Excerpts from Warren Buffett’s shareholder letters

A collection of excerpts that I found useful and wanted to keep. Some of the sub-headings are mine, I added them to quickly find places in the text I found interesting or funny.

Initially, I collected bits using Microsoft Word, but switched to Sphinx, later to Joplin, then to git-versioned Markdown with MkDocs when the document grew to over 300 pages. Now (in February and March 2023) I’m moving it all into this WordPress site.

I do not claim copyright of the excerpts. Complete versions of the shareholder letters (and Berkshire’s annual reports in which they were originally published) are available at: http://www.berkshirehathaway.com/