Work
Berkshire Hathaway 1977 Letter to Shareholders
Warren Buffett · Passages from the same work, in order.
Berkshire 1977 Letter, Excerpt 1
Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated a year ago. Of these earnings, $1.43 per…
Direct reading
Investing · Modern investor letters
Berkshire 1977 Letter, Excerpt 2
Most companies define “record” earnings as a new high in earnings per share. Since businesses customarily add from year to year to their equity base,…
Direct reading
Investing · Modern investor letters
Berkshire 1977 Letter, Excerpt 3
Except for special cases (for example, companies with unusual debt-equity ratios or those with important assets carried at unrealistic balance…
Direct reading
Investing · Modern investor letters
Berkshire 1977 Letter, Excerpt 4
We expect difficulty in matching our 1977 rate of return during the forthcoming year. Beginning equity capital is up 23% from a year ago, and we…
Direct reading
Investing · Modern investor letters