Warren Buffett’s Shareholder Letter

The latest one is out. You can read the whole thing here.

The yearly shareholder letter always contains a lot of investing wisdom. Here are some nuggets:

“Our aversion to leverage has dampened our returns over the years. But Charlie and I sleep well. Both of us believe it is insane to risk what you have and need in order to obtain what you don’t need.”

“As an investor’s investment horizon lengthens, however, a diversified portfolio of U.S. equities becomes progressively less risky than bonds, assuming that the stocks are purchased at a sensible multiple of earnings relative to then-prevailing interest rates.”

“Performance comes, performance goes. Fees never falter.”

Letters for the last 40 years are archived here.

Posted by on February 24th, 2018 at 12:40 pm


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