Buffett's 1977 letter: How inflation reduces equity's appeal

By the time Buffett penned his 1977 letter to Berkshire Hathaway shareholders, he had already been managing money for over two decades. But this letter—and the accompanying Fortune article he wrote that same year—hit a different note. Less about what Berkshire had done and more about what investors needed to understand. It was Buffett the educator, not just the capital allocator.

This article was originally published on September 11, 2024, and last updated on April 03, 2025.