1985 Shareholder Letter - Summary

1985 delivered a gain in net worth of $613.6 million, or 48.2% — a performance Buffett noted would be seen only as often as Halley's Comet (which coincided with this year). Over 21 years under present management, per-share book value grew from $19.46 to $1,643.71, or 23.2% compounded annually — returns Buffett explicitly stated would not be repeated.

This letter explained two factors making such returns impossible going forward: (1) current stock market offers very little opportunity co

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Source: Full Letter