1981 Shareholder Letter - Summary
Key highlights from Buffett's 1981 letter to shareholders.
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1981 Shareholder Letter - Summary
1981 operating earnings of $39.7 million represented 15.2% of beginning equity capital, down from 17.8% in 1980. This letter explains why Buffett prefers buying small portions of wonderful businesses at reasonable prices over buying entire mediocre businesses at cheap prices.
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Source: Full Letter