Letter #328: Greg Abel (2026)
Greg Abel issued his inaugural annual letter as CEO of Berkshire Hathaway, reaffirming the conglomerate’s core culture of decentralized management, integrity, and long‑term stewardship. He highlighted the company’s massive liquidity—over $370 billion in cash and U.S. Treasury securities—and outlined recent acquisitions of OxyChem and Bell Laboratories. Abel stressed disciplined capital allocation, including selective buybacks and a focus on high‑conviction, durable businesses. The letter also underscored risk management and the continued role of Warren Buffett as chairman, signaling continuity amid the leadership transition.
Letter #327: John Ternus (2024)
John Ternus, Apple’s incoming chief executive, addressed the Penn Engineering Class of 2024 in a commencement speech that blended personal anecdotes with forward‑looking advice. He highlighted the importance of meticulous engineering, humility, and lifelong learning while underscoring Apple’s carbon‑neutral operations...
Letter #326: Brian Halligan and Dharmesh Shah (2014)
HubSpot’s 2014 IPO shareholder letter recounts how founders Brian Halligan and Dharmesh Shah turned a simple observation—people reject interruptive outbound tactics—into the inbound marketing movement. They built an integrated platform that bundles CMS, SEO, social, and automation tools, making it...
Letter #322: Doug Leone and Assaf Rappaport (2021)
In a candid conversation, Sequoia partner Doug Leone and Wiz CEO Assaf Rappaport discuss Sequoia’s new permanent‑capital fund, its “spiky” founder ethos, and the firm’s expanding European presence. They highlight Wiz’s meteoric rise—from $1 million to $500 million ARR in 18 months—to...