Warren Buffett 自 1965 年起通过 Berkshire Hathaway Inc. 给股东发表年度致股东信。你所整理的从 1957 年（或许是他早期运作记录）至 2025 年的资料，为我们提供了一个几乎七十年投资智慧的宝库。本文试图梳理这段时间里巴菲特致股东信中的核心理念、战略演变、以及其与时代经济环境的互动。

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