“Buffett could easily have decided that the numbers speak for themselves — especially when they’re enunciating as loudly and clearly as his do. Buffett took over Berkshire Hathaway in April 1965, when the shares cost $18. By the time of his 50th-anniversary letter to shareholders, in 2015, the shares were trading for $223,000, an annual gain of about 21%. No other investor matches that record over that period of time. In the world of hedge funds, secrecy about investment methods is de rigueur: if the sauce weren’t secret, you wouldn’t be having to pay 2% per year, and 20% of the profit on top, for your serving of it. Buffett, by contrast, doesn’t miss an opportunity to explain his ideas.”
How Should We Read Investor Letters
