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Berkshire Hathaway 1991 Letter to Shareholders
Warren Buffett · Passages from the same work, in order.
Berkshire 1991 Letter, Excerpt 1
The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter,…
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Investing · Modern investor letters
Berkshire 1991 Letter, Excerpt 2
Charlie Munger, Berkshire's Vice Chairman, and I have set a goal of attaining a 15% average annual increase in Berkshire's intrinsic value. If our…
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Investing · Modern investor letters
Berkshire 1991 Letter, Excerpt 3
Our outsized gain in book value in 1991 resulted from a phenomenon not apt to be repeated: a dramatic rise in the price- earnings ratios of Coca-Cola…
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Investing · Modern investor letters
Berkshire 1991 Letter, Excerpt 4
Coca-Cola and Gillette are two of the best companies in the world and we expect their earnings to grow at hefty rates in the years ahead. Over time,…
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Investing · Modern investor letters