Warren Buffett：Berkshire 1983 Letter, Excerpt 2

o Our preference would be to reach this goal by directly owning a diversified group of businesses that generate cash and consistently earn above-average returns on capital. Our second choice is to own parts of similar businesses, attained primarily through purchases of marketable common stocks by our insurance subsidiaries. The price and availability of businesses and the need for insurance capital determine any given year’s capital allocation.

Source： https://www.berkshirehathaway.com/letters/1983.html
Locator：1983 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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