1972 Shareholder Letter - Summary

1972 delivered 19.8% return on beginning shareholders' equity — a record high and significantly above American industry average. All major business lines improved, with insurance underwriting showing the most dramatic gains. Over the eight years since Buffett took control in May 1965, per-share book value grew from $19.46 to $69.72, a 16.5% compound annual return.

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Source: Full Letter