Berkshire Hathaway Shareholder Letters 1985
In his 1985 letter to Berkshire Hathaway shareholders, Warren Buffett reports a 48.2% gain in net worth and immediately warns that it will never happen again — noting that the visit of Halley’s Comet and that percentage have something in common: neither will be seen again in his lifetime. It is a landmark year and a landmark letter. Buffett closes the textile business that gave Berkshire its name, and the post-mortem is one of the most quoted passages he ever wrote: that a good managerial record owes far more to what business boat you get into than to how effectively you row. He recounts the…
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.