Warren Buffett：Berkshire 1984 Letter, Excerpt 1

Our gain in net worth during 1984 was $152.6 million, or $133 per share. This sounds pretty good but actually it’s mediocre. Economic gains must be evaluated by comparison with the capital that produces them. Our twenty-year compounded annual gain in book value has been 22.1% (from $19.46 in 1964 to $1108.77 in 1984), but our gain in 1984 was only 13.6%.

Source： https://www.berkshirehathaway.com/letters/1984.html
Locator：1984 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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