Berkshire Hathaway Shareholder Letters 1986
In his 1986 letter to Berkshire Hathaway shareholders, Warren Buffett reports a 26.1% gain in net worth and then does something unusual: he grades himself below his own managers. They ran their businesses superbly, he writes, while he failed to deploy the capital they generated — finding no stocks worth buying and spending the year paying down debt and stockpiling cash. It is the letter where the famous line first appears: be fearful when others are greedy, and greedy only when others are fearful. Buffett describes the euphoria in a market where the rewards to owners have become “gloriously…
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