

Berkshire 2015 Shareholder Letter - Cliff's Notes Version
This is the thirty-ninth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2016. For all of the prior shareholder letters, see here. The 2015 letter weighs in at 16,200 words, a 21% decrease from 20,560 words the prior year (a lot less meat appears in this letter than in the prior year's letter, as it seems that Buffett tired himself out in 2014 celebrating his 50th anniversary in charge of Berkshire). Berkshire's $15.4 bil

Seven Corners Issues Review of Allergan (AGN) Q2 and 1H 2017 Results, Reiterates Sell Rating, Sees 5
Seven Corners has published a writeup regarding Allergan's 2nd quarter and 1st half 2017 financial results, regarding which we note the following: Allergan’s non-GAAP financial metrics continue to mislead. In the writeup we review Allergan’s Q2 and 1H 2017 financial results. GAAP results highlight clearly declining operational performance. We reiterate our $117 target share price for Allergan. To find a PDF containing our full AGN writeup, please visit our Research section (l


Berkshire 2014 Shareholder Letter - Cliff's Notes Version
This is the thirty-eighth in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2016. For all of the prior shareholder letters, see here. The 2014 letter weighs in at 20,560 words, a 60% increase from 12,890 words the prior year. Berkshire's $18 billion increase in net worth during the year was 8.3% of beginning 2014 net worth. THE POWER OF COMPOUNDING OVER 50 YEARS 2014 marked the 50th anniversary of Buffett's takeover of Berk

Berkshire 2013 Shareholder Letter - Cliff's Notes Version
This is the thirty-seventh in a series of blog posts that will analyze / summarize Warren Buffett's shareholder letters from 1977-2016. For all of the prior shareholder letters, see here. The 2013 letter weighs in at 12,890 words, a 5% decrease from 13,580 words the prior year. Berkshire's $32 billion increase in net worth during the year was 18.2% of beginning 2013 net worth. ALL BUFFETT ASKS FOR IS A 10% UNLEVERAGED RETURN Most of the 2013 letter is a relatively mundane rec