巴菲特致股东的信1965-2012

Letters to Shareholders By Warren E. Buffett Introduction Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Forty-eight letters to shareholders later, the same share traded for $134,060, compounding investor capital at just under 21% per year—a multiplier of 7,448 times. Buffett has said many times that he “was wired at birth to allocate capital.” By allocating resources to assets and endeavors that have the greatest potential for gain, Buffett has guided Berkshire to creating enormous value— not only for shareholders, but for the managers, employees, and customers of its holdings. The numbers and charts you see on the following pages tell the story of a compounding machine. The rest of the book tells of the people, companies, and philosophy that drove it for more than 45 years. In addition to providing an astounding case study on Berkshire’s success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students. I put this compilation together as thanks to Warren’s positive influence on ......