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1971 Shareholder Letter - Summary

Key highlights from Buffett's 1971 letter to shareholders.

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1971 Shareholder Letter - Summary

Operating earnings in 1971 amounted to more than 14% of beginning shareholders' equity — considerably above American industry average. This was achieved despite inadequate earnings in textile operations, demonstrating the benefits of capital redeployment that began five years earlier. The insurance business had an exceptionally good year driven by reduced auto accident frequency, higher rates, and absence of major catastrophes.

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Source: Full Letter

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