Buffett's 1991 letter: Debt, valuation and Keynesian wisdom

There is something deeply grounding about reading Warren Buffett's annual letters. The 1991 one, in particular, feels like a calm voice in a market that never stops yelling. While Wall Street was busy chasing fads and fiddling with spreadsheets, Buffett was doing what he always does: focusing on businesses, not tickers; people, not projections; and logic, not labels.

This article was originally published on April 07, 2025.