Warren Buffett's Annual Letter

Warren BuffettIt's that time again, when Berkshire Hathaway shareholders and Warren Buffett devotees pore over his annual letter.

Forbes identifies as "The Seven Best Quotes" in the letter, summarized as follows:

  • Stock Buybacks Aren't Always Bad
  • Vanguard's John Bogle Is A Hero
  • Don't Bet Against America
  • Fake Profits!
  • Fees... Cut It Out!
  • Why Berkshire Loves Dividends
  • Buy When Others Are Fearful

This year, as The Wall Street Journal reports, Buffett "declared victory in a decade-long, $1 million bet that low-cost index funds would earn more than expensive hedge funds." This conclusion is reflected in at least two of the quotes Forbes selected: the one about Vanguard and the one about fees.

Berkshire Hathaway's website lists Buffett's annual letter every year since 1977. The website design is so simple-some might say boring.

Image source.


  • Analyze the letter using business writing principles. Who are the primary and secondary audiences? How it is organized? What are the main points? How would you describe the writing style?
  • Check out the website. What's your impression? Why do you think it looks as it does?