Letters

Indices

• The Archive

• 2023 Index and Wrap-Up

• On-off Switches and… We’re Back!

Anthologies

1. Reddit - Alexis Ohanian, Aaron Swartz, Sam Altman, Yishan Wong, Steve Huffman, Paul Graham, and Jessica Livingston

2. PayPal Mafia - Max Levchin, David Sacks, Reid Hoffman, Keith Rabois, Yishan Wong, and Dave McClure

Friday 5s

1. The Startup Founder’s Toolkit - Build a product, Establish a culture, Hire a team, Sell a product, Serve your customers

A Letter a Day

1. Henry Singleton (1961) - Teledyne Shareholder Letter

2. Steve Jobs and Mike Markkula (1981) - Apple Shareholder Letter

3. George Soros (1984) - The Danger of Reagan’s “Imperial Circle”

4. Steve Jurvetson (2010) - St. Mark’s School of Texas Commencement Speech

5. Marc Andreessen (1997) - The Netscape Advantage

6. Jim Goetz (2015) - The Templeton Compression and the Sales Ready Product

7. Tony Fadell (2016) - How to Reinvent the Ordinary

8. Bob Iger (2005) - Disney Shareholder Letter

9. Arthur Rock (1987) - Strategy vs Tactics from a Venture Capitalist

10. Josh Wolfe and Peter Hebert - Four Flows

11. Raymond Teller (1995) - Fury

12. Penn Jillette (2015) - Letter to Myself

13. Danny Rimer (1998) - Net stocks: Critical mass vs. profits

14. Bill Gurley (1998) - Internet Investors: Beware of the Proxy Valuation

15. Andy Grove and Gordon Moore (1986) - Intel Shareholder Letter

16. Pierre Omidyar and Meg Whitman (1999) - eBay Shareholder Letter

17. Ray Kroc and Harry Sonneborn (1963) - McDonald’s Shareholder Letter

18. Max Levchin (2015) - Affirm’s Operating Principles

19. Jeff Bezos (2020) - Anti-trust Hearing Opening Statement

20. John Carter and Sherman Fairchild (1957) - Fairchild Shareholder Letter

21. Ford Motor Company (1929) - Shortening the Production Cycle

22. Roberto C. Goizueta (1981) - Strategy for the 1980s

23. Barry Diller (1996) - IAC (HSN) Shareholder Letter

24. Michael Dell (2003) - University of Texas Commencement Speech

25. Bill Campbell (1999) - Intuit Shareholder Letter

26. Jack Ma (2007) - Alibaba.com Shareholder Letter

27. Howard Schultz (1992) - Starbucks Shareholder Letter

28. Joe Philleo (2017) - Why did Peter Thiel and Joe Lonsdale found Palantir?

29. Joe Lonsdale (2019) - The Ethical Implications and Consequences of Palantir

30. Jeff Brotman and Jim Sinegal (1985) - Costco Shareholder Letter

31. Phil Knight (1992) - Nike Shareholder Letter

32. Bernard Marcus and Arthur Blank (1982) - Home Depot Shareholder Letter

33. Fabrizio Freda (2009) - Estee Lauder Shareholder Letter

34. Jack Welch and Reginald Jones (1980) - General Electric Shareholder Letter

35. Stan Druckenmiller and Geoff Canada (2013) - Generational Theft

36. Paul Kedrosky (2004) - The Art of Valuation

37. Mark Cuban (2004) - Foreword to The Number

38. Reed Hastings (2010) - Netflix Strategy Deck

39. Michael Brown (1995) - Entrepreneurs and Luck

40. John Collison and Stan Druckenmiller (2022) - Sohn Conversation

41. Alexandre Arnault (2022) - Q&A at the Oxford Union

42. David Einhorn (2002) - Ira Sohn Speech on Allied Capital

43. Sarah Tavel (2017) - 10 Lessons from Scaling Pinterest

44. Dylan Field (2021) - What is Art?

45. Peruggia (2021) - How I Learned to Stop Worrying and Love the Punks

46. Michael Platt (2011) - Navigating the Euro Debt Crisis

47. Peter Fenton and Logan Bartlett (2022) - Cartoon Avatars Interview

48. Daniel Ek (2018) - One Path

49. Miles Grimshaw (2022) - The Playbook to Evolving Your Product Genetics

50. Ted Weschler (2022) - Working with Warren Buffett and the Future of Investments

51. Jackson Dahl (2021) - Reflections on Building 100 Thieves

52. Jackson Dahl (2021) - The Big Wave

53. Walt Disney (1966) - A look to the future

54. George Roberts (1988) - Corporate Governance and The Power of Ownership

55. Mukesh Ambani (1998) - A Vision of India in 2020

56. Ashton Kutcher (2020) - 2020 University of Iowa Commencement Speech

57. Chris Hohn (2014) - Activist Investing Creates Inefficiencies — and Opportunities

58. Scott McNealy and Vinod Khosla (1982) - Original Business Plan (Sun Microsystems)

59. Steve Jobs (1997) - Pixar Shareholder Letter

60. Paul Tudor Jones (2010) - Price Limits: A Return to Patience and Rationality in US Markets

61. Tony Xu (2020) - DoorDash S-1 Shareholder Letter

62. Eric Vishria (2013) - What Every Founder Needs to Know About Building a Management Team Before It’s Too Late

63. Lei Zhang (2017) - Speech on the acquisition of Belle International

64. Jamie Dimon (2001) - Bank One Shareholder Letter

65. Peter Kaufman (2020) - An Unsung Hero

66. Pony Ma (2021) - Consumer, Business, and Society — The CBS Trinity

67. Gordon Moore and Bob Noyce (1975) - Intel Shareholder Letter

68. John Riccitiello (2020) - Unity S-1 Shareholder Letter

69. Elon Musk and Steve Jurvetson (2013) - Encore Award Conversation

70. Paul Buchheit and Jessica Livingston & Carolynn Levy (2023) - The Social Radars Podcast

71. Brad Jacobs (2011) - Express-1 Expedited Solutions Acquisition discussion script

72. Don Valentine (2000) - Real VCs help build great companies

73. Jon Pollock (2015) - 10 Questions with Jon Pollock

74. Jason Kilar (2011) - Hulu’s thoughts on the future of TV

75. Brett Bivens (2020) - Spotify: The Ambient Media Company

76. Frederic Arnault (2022) - Conversation with WatchAdvisor

77. Mark Zuckerberg (2012) - Facebook S-1 Shareholder Letter

78. Julian Robertson (2000) - Tiger Management Closing Letter to Investors

79. Jack Dorsey (2015) - Square S-1 Shareholder Letter

80. Todd Combs (2023) - Meeting Munger, Buffett, and Joining Berkshire

81. Linda Yaccarino (2021) - Driving Transformation

82. Mitch Lasky (2014) - Financing, Hiring, FB, Lightspeed, and an All Hands

83. Evan Spiegel (2014) - Financing, Hiring, FB, Lightspeed, and an All Hands

84. Sam Zell (1976) - The Grave Dancer: A guide to the risky art of resurrecting dead properties

85. Paul Graham and Jessica Livingston & Carolynn Levy (2023) - The Social Radars Podcast

86. Jensen Huang (2004) - Nvidia Shareholder Letter

87. Jack McDonald (2011) - Commentary on Dodd-Frank Rule

88. Ho Nam (2020) - How Do You Know?

89. Ian McKinnon (2018) - University of New Mexico Commencement Speech

90. Andrew Pastor (2021) - Trust the Process

91. Ray Iwanowski (2019) - Conversation with Dean Curnutt on Alpha Exchange

92. Cormac McCarthy (2015) - Santa Fe Institute Operating Principles

93. Marc Stad (2023) - Disrupt or Be Disrupted: Venturing into Tech

94. Sam Walton (1989) - Message to Associates: Exceeding Our Customers’ Expectations

95. Neil McElroy (1931) - P&G Internal Memo

96. Larry Page and Sergey Brin (2004) “An Owner’s Manual” for Google Shareholders

97. Henry Kravis (2004) - Keynote Speech

98. Warren Buffett, Shawn Carter (Jay-Z), and Steve Forbes (2010) - Conversation

99. Michael Moritz and John Doerr (2008) - Double Keynote

100. Bernard Arnault (2016) - Q&A at the Oxford Union

101. David Tepper (2010) - Legendary Squawk Box Interview

102. Tom Kamei (2023) - Investment Culture and Sustainability Research

103. John Arnold (2009) - CFTC Hearings to Discuss Position Limits, Hedge Exemptions and Transparency for Energy Markets Testimony

104. Sam Hinkie (2016) - Resignation Letter

105. Abraham Flexner (1939) - The Usefulness of Useless Knowledge

106. Reed Jobs (2022) - Leading the Future of Biomedical Innovation

107. David Packard (1960) - Internal Speech to HP Managers

108. Kevin Harvey (1997) - Venture Funding for Java Companies

109. Ryan O’Connor (2020) - Our Own Link to the Past: A Personal Note

110. Mark Stevens (2003) - What will be the most pressing business issues confronting TMT companies in the next 12 months?

111. John Warnock (1986) - First Adobe Shareholder Letter

112. Byron Wien (2013) - Lessons Learned in His First 80 Years

113. Allen Zhang (2019) - What is WeChat’s Dream?

114. Milos Raonic (2015) - How I learned to save 90% of my income

115. Brian Chesky, Joe Gebbia, and Nate Blecharczyk (2020) - What Makes Airbnb, Airbnb

116. Satish Dharmaraj (2013) - Email Again

117. David Sambur and Ted Seides (2023) - Private Equity Deals with Capital Allocators Podcast Conversation

118. David Baszucki (2020) - S-1 Shareholder Letter

119. Bob Kagle (2012) - Kettering University Commencement Speech

120. Antoine Arnault (2017) - Fake News and Transparency

121. Reece Duca (2017) - Why is English Important to Global Corporations?

122. James Hong (2007) - Reinventing HotOrNot

123. David Magerman (2020) - Discussing Renaissance Technologies

124. Tony Hsieh (2015) - Holacracy

125. Roelof Botha (2005) - YouTube Investment Memo

126. Miles Grimshaw (2014) - Sequoia’s Investment Memo on YouTube

127. Warren Buffett (2014) - Forbes 400 Lifetime Achievement Tribute Speech

128. Bill Gates (2015) - Introduction to Laying Foundations for Change: Capital Investments of The Atlantic Philanthropies

129. Chuck Feeney (2011) - Giving Pledge Letter

130. Matt Nord and Torsten Sløk (2023) - Private Equity Investing Amid Market Dislocation

131. Dana Mead (1998) - 1997 Tenneco Shareholder Letter

132. Jim Pallotta (2018) - The Beautiful Game’s Global Reach

133. Thomas Peterffy (2008) - Interactive Brokers’ 30th Anniversary Letter

134. Michael Moritz and Robert Lacher (2023) - A Conversation with Michael Moritz

135. Juliet de Baubigny (2016) - Building the Foundation for Company Growth: Why Boards Matter

136. Gavin Baker (2023) - Game of Emperors

137. Reece Duca and Bob Casey (2023) - How to Craft a Winning Investment Process and Spot World-Class Companies

138. Chetan Puttagunta and Caryn Marooney (2023) - The Investor Perspective: From Start to Scale

139. Sam Altman (2017) - Greg

140. Satya Nadella (2014) - Bold Ambition & Our Core

141. Harry Weller (2015) - Screen Crack

142. Philippe Laffont, Bill Gurley, and Jeff Sine (2013) - Tech & Finance Roundtable

143. Charlie Munger and Todd Combs (2022) - Charlie Munger in Conversation with Todd Combs

144. Dara Khosrowshahi (2019) - Uber S-1 Shareholder Letter

145. Lindsay Larsen (2019) - Origins Podcast about the LP and VC Ecosystem

146. Marc Rowan (2009) - Jewish Enrichment Center Speech and Q&A

147. Tim Cook and Dua Lipa (2023) - What it takes to run Apple, the world’s largest company

148. Christian Jensen (2022) - Tech Investing: Creative Solutions

149. Scott Cook (1996) - Intuit Shareholder Letter

150. Stephen Mandel and Garrett Moran (2020) - Family Centers’ Titans Series Event

151. Brad Gerstner and Bill Gurley (2024) - MANG VC Gone Wild, Can You Trust AI Valuations? & More

152. Steve Eisman, Danny Moses, Vincent Daniel, and Porter Collins (2024) - Four ‘Big Short’ traders on why they’re not so short these days

153. Susan Li (2023) - Meta CFO Li on 2Q23 Earnings, Generative AI, and Threads

154. Josh Kushner and Kareem Zaki (2023) - The VC Outlook

155. Stewart Butterfield (2013) - We Don’t Sell Saddles Here

156. Bret Taylor and Clay Bavor (2024) - AI Sierra Comes Out of Stealth

157. Anthony Bolton (2016) - The Market and the Sentiment Factor, Companies and the Dynamics of Businesses, and Knowing Yourself

158. Betsy Battle (2021) - Leading Through Life

159. Richard Rainwater (1997) - Wall Street Week

160. Frank Slootman (2018) - Amp It Up!

161. Sridhar Ramaswamy (2023) - Predictions for the Dawning AI Age

162. John Zito (2011) - Zito Discusses Trading in Tepco’s Credit-Default Swaps

163. Marc Benioff (2005) - First Salesforce Shareholder Letter

164. Maryanna Saenko and John Doerr (2019) - XPrize Visioneering Investor Panel

165. Robert Chavez (2018) - Lessons from Luxury Retail

166. Carl Kawaja, Henry Ellenbogen, and Mike Volpi (2021) - Shining a Light in Public Markets

167. Sergio Marchionne (2015) - Confessions of a Capital Junkie: An insider perspective on the cure for the industry’s value-destroying addiction to capital

168. Daniel Kahneman (2017) - NBER Economics of AI Remarks

169. Daniel Kahneman (2015) - McGill Honorary Degree Speech

170. Neil Mehta and Mood Rowghani (2016) - Investing in Fast Growing Companies Globally

171. Tom Morgan (2024) - The Most Offensively Taboo Idea in Western Civilization

172. Ryan Israel (2021) - Music is Universal: Music Industry Overview

173. Henry Schuck (2020) - ZoomInfo S-1 Founder’s Letter

174. Gokul Rajaram (2023) - How to Present

175. Eric Schmidt (1999) - Novell 1998 Year in Review Presentation

176. Joel Cohen (2019) - RV Capital Emerging Manager Meeting Panel

177. Nazar Yasin (2018) - Silicon Dragon HK Keynote Talk

178. Bipul Sinha (2024) - Rubrik S-1 Letter from our CEO

179. Walter Scott Jr. and Greg Abel (2020) - UNMC iEXCEL Holographic Interview Series

180. Todd Combs, Michael Mauboussin, and Tano Santos (2024) - Charlie Munger’s Legacy

181. Chi-fu Huang (2013) - From Theory to Practice: A Thirty-Year Journey

182. Jim Simons (2022) - A Short Story of My Life and Mathematics

183. Lenny Rachitsky (2012) - How to make your app a habit

184. Ian McKinnon and Walter Stern (2022) - Keynote Conversation for Notable New Mexicans in Philanthropy

185. Wes Edens and Husein Cumber (2020) - Duke University Energy Conference

186. Alex Karp (2020) - Palantir S-1 Shareholder Letter

187. Brook Byers (2010) - Georgia Tech Commencement Speech

188. Donald Bren and Stan Ross (2011) - Urban Land Q&A

189. Larry Gagosian and Glenn Fuhrman (2018) - Larry Gagosian in Conversation with Glenn Fuhrman

190. Lo Ying Shek (2003) - 2002 Great Eagle Holdings Chairman’s Statement

191. Roger Federer (2024) - Dartmouth Commencement Speech

192. Dennis Lynch Jr. (2010) - Lynch Calls Holdings in Morgan Mid-Cap Fund ‘Unique’

193. Dennis Lynch Jr. (2021) - Dennis Lynch Memorial Speech

194. Jenny Wang (2023) - Masters in Real Estate with Bohill Partners

195. Yuan Fang (2024) - Sound & Vision Podcast

196. Bruce Karsh and Howard Marks (2017) - Howard Marks Investor Series with Bruce Karsh

197. Seymour Schulich (1997) - Western Investment Mining Conference Interview

198. Michael Dell and Bill Gurley (2023) - Churchill Club Annual Dinner

199. Trae Stephens (2024) - The Prologue and the Promise: God and Technology

200. Ken Griffin, Jon Gray, and David Rubenstein (2023) - Perspectives from Both Sides of the Capital Markets

201. Robert Wallace (2024) - Three Pillars of Investment Success

202. D.A. Wallach (2024) - Streaming Medicine

203. Nick Howley and Mark Howley (2023) - Nick Howley: NYSE Founder — Today a $60 Billion Enterprise Value

204. Rick Gerson (2019) - Hedge Funds Opportunities in Modern Markets

205. David Blitzer and Scott O’Neil (2019) - Wharton Sports Business Summit Fireside

206. Padraig Harrington (2023) - Harrington offers up advice for young golfers

207. Pat Grady (2023) - 15 Years at Sequoia

208. Katherine Collins (2012) - SAVED BY THE BEE: Vocation, Lost and Found

209. David Weiden (2024) - Success, Failure & Numbers

210. Pierre-Alexis Dumas (2019) - Hermes’ master of dreams explains why dreams fuel creation

211. Bill Oberndorf (2010) - Education and American Competitiveness

212. Eric Yuan (2019) - Zoom S-1 Shareholder Letter

213. Gabe Plotkin (2020) - Achieving Success: An In-Depth Interview with Gabe Plotkin

214. David Vélez, Christina Junqueira, and Edward Wible (2021) - Nubank F-1 Shareholder Letter

215. Kevin Compton (2021) - Behind the Scenes with a Silicon Valley VC

216. Kyle Ryland (2022) - What Capital Can Mean to a Growth-Stage Company

217. Mike Cassidy (2010) - Speed as THE Primary Business Strategy

218. Thomas Rowe Price, Jr. (1939) - This is No Time to be Panicky

219. Travis Kalanick and Jason Calacanis (2024) - All-In Summit Conversation

220. Elliott Hill (2023) - The NIKE Empire

221. Steve Cohen and Jawad Mian (2021) - Inner Game with Steve Cohen

222. Steven Rales (1985) - Danaher Founding Shareholder Letter

223. David Tepper (2024) - Squawk Box 2024

224. Salar Kamangar (2012) - Diving Into Media

225. Michael Moritz, Paul Graham, and Guy Kawasaki (2009) - Revenue Bootcamp Fireside Chat

226. Ratan Tata and Simi Garewal (1997) - Rendezvous with Simi Garewal

227. David Abrams and Tano Santos (2019) - Applying a Fundamental Value-Oriented Approach to Investing

228. Andrej Karpathy and Stephanie Zhan (2024) - Making AI Accessible

229. Graham Weaver (2023) - How to Live an Asymmetric Life

230. Kevin Warsh (2024) - Squawkbox

231. Paul Tudor Jones and Andrew Ross Sorkin (2024) - CNBC Interview

232. Jawed Karim (2006) - YouTube: From Concept to Hyper Growth

233. Izzy Englander (2009) - Absolute Return Symposium Keynote Speech

234. Howard Lutnick (2011) - Haverford Friends & Family Weekend Speech

235. Stan Druckenmiller and Nicolai Tangen (2024) - In Good Company Podcast

236. Josh Kushner and Alyson Shontell (2024) - How Josh Kushner Quietly Propelled the AI Revolution

237. Scott Bessent and Kieran Cavanna (2024) - A Global Macro Veteran on the Path Ahead

238. Ben Affleck and Gerry Cardinale (2024) - The Disruptor and The Dealmaker

239. JRD Tata (1965) - Guiding Principles

240. John Phelan (2022) - SMU Distinguished Alumni Award Speech

241. Chris Paik (2024) - The End of Software + Reading the Comments

242. Jared Isaacman (2020) - Shift4 S-1/A Founder Letter

243. Jamie Keenan (2024) - Creating Value: Balancing the Short and Long Run

244. Shuo Wang (2022) - $1M to $100M in 20 Months, The Hard Part: How Everything Breaks in Hypergrowth

245. Peter Thiel and Josh Wolfe (2019) - Harnessing and Securing American Innovation: How Venture Capital Impacts Defense

246. David Duffield (1992) - The Importance of Customer Service

247. Ken Griffin (2010) - Citadel 20th Anniversary Shareholder Letter

248. Jack McDonald (2009) - Arbuckle Award Intro Speech for Mike Shanahan

249. Mike Shanahan (2009) - Arbuckle Award Acceptance Speech

250. John Doerr (2013) - 700 Investments, 192 IPOs, 375,000 Jobs Created

251. George Loening (2024) - Deerfield Academy Commencement Speech

252. Olivier Pomel and Alexis Lê-Quôc (2019) - Datadog S-1 Shareholder Letter

253. Matt Cohler (2010) - Talk at Techonomy

254. Herbert Allen Jr. (2008) - Williams Gaudino Dialogues

255. Yen Liow (2020) - Framework Investing and the Case Study Methodology

256. Palmer Luckey (2019) - Hacking for Defense Keynote

257. Reuben Munger (2024) - The Outlook for EV Fleets