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Warren Buffett’s 1977 Letter to Berkshire Shareholders – Animated


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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

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