Buffett Letters
Special Document · June 1996

An Owner's Manual

Summary

Written when Berkshire created B-shares, Buffett published this comprehensive document outlining 15 owner-related business principles — the foundational articulation of Berkshire's unique shareholder relationships and management philosophy.

Key Passage

Berkshire’s Performance vs. the S&P 500 Annual Percentage Change Year in Per-Share Book Value of Berkshire in Per-Share Market Value of Berkshire in S&P 500 with Dividends Included 1965 ....................

— Warren E. Buffett, June 1996