Warren Buffett on Investing

Does Warren Buffett consistently keep Berkshire Hathaway in market-beating form? If so, how does he do it? In his annual letters to stockholders, he includes company performance and benchmark data and describes in general terms how he goes about investing. He sometimes shares his thoughts on the current state of and prospects for the U.S. markets. Using annual performance data from his 2021 letter for 1965 through 2021 (57 years) and the investing approach/outlooks described in his letters of 1977 through 2021, we find that: (more…)