Berkshire Hathaway Letters to Shareholders
by Warren Buffett (compiled by Max Olson)
Every annual letter from 1965 onward in one volume: the clearest education in business valuation, capital allocation, management and investor psychology ever written, by someone who was running the money while writing. The letters are free online; the book adds order and an index.
Read it if…
you want to learn investing from the primary source, chronologically.
Skip it if…
you want a curated selection; see The Essays of Warren Buffett.
Three things you will actually use
- Buy wonderful businesses at fair prices.
- Managers should think like owners.
- Be fearful when others are greedy, and vice versa.
Do this first
Read 1977 to 1989 first; the principles are laid down there.
Our verdict
The primary source, in order.
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