Скачать или смотреть Buffett‘s 2016 letter- Lessons from a Decade Long Bet

This episode explores selected excerpts from the 2016 Berkshire Hathaway Annual Report written by Warren E. Buffett. It begins with Berkshire’s extraordinary long term performance compared with the S&P 500, emphasizing the power of decades of disciplined capital allocation. Buffett explains why Berkshire’s future growth increasingly depends on owning entire operating businesses rather than accumulating marketable securities, and how GAAP accounting can obscure the true intrinsic value of the company.

A major theme of the letter is the financial strength derived from Berkshire’s insurance operations and their massive insurance float, which continues to provide cost free investable capital. The episode also summarizes the performance of Berkshire’s diverse business segments, including insurance, regulated utilities, BNSF, manufacturing, and service operations, while touching on share repurchases and capital deployment.

The letter concludes with Buffett’s reflections on his ten year wager pitting passive S&P 500 index investing against active hedge fund managers, highlighting why most investors are best served with low cost index funds and a long term mindset.

📈 Topics Covered
• Berkshire’s compounded performance versus the S&P 500
• The shift toward owning entire operating businesses
• Why GAAP accounting understates intrinsic value
• The economics and advantages of Berkshire’s insurance float
• Performance highlights across key business segments
• Buffett’s ten year bet and lessons for everyday investors

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