Warren Buffett
2012-02-27 Warren Buffett.Squawk Box
Refer To：《 2012-02-27 Warren Buffett.Squawk Box》。 Warren Buffett appeared live on CNBC’s Squawk Box this morning, February 27, 2012, for his annual “Ask Warren” three-hour marathon. 2012年2月27日今天早上，Warren Buffett 现身 CNBC 的《Squawk ...
1965-11-09 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: The fiscal year ended October 2, 1965 resulted in net earnings of $2,279,206 as compared to net earnings of $125,586 for the prior year. These net earnings do not reflect any nonrecurring losses ...
1966-12-02 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: For your information, we have highlighted the financial information for fiscal 1966 in comparison with the five preceding years on the facing page. In this letter we will discuss in some detail the ...
1968-03-08 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: The Company has adopted a calendar year for accounting purposes. This new calendar year end substitutes for the previous September 30 year end. The change was effective December 30, 1967. This report ...
1969-03-12 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: Earnings in both textile and insurance operations improved somewhat during 1968. Total operating earnings in relation to stockholders investment still are not satisfactory, but we are expending every ...
1970-04-03 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: Four years ago your management committed itself to the development of more substantial and more consistent earning power than appeared possible if capital continued to be invested exclusively in the ...
1971-03-15 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: The past year witnessed dramatically diverse earnings results among our various operating units. The Illinois National Bank & Trust reported record earnings and continued to rank right at the top, ...
1972-03-13 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: It is a pleasure to report that operating earnings in 1971, excluding capital gains, amounted to more than 14% of beginning shareholders’ equity. This result—considerably above the average of American ...
1973-03-16 Warren Buffett's Letters to Berkshire Shareholders
To the Stockholders of Berkshire Hathaway Inc.: Operating earnings of Berkshire Hathaway during 1972 amounted to a highly satisfactory 19.8% of beginning shareholders’ equity. Significant improvement was recorded in all of our major lines of ...
1981-02-27 Warren Buffett.Insurance Industry Conditions
Refer To：《1981-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 Insurance Industry Conditions 保险产业现况 The insurance industry’s underwriting picture continues to unfold about as we anticipated, with the combined ratio (see definition on page ...
1982-02-26 Warren Buffett.Equity Value-Added
Refer To：《1982-02-26 Warren Buffett's Letters to Berkshire Shareholders》。 Equity Value-Added 股权投资的附加价值 An additional factor should further subdue any residual enthusiasm you may retain regarding our long-term rate of return. The economic case ...
1982-02-26 Warren Buffett.General Acquisition Behavior
Refer To：《1982-02-26 Warren Buffett's Letters to Berkshire Shareholders》。 General Acquisition Behavior 一般收购行为 As our history indicates, we are comfortable both with total ownership of businesses and with marketable securities representing small ...
1983-03-03 Warren Buffett.Issuance of Equity
Refer To：《1983-03-03 Warren Buffett's Letters to Berkshire Shareholders》。 Issuance of Equity 发行股份 Berkshire and Blue Chip are considering merger in 1983. If it takes place, it will involve an exchange of stock based upon an identical valuation method ...
1983-03-03 Warren Buffett.Insurance and Quasi-administered pricing system
Refer To：《1983-03-03 Warren Buffett.Insurance and Quasi-administered pricing system》。 The Best's data reflect the experience of practically the entire industry, including stock, mutual and reciprocal companies. The combined ratio represents total ...
1984-03-14 Warren Buffett.Goodwill and its Amortization: The Rules and The Realities
Refer To：《1984-03-14 Warren Buffett's Letters to Berkshire Shareholders》。 Goodwill and its Amortization: The Rules and The Realities 商誉及其摊销：规则与现实 This appendix deals only with economic and accounting Goodwill—not the goodwill of everyday usage. For ...
1985-02-25 Warren Buffett.Dividend Policy
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 Dividend Policy 股息政策 Dividend policy is often reported to shareholders, but seldom explained. A company will say something like, "Our goal is to pay out 40% to 50% of earnings ...
1985-02-25 Warren Buffett.Errors in Loss Reserving
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 Errors in Loss Reserving 损失准备金计提的误差 Any shareholder in a company with important interests in the property/casualty insurance business should have some understanding of the ...
1985-02-25 Warren Buffett.Buffalo Evening News
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 Buffalo Evening News Profits at the News in 1984 were considerably greater than we expected. As at See's, excellent progress was made in controlling costs. Excluding hours ...
1986-03-04 Warren Buffett.Three Very Good Businesses (and a Few Thoughts About Incentive Compensation)
Refer To：《1986-03-04 Warren Buffett's Letters to Berkshire Shareholders》。 Three Very Good Businesses (and a Few Thoughts About Incentive Compensation) 三门极好的生意（以及关于激励薪酬的若干思考） When I was 12, I lived with my grandfather for about four months. A grocer ...
1986-03-04 Warren Buffett.Shutdown of Textile Business
Refer To：《1986-03-04 Warren Buffett's Letters to Berkshire Shareholders》。 Shutdown of Textile Business 关闭纺织业务 In July we decided to close our textile operation, and by yearend this unpleasant job was largely completed. The history of this business is ...
1985-02-25 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1985-02-25 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: Our gain in net worth during 1984 was $152.6 million, or $133 per share. This sounds pretty good but actually it's mediocre. ...
1986-03-04 Warren Buffett's Letters to Berkshire Shareholders
Refer To：《1986-03-04 Warren Buffett's Letters to Berkshire Shareholders》。 To the Shareholders of Berkshire Hathaway Inc.: You may remember the wildly upbeat message of last year’s report: nothing much was in the works but our experience had been that ...
1987-02-27 Warren Buffett.Purchase-Price Accounting Adjustments and the "Cash Flow" Fallacy
Refer To：《1987-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 Purchase-Price Accounting Adjustments and the "Cash Flow" Fallacy First a short quiz: below are abbreviated 1986 statements of earnings for two companies. Which business is the ...
1987-02-27 Warren Buffett.The Fechheimer Bros. Co.
Refer To：《1987-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 The Fechheimer Bros. Co. Every year in Berkshire’s annual report I include a description of the kind of business that we would like to buy. This "ad" paid off in 1986. 每年我都会在 ...
1987-02-27 Warren Buffett.The Buffalo News
Refer To：《1987-02-27 Warren Buffett's Letters to Berkshire Shareholders》。 o Operating results at The Buffalo News continue to reflect a truly superb managerial job by Stan Lipsey. For the third year in a row, man-hours worked fell significantly and ...
1988-02-29 Warren Buffett.Escape the industry’s commodity economics in insurance
Refer To：《1988-02-29 Warren Buffett's Letters to Berkshire Shareholders》。 The math of the insurance business, encapsulated by the table, is not very complicated. In years when the industry’s annual gain in revenues (premiums) pokes along at 4% or 5%, ...
1988-02-29 Warren Buffett.Controlled Company and Allocate Capital
Refer To：《1988-02-29 Warren Buffett's Letters to Berkshire Shareholders》。 In making both control purchases and stock purchases, we try to buy not only good businesses, but ones run by high-grade, talented and likeable managers. If we make a mistake ...
1996-03-01 Warren Buffett.Convertible Preferred Stocks
Refer To：《1996-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Convertible Preferred Stocks 可转换优先股 As many of you will remember, Berkshire made five private purchases of convertible preferred stocks during the 1987-91 period and the time ...
1989-02-28 Warren Buffett.Arbitrage
Refer To：《1989-02-28 Warren Buffett's Letters to Berkshire Shareholders》。 Arbitrage 套利 In past reports we have told you that our insurance subsidiaries sometimes engage in arbitrage as an alternative to holding short-term cash equivalents. We prefer, ...
1990-03-02 Warren Buffett.Mistakes of the First Twenty-five Years (A Condensed Version)
Refer To：《1990-03-02 Warren Buffett's Letters to Berkshire Shareholders》。 Mistakes of the First Twenty-five Years (A Condensed Version) 前二十五年的错误（精简版） To quote Robert Benchley, “Having a dog teaches a boy fidelity, perseverance, and to turn around ...
1990-03-02 Warren Buffett.Zero-Coupon Securities
Refer To：《1990-03-02 Warren Buffett's Letters to Berkshire Shareholders》。 Zero-Coupon Securities 零息证券 In September, Berkshire issued $902.6 million principal amount of Zero-Coupon Convertible Subordinated Debentures, which are now listed on the New ...
2024-05-04 Berkshire Hathaway 股东大会：37条批注
以下是 2024 年 Berkshire Hathaway 股东大会的37条批注，记录了一些值得反复推敲的东西。 1、两种认知模式的底层差异 【1. Charlie Munger – The Architect of Berkshire Hathaway】 For one thing, I was only interested in whether things worked. Charlie wanted to know how things worked. I would turn on ...
2025-05-03 Berkshire Hathaway 股东大会：30条批注
以下是 2025 年 Berkshire Hathaway 股东大会的30条批注，记录了一些值得反复推敲的东西。 1. 日本投资：用事实看文化接受度 【3.Interest rates in Japan】 Warren Buffett: "Japan's record has been extraordinary. My guess is that Tim Cook would tell you that iPhone sales there are about as great as any ...
2025-05-03 Warren Buffett.Marmon
Refer To：《2025-05-03 Berkshire Hathaway Annual Meeting》。 7.Portillo’s Hot Dogs Portillo的热狗 [00:49:50] Sean Siegel: Hello, I’m Sean Siegel from Chicago, IL. Thank you for investing your time, and to the executive committee for putting on this meeting, ...
1936 John Maynard Keynes.The State of Long-Term Expectation
Refer To：《1936 John Maynard Keynes.The State of Long-Term Expectation》。 I We have seen in the previous chapter that the scale of investment depends on the relation between the rate of interest and the schedule of the marginal efficiency of capital ...
1991-03-01 Warren Buffett.Wells Fargo
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Lethargy bordering on sloth remains the cornerstone of our investment style: This year we neither bought nor sold a share of five of our six major holdings. The exception was ...
1991-03-01 Warren Buffett.Measuring Insurance Performance
Refer To：《1991-03-01 Warren Buffett's Letters to Berkshire Shareholders》。 Measuring Insurance Performance 衡量保险业绩 In the previous section I mentioned “float,” the funds of others that insurers, in the conduct of their business, temporarily hold. ...
1936 Ben Graham.US Steel Announces Sweeping Modernization Scheme
An unpublished satire by Ben Graham, written in 1936 and given by the author to Warren Buffett in 1954. Myron C. Taylor, Chairman of U. S. Steel Corporation, today announced the long awaited plan for completely modernizing the world's largest ...
2026-02-28 Greg Abel VS Warren Buffett
Greg Abel 的性格特质中具备高能量的执行力，这跟“狂热就是在忘记目标后加倍努力”有一些相似的成分。心理学强调高能量的特质比低质量更危险，但在商业实践中，尤其是在 Berkshire 这样的大型成熟企业里，这类人反而更容易取得成功。 原因并不复杂：跑道是既定的，“因为—所以”的主干链条（商业模式、企业文化）已经搭好。CEO 的主要工作，不是重建这条链，而是在这条链上高速运行。对这种场景来说，高能量的特质反而容易转化为优势： 先入为主的结论，不再完全是噪音，而可能与既定跑道的方向一致； ...
2026-02-28 Greg Abel's Letters to Berkshire Shareholders
Refer To：《2026-02-28 Greg Abel's Letters to Berkshire Shareholders》。 To My Fellow Berkshire Shareholders, Warren Buffett is arguably the greatest investor of all time, with generations benefiting from his investment acumen. He has also been a ...
Next page