Warren Buffett：Berkshire 1984 Letter, Excerpt 3

Using my academic voice, I have told you in the past of the drag that a mushrooming capital base exerts upon rates of return. Unfortunately, my academic voice is now giving way to a reportorial voice. Our historical 22% rate is just that - history. To earn even 15% annually over the next decade (assuming we continue to follow our present dividend policy, about which more will be said later in this letter) we would need profits aggregating about $3.9 billion. Accomplishing this will require a few big ideas - small ones just won’t do. Charlie Munger, my partner in general management, and I do not have any such ideas at present, but our experience has been that they pop up occasionally. (How’s that for a strategic plan?)

Source： https://www.berkshirehathaway.com/letters/1984.html
Locator：1984 Chairman's Letter, excerpt 3 · 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