Warren Buffett's 1983 Berkshire Hathaway shareholder letter is one of the richest in the series. He lays out his famous \"Owner-Related Business Principles\" — the rules governing how Berkshire treats shareholders — and tells the remarkable story of Rose Blumkin, the Russian immigrant who built Nebraska Furniture Mart from $500 into America's largest furniture store. He explains the crucial difference between book value and true \"intrinsic business value,\" and makes a sharp case against stock splits and high trading turnover, calling a hyperactive stock market \"the pickpocket of enterprise.\" A must-listen for fans of Warren Buffett, value investing, and the history of Berkshire Hathaway.
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