Warren Buffett：Berkshire 1985 Letter, Excerpt 3

This change in the market also has negative implications for our present portfolio. In our 1974 annual report I could say: “We consider several of our major holdings to have great potential for significantly increased values in future years.” I can’t say that now. It’s true that our insurance companies currently hold major positions in companies with exceptional underlying economics and outstanding managements, just as they did in 1974. But current market prices generously appraise these attributes, whereas they were ignored in 1974. Today’s valuations mean that our insurance companies have no chance for future portfolio gains on the scale of those achieved in the past.

Source： https://www.berkshirehathaway.com/letters/1985.html
Locator：1985 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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