Warren Buffett：Berkshire 1985 Letter, Excerpt 2

Two factors make anything approaching this rate of gain unachievable in the future. One factor probably transitory - is a stock market that offers very little opportunity compared to the markets that prevailed throughout much of the 1964-1984 period. Today we cannot find significantly-undervalued equities to purchase for our insurance company portfolios. The current situation is 180 degrees removed from that existing about a decade ago, when the only question was which bargain to choose.

Source： https://www.berkshirehathaway.com/letters/1985.html
Locator：1985 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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