Warren Buffett：Berkshire 1986 Letter, Excerpt 2

The good news is that in 1986 our percentage gain in business value probably exceeded the book value gain. I say "probably" because business value is a soft number: in our own case, two equally well-informed observers might make judgments more than 10% apart.

Source： https://www.berkshirehathaway.com/letters/1986.html
Locator：1986 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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