Investor Letters

Miscellaneous
November 2025

Thanksgiving Message from Warren Buffett

Berkshire Hathaway

Warren Buffett

Research

8 Pages

Warren Buffett’s farewell style Thanksgiving letter as he prepares to hand day to day leadership to Greg Abel.

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Miscellaneous
March 2025

2025 Annual Shareholder Letter

Berkshire Hathaway

Warren Buffett

Research

15 Pages

Warren Buffett’s annual letter touches on the performance of US & Japanese investments, the rationale behind Berkshire’s investments and acquisitions, and more.

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Miscellaneous
October 2024

Ruminating on Asset Allocation

Oaktree

Howard Marks

Research

9 Pages

Howard Marks outlines a foundational approach to asset allocation, emphasizing the core choice between ownership and lending, and how investors should consciously balance offense and defense based on their personal risk appetite and market conditions.

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Miscellaneous
September 2024

Quarterly Report

Baron Funds

Ron Baron

Research

10 Pages

Ron Baron’s does a 50 year look back on why he liked McDonald’s in 1970 (so much so that he named his dog Big-Mac), along with his current thoughts on the impact of AI and the benefit of long-term compounding.

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Miscellaneous
April 2024

The Indispensability of Risk

Oaktree

Howard Marks

Research

4 Pages

Howard Marks shared how he thinks about taking, and not taking, risk.

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Investor Letters
February 2024

Annual Letter to Shareholders

Berkshire Hathaway

Warren Buffett

Research

16 Pages

Warren Buffett reflects on Berkshire Hathaway’s strong 2023 performance, highlighting disciplined capital management, record cash levels, and the company’s readiness to act when opportunities arise.

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Investor Letters
February 2023

Shareholder Letter

Berkshire Hathaway

Warren Buffett

Research

10 Pages

Berkshire Hathaway reflects on business performance, capital allocation, and owner mindset, emphasizing endurance, discipline, and partnership.

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Investor Letters
May 2021

Trying Too Hard

Batterymarch Financial Management

Dean Williams

Research

9 Pages

Batterymarch Financial Management challenges the idea that better investing comes from more effort, information, or forecasting precision, arguing instead that investors may be overestimating their ability to predict outcomes.

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Investor Letters
May 2021

Investing With Company Insight

Norges Bank Investment Management

Research

176 Pages

Norges Bank Investment Management explains how building company-level insight across a massive sovereign fund can drive consistent excess returns over time.

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Miscellaneous
March 2021

2020 Shareholder Letter

Berkshire Hathaway

Warren Buffett

Research

14 Pages

Berkshire Hathaway reflects on its investment philosophy and long term performance, emphasizing disciplined capital allocation and the power of compounding over decades.

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Miscellaneous
February 2021

Annual Investor Presentation

Pershing Square Holdings

Bill Ackman

Research

57 Pages

Pershing Square presents its annual investor update outlining portfolio positioning, performance drivers, and the firm’s concentrated investment philosophy.

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Miscellaneous
April 2020

Baupost Annual Letter

Baupost Group

Seth A. Klarman

Research

17 Pages

Baupost Group reflects on how the pandemic shock exposed structural market fragility, while unprecedented policy responses distorted risk pricing and investor behavior.

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Miscellaneous
December 2019

Berkshire Hathaway 2019 Annual Report

Berkshire Hathaway

Warren Buffett

Research

144 Pages

Berkshire Hathaway’s 2019 annual letter centers on how accounting distortions, capital allocation discipline, and long-term equity optimism shape how investors should interpret performance.

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