Warren Buffett：Berkshire 1988 Letter, Excerpt 2

Berkshire’s past rates of gain in both book value and business value were achieved under circumstances far different from those that now exist. Anyone ignoring these differences makes the same mistake that a baseball manager would were he to judge the future prospects of a 42-year-old center fielder on the basis of his lifetime batting average.

Source： https://www.berkshirehathaway.com/letters/1988.html
Locator：1988 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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