Annual Letter // Letters to Investors
致投资者信 // 年度信件
Each year we write to our investors the way we would want to be written to — plainly, candidly, and with a time horizon measured in decades. Below are our annual letters, available for reading and download.
每年，我们都以我们希望被对待的方式致信投资者——坦率、诚恳，以十年为尺度。以下是我们历年致投资者的信，可在线阅读与下载。
Letters
信件列表
Upload
上传
Click to select or drag & drop a PDF here
点击选择或将 PDF 拖放到此处
Accepts .pdf (recommended under 3MB)
支持 .pdf（建议小于 3MB）
How it works: Letters are stored locally in your browser (localStorage). Upload a PDF, give it a year and title, and it appears in the list above. Click View to read it inline, or Delete to remove it. No data leaves your machine.
工作原理：信件将保存在您浏览器的本地存储（localStorage）中。上传 PDF、填写年份与标题后，便会出现在上方列表中。点击查看可在线阅读，点击删除可移除。所有数据仅保存在您的设备上。