#88 Warren Buffett's Shareholder Letters— All of them!

Warren Buffett first took control of Berkshire Hathaway, a small textile company in April of nineteen sixty five. A share changed hands for around eighteen dollars at that time. Fifty four letters to shareholders later. And that same share trades for three hundred and six thousand dollars. Compounding investor capital at just under twenty percent per year.

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 are Tell the story of a compounding machine.

The rest of the book. Tales of the people. Companies and philosophies. That have driven it for five decades. That's also the part that I'm gonna be focused on today. In addition to providing an outstanding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher.

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