The arrival at New York was bewildering. I had been taken to see the Queen at Edinburgh, but that was the extent of my travels before emigrating. Glasgow we had not time to see before we sailed. New York was the first…
When I was called to Washington in 1861, it was supposed that the war would soon be over; but it was seen shortly afterwards that it was to be a question of years. Permanent officials in charge would be required. The…
When I was called to Washington in 1861, it was supposed that the war would soon be over; but it was seen shortly afterwards that it was to be a question of years. Permanent officials in charge would be required. The…
The arrival at New York was bewildering. I had been taken to see the Queen at Edinburgh, but that was the extent of my travels before emigrating. Glasgow we had not time to see before we sailed. New York was the first…
21:00 Figures · Investing · Modern investor letters
Warren Buffett:Berkshire 1986 Letter, Excerpt 2
Warren Buffett《Berkshire Hathaway 1986 Letter to Shareholders》· 1986 Chairman's Letter · Investing
The good news is that in 1986 our percentage gain in business value probably exceeded the book value gain. I say "probably" because business value is a soft number: in our own case, two equally well-informed observers might make judgments more than 10% apart.
When I was called to Washington in 1861, it was supposed that the war would soon be over; but it was seen shortly afterwards that it was to be a question of years. Permanent officials in charge would be required. The…