The letters belong to Berkshire Hathaway and are free to read at berkshirehathaway.com. Everything here is a paraphrase written as a study aid, so read the originals.
S&P 500 levels are daily closes (price index, no dividends) on the signing date, or the trading day before when it fell on a weekend. Annual returns come from the performance table in Berkshire's 2023 letter. This is a study tool, not investment advice.
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