Warren Buffett：Berkshire 1977 Letter, Excerpt 4

We expect difficulty in matching our 1977 rate of return during the forthcoming year. Beginning equity capital is up 23% from a year ago, and we expect the trend of insurance underwriting profit margins to turn down well before the end of the year. Nevertheless, we expect a reasonably good year and our present estimate, subject to the usual caveats regarding the frailties of forecasts, is that operating earnings will improve somewhat on a per share basis during 1978.

Source： https://www.berkshirehathaway.com/letters/1977.html
Locator：1977 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

This is a direct reading: the original and source are kept; commentary will be added later.

版权仍存续；本站只摘录并链接官方原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library