For anyone studying today’s capitalists, Warren Buffett's annual letters to shareholders are a good place to start
generations want to study today’s capitalists, a good place to start would be Warren Buffett’s annual letters to the shareholders of his firm, Berkshire Hathaway. Unfortunately, any economic insights from the world’s most celebrated investor are woven in with lots of corny jokes about golf and fast food.
Mr Buffett contends these figures partly reflect arcane accounting standards which do not cope well with his varied investments. A change in accounting principles forces him to put mark-to-market swings in the value of his $173bn equity portfolio through his earnings, resulting in a $20.6bn loss in 2018.
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