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Berkshire Hathaway Letters to Shareholders, 2013 (English Edition)

Berkshire Hathaway Letters to Shareholders, 2013 (English Edition) [Kindle Edition]

Warren Buffett , Max Olson

Kindle-Preis: EUR 2,68 Inkl. MwSt. und kostenloser drahtloser Lieferung über Amazon Whispernet

  • Sprache: Englisch
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Warren E. Buffett first took control of Berkshire Hathaway Inc., a small textile company, in April of 1965. A share changed hands for around $18 at the time. Forty-nine letters to shareholders later, the same share traded for $177,900, compounding investor capital at just under 21% per year—a multiplier of 9,883 times.

This book compiles the full, un-edited versions of every one of Warren Buffett's letters to the shareholders from 1965 to 2013 (728 pages), including 1965-1976 letters not available on Berkshire's website. In addition to providing an astounding case study on Berkshire's success, Buffett shows an incredible willingness to share his methods and act as a teacher to his many students.

There are hundreds of books about Buffett's life, advice, and methods. These are his actual letters -- word for word -- a "lesson plan" of his views on business and investing. You can find most of the letters for free on Berkshire's website, but this compiles them into a well-designed, easily readable format.


  • Format: Kindle Edition
  • Dateigröße: 6887 KB
  • Gleichzeitige Verwendung von Geräten: Keine Einschränkung
  • Verlag: Max Olson; Auflage: 2 (20. April 2014)
  • Verkauf durch: Amazon Media EU S.à r.l.
  • Sprache: Englisch
  • ASIN: B00DUM1W3E
  • Text-to-Speech (Vorlesemodus): Aktiviert
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  • Amazon Bestseller-Rang: #28.501 Bezahlt in Kindle-Shop (Siehe Top 100 Bezahlt in Kindle-Shop)

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Die hilfreichsten Kundenrezensionen auf (beta) 4.7 von 5 Sternen  78 Rezensionen
67 von 70 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Best education for the price anywhere 1. Mai 2013
Von Marcelo P. Lima - Veröffentlicht auf
Format:Taschenbuch|Verifizierter Kauf
When I started learning about Warren Buffett, one of the first things I did was buy a printer that could print on both sides of the page. I got a ream of three hole paper, and filled a few binders with Buffett's letters to investors, all of which are freely available on his website.

I spent several months going through the letters in chronological order, and how amazing they were! They taught everything from accounting to investing, critical thinking, economics, business, and served as a reminder that business and market cycles ebb and flow.

I got into the habit of telling -- to whomever cared to listen -- that these letters, properly read and understood, were likely the best MBA course one could possibly take (particularly considering the price!).

Well, now they have been helpfully compiled by my friend Max Olson. This edition includes charts I haven't seen anywhere else, showing Berkshire's cost of float (to the uninitiated: Buffett has borrowed money more cheaply than the U.S. government over the years, and used this fuel to invest at incredible rates of return), a chronological list of acquisitions, and even includes a topic index.

Kudos to Olson and Buffett for making this public. Now it's up to you, the reader, to make the best of it.
27 von 29 Kunden fanden die folgende Rezension hilfreich
5.0 von 5 Sternen Practical and Convenient 9. Juni 2013
Von Cancan - Veröffentlicht auf
Format:Taschenbuch|Verifizierter Kauf
I am a Buffett disciple. His investing philosophy is grounded in common sense, is simple and elegant, and his track record proves it works over long periods of time.

You will not learn any magic formulas or short-cuts in his letters. What you will learn is how to think about businesses and investing. You will learn that investing is more of an art than a science. You will learn that temperament is critical to your investing success. You will get a history lesson, and see how a great investor thought about situations in the past. You will learn the more things change, the more they stay the same.

Reading Buffett's shareholder letters is the best practical investment education available. Buffett has mentioned in the past that he spends considerable amounts of time crafting his shareholder letters, and it shows. Hiis ideas and thoughts come across the page in a crystal clear manner.

I also like the Lawrence Cunningham book, The Essays of Warren Buffett: Lessons for Corporate America. Cunningham's book takes selected sections out of past letters and groups them by subject, which is very handy. This book includes the letters in their entirety from 1965 to present. It has a convenient topics index in the front of the book so you can quickly find where Buffett discussed moats, Mr. Market, risk, etc...

I have been an Amazon (talk about a moat!) customer for close to 15 years now. I pretty much do all my shopping here, I have purchased hundreds of items over the years. This is the first product I have felt compelled to write a review for. I think this book belongs on every thinking investor and business person's book shelf. I hope the creators of this book will likewise make one of the older Buffett Partnership letters. There are many great insights to be found there as well.
8 von 8 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Is this going to remain updated? 11. September 2013
Von Geoffrey J Graham - Veröffentlicht auf
Format:Kindle Edition|Verifizierter Kauf

This question is for Max Olson now that I've purchased. Will you use the Amazon Whispersync Automatic Book Update to append future Annual letter to this e-book? That is, when Warren Buffett releases the 2013 letter. Will this be auto-added?


18 von 23 Kunden fanden die folgende Rezension hilfreich
4.0 von 5 Sternen Valuable Reference Souce 9. Mai 2013
Von Don - Veröffentlicht auf
Warren Buffett is a legend in the investing world. He's been called "The World's Most Successful Investor" for good reason. Currently the world's second richest man, with a net worth exceeding $40 billion dollars, his fortune has been built almost exclusively through business acquisition, both entire companies and equity positions. Buffett started as a disciple of value investing legend Ben Graham, the author of The Intelligent Investor, which Buffett has called the best book on investing ever written. He formed several partnerships in the late 1950's, and in the mid-1960's acquired New England textile manufacturer Berkshire Hathaway (BRK-B). Eventually, he and his partner Charlie Munger morphed Berkshire into an investment vehicle, acquiring excellent businesses like See's Candy and GEICO insurance as well as stock positions in large companies like Coca-Cola (KO) and Gillette (PG), among others.

Every year, Buffett personally pens an annual letter to shareholders in which he reviews Berkshire's results, opines on current events, and drops interesting stories and thoughts that expose his and Munger's incredibly successful investment strategies. The real gems in these annual letters are Buffett's thoughts on business and investing. Max Olson recognized this, and has compiled Buffett's notes and organized parts of them by topic. Berkshire Hathaway Letters to Shareholders is simply that - straight from the hand of Warren Buffett, but organized in a cohesive manner, with wisdom from several years put together by topic.

The result is outstanding. Here are just some nuggets of wisdom, nearly all with real-world examples:

On Choosing Businesses to Invest In: Buffett, in several examples, lays out Berkshire's investment criteria. The points are: one that can be easily understood, has good long-term prospects, is operated by honest and competent people, and is available at an attractive price. He then goes on to elaborate on an additional point: stocks must have a durable competitive advantage over competitors, allowing high rates of return on capital for years. To understand this, he talks about Coca-Cola, using the same basic formula and principles for over 100 years, raised syrup volumes form 116,492 gallons in 1896 to 3.2 billion in 1996!

On What Makes a Good CEO: This is especially interesting, as it is a point a lot of investors miss with the celebrity nature of CEOs in the business press. According to Buffett, a good CEO does not make lofty predictions about the future, does not trumpet misleading accounting numbers like EBITDA, does not hide transactions in pages and pages of notes to financial statements, does not focus on empire building while destroying shareholder capital with overpriced acquisitions, etc.

On When an Acquisition Makes Sense, and When it Does Not: In general, Buffett believes most acquisitions are for the wrong reasons - CEOs being bored, wanting acclaim, or trying to meet growth targets (without considering capital invested). He warns about the major danger when companies "diversify" too widely, losing focus on the excellent core business. Buffett makes no distinction between buying 100% of a business or shares of stock in that business... the same criteria applies, although he does note that it is often easier to buy stock at cheap prices than it is to buy entire businesses.

Of course, Buffett's famous witticisms are present in the book. Mary Buffett's The Tao of Warren Buffett is a good compilation of these, and you'll encounter most of them here. One additional example that sticks in my mind is him quoting a country singer when an unattractive acquisition candidate contacts Berkshire for possible sale: "when the phone don't ring, you'll know it's me".

There are also numerous educational pieces, where Buffett basically explains complex topics in business and investing. One example of this is an entire section explaining the the three variations of CEO and Board relationships: no controlling shareholder, controlling owner also the CEO, controlling owner not involved in running the business - as always providing examples of each and the resulting effects on corporate governance. Another example is a detailed breakdown of goodwill accounting and the offering of an alternative in the form of "economic goodwill". This is a fascinating read, where Buffett shows how acquired intangible assets (like a strong brand name) can actually increase in value over time - value that is not represented on a balance sheet. Plenty of other examples abound. Ever wanted to know about investment vehicles such as zero-coupon bonds or preferred stock? It's in the book.
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5.0 von 5 Sternen Warren Buffett's Entertaining Letters to Shareholders 12. März 2014
Von Hansen Alexander - Veröffentlicht auf
Okay, Warren Buffett's narrative in his annual reports from 1965-2012 may not be as personal as Churchill's letters to his wife Clementine during the Boer War or as satiric and biting as Ernest Hemingway's early letters to Ezra Pound, but they are revealing of his business philosophy, candid to a fault, and as funny as a late night comedian.

In 1996, as he did in many years, Buffett laid out his basic business strategy to his investors of Berkshire Hathaway, his holding company. "Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now. Over time, you will find only a few companies that meet these standards--so when you see one that qualifies, you should buy a meaningful amount of stock. You must also resist the temptation to stray from your guidelines: If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes."

In 1987 Buffett reported to his shareholders that in the 23 years since Berkshire Hathaway was founded, the company's "per-share book value" had grown at a rate of 23.1 percent compounded annually, and despite its growing size, the company managed to keep approximately to that growth rate, an extraordinary accomplishment.

His business acquisition philosophy is simple, buy well managed companies.

Reporting in that year of 1987, he wrote, "the best business returns are usually achieved by companies that are doing something quite similar today to what they were doing five or ten years ago."

"Our managers have produced extraordinary results by doing rather ordinary things--but doing them exceptionally well. Our managers protect their franchises, they control costs, they search for new products and markets that build on their existing strengths and they don't get diverted."

Buffett is the personification of the buy and hold investor, or as he put it with dry humor in the 1998 annual report, "our favorite holding period is forever."

Besides, by holding forever, you'll have less stress. "What's the sense in getting rich just to stare at a ticker tape all day?" he asked.

Buffett cautions against companies that are always buying and selling their own stock, something that is closely watched on Wall Street in order to try to detect a stock's direction. "We don't understand the CEO who wants lots of stock activity, for that can be achieved only if many of his owners are constantly exiting. At what other organization--school, club, church, etc.--do leaders cheer when members leave?"

Buffett tells the charming story of one of his first sales gigs and how he fell in love with Coca-Cola in his 1989 annual report, a company he bought a prodigious amount of shares in, 23, 350, 000, in 1988. "I started buying Cokes at the rate of six for 25 cents from Buffett & Sons, the family grocery store, to sell around the neighborhood for 5 cents each. In this excursion into high-margin retailing, I duly observed the extraordinary consumer attractiveness and commercial possibilities of the product."

Always candid, Buffett explains his error in buying some companies just because they were cheap. He calls this the 'cigar butt' approach to investing. "If you buy a stock at a sufficiently low price, there will usually be some hiccup in the fortunes of the business that gives you a chance to unload at a decent profit, even though the long-term performance of the business may be terrible. A cigar butt found on the street that has only one puff left in it may not offer much of a smoke, but the 'bargain purchase' will make that puff all profit."

Part biblical wisdom, part sound business advice, part comedic relief, Warren Buffett's letters to shareholders from 1965 to 2012 is all good reading.

[Hansen Alexander is an attorney and author of "An Introduction to the Laws of the United States in the 21rst Century," an Amazon, e-book exclusive.]
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