Annual Letters to Clients
Our yearly perspective on markets, investment strategy, and the path forward
2026 Market Updates
Q1 2026 Market Update
Annual Letters
2025 Annual Letter
A year of growth, new beginnings, and unprecedented returns.
"Live everyday like the man your kids believe you are." As most of you are aware, I was extremely blessed and fortunate to start my new role as Father/Provider/"Dada" March 27 of this year...
Final Warren Buffett Berkshire Hathaway Annual Letter
Warren Buffett's farewell letter to shareholders as he transitions leadership to Greg Abel.
I will no longer be writing Berkshire's annual report or talking endlessly at the annual meeting. As the British would say, I'm 'going quiet.' Sort of. Greg Abel will become the boss at yearend...
2024 Annual Letter
Navigating market challenges and finding opportunities in technological disruption.
When life gives you lemons, ask for more. I was diagnosed with a brain tumor in the beginning of 2024. This year our entire investment philosophy was rewarded...
2023 Annual Letter
Reflections on market volatility and the long-term outperformance strategy.
As we reflect on the past year, we are grateful for your continued trust and partnership. 2023 presented unique challenges for investors globally...
2022 Annual Letter
Inflation concerns, rising rates, and our strategic positioning.
The past year has been marked by significant macroeconomic shifts, with inflation reaching multi-decade highs and central banks beginning a tightening cycle...
2021 Annual Letter
Post-pandemic recovery and emerging investment themes.
As we conclude another year affected by the global pandemic, we're encouraged by the resilience shown by markets and the adaptability of businesses in our portfolios...
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