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.

Charlie Munger: Invert And Use “Disconfirming Evidence”

Charlie MungerCharlie Munger is considered to be one of the best investors and thinkers alive today. His thoughts and statements on investment research, investment psychology, and general rational behavior are often incredibly insightful. Anyone can learn something from this billionaire investor and philosopher. Q2 2020 hedge fund letters, conferences and more If you’re looking for value Read More


"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"