Berkshire Hathaway Shareholder Letters 1984

Investing Legends · Sep 17, 2026 · 1h 19m

In his 1984 letter to Berkshire Hathaway shareholders, Warren Buffett admits that the company's historic 22% returns are "just that — history." He then explains why a growing capital base demands big ideas rather than small ones. The letter is one of the richest in Berkshire Hathaway history. Buffett makes his classic case for share repurchases at prices below intrinsic value, attacks greenmail, and tells the story of Mrs. B at Nebraska Furniture Mart, who received a $55 million check for her business on nothing but a handshake. He also explains why a dominant newspaper prospers whether it is…