfold in the rear mirror, you realise that what you are witnessing is a master class of capital allocation free of hubris and full of brutal self assessment.

    The extraodinary discipline and insight of Mr Buffett's detailed explanations of their approach to Berkshire's insurance business, is a must read for anyone interested in being involved in the insurance business or investing in insurance companies.
    Report
  • LP
    5.0 out of 5 stars Amazing quality
    Reviewed in the United Kingdom on May 9, 2024
    Format: PaperbackVerified Purchase
    Fast delivery. I am loving it
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  • Amazon Customer
    5.0 out of 5 stars Great Book
    Reviewed in Canada on December 18, 2018
    Format: PaperbackVerified Purchase
    a good read
    Report