The Golden Clarion
Letters from Omaha
Warren Buffett
A Clarion Series · Warren Buffett
Letters from Omaha
Every Berkshire Hathaway shareholder letter, turned into a plain-English illustrated chapter. No finance background required, every term is explained on first use.
The Chapters
·PrologueHow to read Buffett’s letters, and why they still matter.Live →I1977Berkshire earns about $22 million and beats the prior year by 37%. Buffett’s first job is to explain why that number, on its own, does not impress him.Live →II1978Why Buffett judges Berkshire by operating earnings on equity, the long drag of textiles, and the case for owning pieces of wonderful businesses.Live →III1979Buffett’s clearest early essay on inflation: how a rising tide of prices quietly taxes capital and eats away at real returns.Live →IV1980More on inflation’s bite, and the hidden worth of the earnings Berkshire’s investees keep and reinvest on shareholders’ behalf.Live →