Warren Buffett's 1980 Berkshire Hathaway shareholder letter introduces one of his most enduring ideas: \"look-through earnings,\" his argument that a company's true value includes the retained profits of businesses it partly owns, even when accounting rules don't show them. He revisits his warning on inflation as an \"investor's misery index\" that quietly erodes real returns, and gives a deep, admiring look at GEICO, comparing its recovery to American Express's after the salad oil scandal. He also warns of a brewing crisis in the insurance industry over hidden bond losses, details the spin-off of the Illinois National Bank, and closes with a heartfelt tribute to longtime banker Gene Abegg. Essential listening for fans of Warren Buffett, value investing, and Berkshire Hathaway's history.
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