Warren Buffett：Berkshire 1983 Letter, Excerpt 1

o Our long-term economic goal (subject to some qualifications mentioned later) is to maximize the average annual rate of gain in intrinsic business value on a per-share basis. We do not measure the economic significance or performance of Berkshire by its size; we measure by per-share progress. We are certain that the rate of per-share progress will diminish in the future - a greatly enlarged capital base will see to that. But we will be disappointed if our rate does not exceed that of the average large American corporation.

Source： https://www.berkshirehathaway.com/letters/1983.html
Locator：1983 Chairman's Letter, excerpt 1 · 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