AboutThe archive and the books

Sixty years

Buffett took control of a small textile company in April 1965; a share cost about $18. Sixty letters later a share traded for $680,920 — 37,829 times its April 1965 price, and just over 19% a year for sixty years. The rest of this archive is how that happened.

The archive

Berkshire Hathaway under Warren Buffett, whole: 60 shareholder letters, 1965 to 2024, and 32 annual-meeting transcripts, 1994 to 2025. Every document is here unabridged, and set for reading rather than for scanning.

The chart on the front page is the same sixty years drawn as a map — price, book value, the S&P 500, what the company owned and what funded it, on one canvas. Each year has its own page, 1965 to 2025.

The text is reproduced as it was published. Nothing here is edited, abridged, summarized or modernized; where a letter reads awkwardly, it stays awkward.

Nothing more will be added. The letters end with 2024 and the meetings with 2025, so the archive is closed, and complete.

The books

The archive is free to read. The books are the same letters, printed and bound.

Berkshire Hathaway Letters to Shareholders

Hardcover · 60th anniversary edition

All sixty letters in one volume, typeset from the originals. The fourth edition, and the last.

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