Early Berkshire Hathaway Letters

Derek from Stableboy Selections has posted two of the "missing" Berkshire Hathaway letters (1969 – 1977). The first is written by Ken Chace, the CEO that Buffett put in charge after he ousted Seabury Stanton. These go along with the previously released 1973 and 1976 letters, which I link to below.

Berkshire Hathaway 1969 & 1971 Shareholder Letters

1973 Shareholder Letter

1976 Shareholder Letter

In the 1976 letter, equity investments are listed, and GEICO accounts for 31% of total holdings. I don’t believe these include any equities purchased through Blue Chip Stamps. That’s a fairly large position for most modern-day funds. However, it doesn’t compare to the concentration of Buffett’s portfolio before he managed other people’s money: (in the 1950’s, courtesy of Robert Miles)

Company Industry Value %
GEICO Insurance $10,150 61.6%
Greif Brothers Storage $3,650 22.1%
Timely Clothes Retail $2,600 15.8%
Thor Corp. Power tools $2,550 15.5%
Baldwin Music $2,200 13.3%
Other $330 2.0%
Total holdings $21,480
Bank loan ($5,000)
Total equity $16,480

UPDATE: I reformatted both letters into PDF’s to make them a little more readable. For the PDF formats, follow these links: 1969; 1971

3 thoughts on “Early Berkshire Hathaway Letters

  1. Great stuff, Max. Thank you very much. The table of Buffett’s holdings is also very interesting. I remember Buffett stating several times that he had put a huge portion of his NW in GEICO when he was young. Same deal with Western Insurance.


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