Berkshire Hathaway Shareholder Letters 1988
The 1988 letter is Warren Buffett’s most quotable demolition of academic finance — and the year Berkshire bought Coca-Cola. Buffett opens by warning that past rates of gain say little about the future, since judging Berkshire on its record is like judging a forty-two-year-old center fielder on his lifetime batting average. He celebrates the Sainted Seven, which earned 67% on equity with no leverage, and welcomes Borsheim’s into the family — bought from Ike Friedman with no audit, no inventory count, and a one-page contract, because the Friedmans and the Blumkins share Mrs. B’s creed: sell…
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