Warren Buffett and Charlie Munger’s annual letters to Berkshire Hathaway shareholders are a treasure trove of wisdom, offering insights into their investment strategies, philosophy, and views on the market. Over the years, these letters have provided key takeaways that are valuable for any investor. Here’s an analysis of the most significant lessons drawn from these
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The backstory: I began writing these memos in 1990 and continued to do so for ten years despite never receiving a single response. Then, on the first business day of 2000, I published bubble.com, a memo with warnings about excesses in the tech sector that turned out to be timely. The inspiration for the memo
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John Mackay was born in Dublin, Ireland in 1831. At the age of 9, the Mackay family immigrated to the US, living in the notorious Five Points in lower Manhattan, which was known as the worst slum in the United States. John was lucky in that his parents scraped together enough money to send him
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This is the fourteenth annual letter to owners of Fundsmith Equity Fund (‘Fund’)… The T Class Accumulation shares, the most commonly held share class and one in which I am invested… rose by 12.4% in 2023. This compares with a rise of 16.8% for the MSCI World Index in sterling with dividends reinvested. The Fund
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Our partnership delivered a gain of +82.0% net of all fees, expenses, and allocations for the full year 2023. This year’s returns were unusually strong. While the laws of probability would suggest that we are unlikely to repeat annual returns of this magnitude ever again, I am nonetheless happy to share this update and to
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It has been nearly a half century since Jack Bogle launched the first index fund available to individual investors, a revolution that took many years to gain traction. Today, trillions of dollars are managed using passive strategies that attempt to merely achieve the average return of a targeted index. An investment policy that was once
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Nick Sleep beat the market by a mile for 13 years His fund returned 921% vs. 117% for the MSCI world index, which is almost a 9X better result than the index. Sleep compounded shareholders’ capital by 20.8% annually (18.4% net of fees) while running Nomad Capital. This is a spectacular result. Let’s dive into
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Pulak Prasad has soundly beat the majority of the investing competition since 2007, generating 19.1% returns annually. His high-quality portfolio is full of multi-baggers. Here is a short list of a few of his multi-baggers over the years. Now, the framework: 1.  Avoid big risks. 2.  Buy high-quality at a fair price. 3.
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At times, it can feel like everything that Warren Buffett has ever said or written has already been picked apart and examined from every conceivable angle. Buffett’s annual letters – nearly 70 years’ worth – remain must-reads for investors of all skill levels, while his old interviews and Q&A sessions rack up mind-boggling engagement numbers
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