Warren Buffett's 1979 Berkshire Hathaway shareholder letter, one of his most philosophical. He introduces the "investor's misery index" how inflation and taxes can erode real returns even when a business is thriving and confesses a rare mistake, the Waumbec Mills textile acquisition, with the memorable lesson that "turnarounds seldom turn." He makes a detailed case against long-term bonds during high inflation, closing with "neither a short-term borrower nor a long-term lender be," and lays out his now-famous philosophy on shareholder communication, using Phil Fisher's restaurant analogy to explain why Berkshire seeks long-term owners over short-term traders. A rich listen for anyone into Warren Buffett, value investing, inflation, and Berkshire Hathaway's history.
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