There is a unique phenomenon in the global investment circle: one person's 60-year dedication has turned the annual report into a lecture hall.

Since taking over Berkshire in 1965, he has been writing letters to investors every year, and this habit has never been interrupted. In 1973, he held the first shareholder meeting in Omaha, which at that time had only a few dozen people; by the end of 2025, on the eve of his retirement, this annual gathering had attracted tens of thousands of pilgrims.

Sixty years of annual shareholder letters may seem to be about business operations, but in fact, they are about how to maintain composure in a restless market. Each letter reiterates a single point: long-term thinking, the power of compound interest, and the essence of value investing. This "daily-like annual update" has long transcended the scope of financial reports and has become a symbol of investment culture.