1979 Shareholder Letter - Summary

1979 produced operating earnings of 18.6% of beginning net worth — a good year but below 1978's performance. Over 15 years under Buffett's management, per-share book value grew from $19.46 to $335.85, a 20.5% compound annual return. This letter introduced the concept of the "investor's misery index" and warned about inflation's impact on real returns.

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Source: Full Letter