Warren Buffett：Berkshire 1982 Letter, Excerpt 3

It was only a few years ago that we told you that the operating earnings/equity capital percentage, with proper allowance for a few other variables, was the most important yardstick of single-year managerial performance. While we still believe this to be the case with the vast majority of companies, we believe its utility in our own case has greatly diminished. You should be suspicious of such an assertion. Yardsticks seldom are discarded while yielding favorable readings. But when results deteriorate, most managers favor disposition of the yardstick rather than disposition of the manager.

Source： https://www.berkshirehathaway.com/letters/1982.html
Locator：1982 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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