Where is the English version of Warren Buffett s Letter to Shareholders?

There are many such letters, see here.

For example, one of them.

letters/

pwd=2d72 Extraction code: 2d72 As we all know, Warren Buffett personally writes a letter to Berkshire's shareholders every year, and has been writing it for 52 years now. Each letter to shareholders is filled with tens of thousands of words, reviewing the company's performance, investment strategy, and expressing views on many hot topics.

In 1996, Warren Buffett authorized Professor Lawrence Cunningham to compile his letters, and published the super-bestseller "Warren Buffett's Letter to Shareholders", which retains Buffett's first-person narrative in its entirety, and divides his investment thinking and management wisdom into topics such as corporate governance, finance and investment, investment alternatives, common stocks, mergers and acquisitions, valuation and accounting, and taxation. Since then, Professor Cunningham has become Buffett's queen, and has been authorized by Buffett to enter Berkshire to conduct in-depth research and interviews, and to write a sister book "Berkshire Beyond Buffett", which specializes in Berkshire's management methods.

Introduction: Warren Buffett's Letter to Shareholders pdf** is written by Warren Buffett, which contains a large number of letters written by Warren Buffett to Berkshire, the owner of Hathaway, discussing the company's management, investment direction, tax payment, etc., which is a wonderful and beneficial read. <

pwd=2d72 Extraction code: 2d72 The links mainly include: "Buffett's Letter to Shareholders", "What Buffett Says", "Snowball", "Buffett's Way", "Smart Investor", etc. (among them, "Buffett's Letter to Shareholders" can be regarded as a book written by him.

The 2009 Buffett letter to shareholders reads as follows:

To the shareholders of Berkshire Hathaway:

In 2008, our market value shrank by $11.5 billion. This has led to a decline in the book value per share of our two **s**. Over the past 44 years (that is, since the succession of current management), our Category 1** book value per share has risen from $19 to $70,530, with an annual growth rate.

Warren e Warren Buffett.

Chairman of the Board of Directors.

27 February 2009.

Is this it? Find it in Dan Bin's blog.

On May 1, 2021, Warren Buffett, a world-renowned investment tycoon, issued a letter to shareholders at the shareholders' meeting of Berkshire Hathaway, which he manages. A number of important points were made in the letter.

Here are the top 10 highlights of its shooting sources:

1.Investing is not gambling, but a business with the expectation of long-term gains in the future.

2.Only when the attack is significantly undervalued will the money be considered in the market.

3.Over the past 50 years, Berkshire Hathaway has had an annualized return of more than 20, while the S&P 500 has returned only about 10.

4.Short-term market volatility should not affect long-term investment decisions, but should be viewed calmly.

5.Dividends are friends of long-term shareholders, and sometimes dividends can be the largest part of a business's value years later.

6.Learn to analyze the business yourself and not completely follow the analyst.

7.For Berkshire Hathaway, real estate investment has always been a difficult market to enter because the company believes it is difficult to get a large enough yield.

8.Inflation is the real wealth killer, and the ability of major builds and ****** to fight inflation is limited.

9.The value of a good business increases over time, while the value of a bad business decreases over time.

10.Tackling global inequality trends will require a concerted effort between ** and the business community. ”

In 1986, Berkshire's net book value increased to about $100 million, and over the past 22 years, the compound annual growth rate has reached.

Personally, I like the text that Warren Buffett describes the companies invested by Berkshire every year, most of them are boastful and proud, a bit of Versailles, but considering the role of the audience, everything is so reasonable, including the Buffalo newspaper, the 93-year-old but still energetic Mrs. B in the Nebraska furniture store (I don't know if she is alive this year), Joy Candy, etc., every time I listen to him, I feel like a few treasures, these excellent companies support the beautiful investment data every year, sure enough, industry is still reliable!

Going back to the original text of the year, Warren Buffett made a very vivid analogy, as long as you find good players, any team manager can do well, just like David Ogilvy, the founder of Ogilvy advertising, once said: "If we hire people who are shorter than us, then we will become a group of gnomes, on the contrary, if we can find a group of people who are taller than us, we are a group of giants." This explains why Warren Buffett's Berkshire has been so successful.

Again, in the letter to shareholders, it goes on to describe the six criteria for acquiring a business, which, if met, is exactly what Berkshire covets, and this year's case is Philadelphia.

Talking about the insurance business department, this is the part I read the most every year, such as this year's performance is good, but he will say: "The pricing behavior of insurance commodities is almost exactly the same as the pricing model of general commodities, only when there is a shortage of supply, it will come up, but this situation will not last long, when the profit sun rises, someone will immediately come in to pour cold water, increase the investment of funds to grab the pie, the result will of course bury a lot of sequelae, the supply increases, on behalf of the ****, followed by a sharp decrease in profits." It doesn't sound like an easy business to make money, but in the three parts of his permanent investment portfolio, he still has a cover and can be insured.

Although I understand that later he mentioned and then he also stated that Guy Insurance is the best insurance company in the world, even better than Berkshire itself, and also expressed why Guy Insurance has been so successful because of the radical reduction of operating costs from head to toe. I really want to spread my hands, really, this industry is too difficult to understand.

Interestingly, among other matters, Buffett mentioned that the purchase of a new aircraft is obviously expensive, not close to the cost, but also a lot of money to maintain, and the depreciation is not a small amount. In his words, he was noncommittal about this decision, and the insistence should be "the chairman".