Value Investing, Videos

Warren Buffett’s 1977 Letter to Berkshire Shareholders – Animated

Get The Full Warren Buffett Series in PDF

Get the entire 10-part series on Warren Buffett in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues

This is Warren's first letter to Berkshire Hathaway shareholders.

Right from the off, he drops a few gems.

"Most companies define “record” earnings as a new high in  earnings per share. Since businesses customarily add from year  to year to their equity base, we find nothing particularly  noteworthy in a management performance combining, say, a 10%  increase in equity capital and a 5% increase in earnings per  share. After all, even a totally dormant savings account will  produce steadily rising interest earnings each year because of  compounding"

Warren Buffett's 1977 Letter to Berkshire Shareholders - Animated