Review and Analysis of All Shareholder Letters from Warren Buffett and Jeff Bezos

Abstract

Warren Buffett with Berkshire Hathaway, Inc. and Jeff Bezos with Amazon.com Inc. have each developed their respective companies into successful multibillion dollar corporate enterprises. Their personal wealth based on stock ownership in the companies they founded positions these men as two of the wealthiest individuals in the world. As CEOs whose outlooks, comments and actions have the power to move markets, Buffett and Bezos command the attention of shareholders, investors, business leaders, politicians and other market makers from around the world. A perusal and interpretation of their shareholder letters will certainly provide some insight into the workings of two of the greatest business minds ever. Unlike annual reports, which rely on historical financial data in formats mandated by the SEC, no requirements exist regarding style, content and structure of a shareholder letter.

Keywords: Warren Buffet, Jeff Bezos, Shareholder Letters, corporate governance

JEL Classification: G3, G30, G34