By Warren Buffett
Warren E. Buffett first took keep watch over of Berkshire Hathaway Inc., a small cloth corporation, in April of 1965. A proportion replaced palms for round $18 on the time. Forty-eight letters to shareholders later, an identical proportion traded for $134,060, compounding investor capital at slightly below 21% consistent with yr -- a multiplier of 7,448 times.
This booklet compiles the complete, un-edited types of each certainly one of Warren Buffett's letters to the shareholders of Berkshire Hathaway. as well as supplying an spectacular case learn on Berkshire's good fortune, Buffett indicates an immense willingness to percentage his equipment and act as a instructor to his many students.
There are hundreds and hundreds of books approximately Buffett's lifestyles, recommendation, and techniques. those are his genuine letters -- observe for observe -- a "lesson plan" of his perspectives on company and making an investment. you'll find many of the letters at no cost on Berkshire's site, yet this compiles them right into a well-designed, simply readable format.
Features of the book:
* Berkshire Hathaway annual shareholder letters from 1965 to 2012 (706 pages), together with 1965-1976 letters now not on hand on Berkshire's web site
* Tabulated letter years so that you can simply turn to the specified letter
* subject matters index
* corporation index
* individual index
* Charts of: development in Berkshire's publication worth and marketplace expense relative to benchmarks, coverage drift and function, the working companies of Berkshire
Read Online or Download Berkshire Hathaway Letters to Shareholders PDF
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Additional info for Berkshire Hathaway Letters to Shareholders
And in the last ten years no serious Technical Analyst or trader would have been without them. THE VOICE OF THE MARKET Point and Figure charts are the voice of the market. They are the only charts that come directly from the trading ﬂoor and are plotted as and when the price changes. Of course, all technical analysis charts come from the market, but remember that Point and Figure charts only change when the price changes. All other charts having time-scales must move forward as time passes, whether the price is changing or not.
It keeps you on the right side of the trend, long in an uptrend and short in a downtrend. ◼ It lets you know when you are wrong and allows you to change your mind. ◼ It allows you to change your analysis time horizon by changing the time frame of the chart. Technical Analysis is a vast subject. It is therefore not the intention of this book to cover every aspect, but rather just the Point and Figure method. Emotion – the (Technical) Analyst’s greatest enemy Without doubt, the greatest cause of bad decisions is emotion and unfortunately, like everyone else, Technical Analysts are subject to emotion when making their decisions.
This collective view results in a resistance level at point C and causes the price to move down from point C. Remember, buyers at point B made a good gain when they sold at point C, and so when it gets down to point D they start buying again. This creates a support level, where buyers are prepared to take an interest again. This demand pushes the price back up again. Once again, at point E, they start selling, reinforcing the resistance level at this price. This causes the price to decline again until it reaches support at point F, where the same short-term traders, who have bought at B and D before, start buying again.