Underlying Fundamental Investing Research

Berkshire, against its own record

Both

Put the money to work, or keep it and wait. The letters argue both, across 48 letters, 1977 to 2024.

Which one is Berkshire doing now?

  1. 2003 Conditional

    If stocks become significantly cheaper than entire businesses, we will buy them aggressively.

    2003 letter

  2. 1996 Claim

    Inactivity strikes us as intelligent behavior.

    1996 letter

Next $365.5B in cash →

Same idea The letters, across the years

The whole record