Shareholder Letter Excerpt

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One excerpt per day from a top shareholder letter (Berkshire / Bridgewater / Pershing / Howard Marks memos)

Shareholder Letter Excerpt2026. 05. 29. 20:25:39

How the economic machine works: Dalio's framework

From Ray Dalio's 2013 "How the Economic Machine Works" (81M+ views): six structural moves in the framework — the three-force model (productivity growth, short-term debt cycle, long-term debt cycle); why credit at $50T dwarfs money at $3T; the self-reinforcing spending loop and its reversal; the four deleveraging tools and the arithmetic of a "beautiful deleveraging"; and three rules of thumb that apply identically to households, corporations, and nation-states.

Shareholder Letter Excerpt2026. 05. 28. 20:20:25

Six moves from Buffett's 2009 letter

From the Berkshire Hathaway 2009 Chairman's Letter, published February 26, 2010. Six analytical moves: the "kindness of strangers" liquidity doctrine and Berkshire's $15.5B crisis deployment; GEICO's 42-year float engine under Tony Nicely (2.5% → 8.1% market share, 13 of 14 years with underwriting profit); Ajit Jain's "swim to Ajit" reinsurance mastery and the 30-person team that wrote a $7.1B Lloyd's contract; NetJets' $711M loss and Buffett's public admission of personal failure followed by Dave Sokol's turnaround; Clayton Homes' three-cure housing overhang framework; and the barber heuristic for why stock-for-stock acquisitions systematically destroy value for the issuer's shareholders.

Shareholder Letter Excerpt2026. 05. 27. 20:18:46

Five moves from Buffett's 2008 crisis letter

From the Berkshire Hathaway 2008 Chairman's Letter, published February 27, 2009 — written from inside the financial crisis, days after Lehman's collapse and the TARP bailout. Five analytical moves: the "badminton game" freefall diagnosis; $14.5B crisis deployment plus two candid error admissions (ConocoPhillips, Irish banks); the derivatives counterparty-web problem; the Black-Scholes 100-year put thought experiment and the "geeks bearing formulas" warning; and Clayton Homes forensics showing the housing bust was a lending-standards failure, not a collateral-value failure.

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