“Yardsticks seldom are discarded while yielding favorable readings. But when results deteriorate, most managers favor disposition of the yardstick rather than disposition of the manager.” […]

“Small portions of exceptionally good businesses are usually available in the securities markets at reasonable prices. But such businesses are available for purchase in their […]

“High rates of inflation create a tax on capital that makes much corporate investment unwise – at least if measured by the criterion of a […]

“We continue to feel that the ratio of operating earnings (before securities gains or losses) to shareholders’ equity with all securities valued at cost is […]

“Successfully forecasting short term stock price movements is something we think neither we nor anyone else can do” “Obvious approaches to improved profit margins involve […]

I am excited to begin this project of reviewing all of Warren Buffett’s annual Berkshire Hathaway shareholder letters, starting from 1977. There are currently over […]