Reading · Becoming Berkshire

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I first sent this 1963 issue to about 50 readers. Now it’s updated with Buffett’s partnership letter and Berkshire’s 1963 annual report.

I first wrote Issue #3 back in November 2023, when Becoming Berkshire had about 50 subscribers. To be honest, I was not sure how long I could keep this project going.

Now that the readership has grown, I thought it would be worthwhile to revisit some of the early issues, reread the original partnership letters and annual reports, and update the articles with more context I’ve picked up along the way.

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This issue looks at Buffett’s 1963 Partnership Letter alongside Berkshire Hathaway’s 1963 Annual Report. Buffett’s letter explains the playbook: compounding, value, patience, and control. Berkshire’s annual report shows the reality: a struggling textile company losing money, closing plants, suspending dividends, but still carrying meaningful balance sheet value. Together, they show how Berkshire began moving from cheap stock toward control.

1963 Goldfinger Aston Martin DB5, the Most Famous Car in the World, Has Been Found - autoevolution

Please read the updated 1963 issue here:

From the Archives: Buffett’s Playbook Meets Berkshire’s Cigar Butt

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