Berkshire Hathaway Shareholder Letters 1983
Warren Buffett's 1983 Berkshire Hathaway shareholder letter is one of the richest in the series. He lays out his famous "Owner-Related Business Principles" — the rules governing how Berkshire treats shareholders — and tells the remarkable story of Rose Blumkin, the Russian immigrant who built Nebraska Furniture Mart from $500 into America's largest furniture store. He explains the crucial difference between book value and true "intrinsic business value," and makes a sharp case against stock splits and high trading turnover, calling a hyperactive stock market "the pickpocket of enterprise." A…
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