Warren Buffett：Berkshire 1988 Letter, Excerpt 3

Important negatives affecting our prospects today are: (1) a less attractive stock market than generally existed over the past 24 years; (2) higher corporate tax rates on most forms of investment income; (3) a far more richly-priced market for the acquisition of businesses; and (4) industry conditions for Capital Cities/ABC, Inc., GEICO Corporation, and The Washington Post Company - Berkshire’s three permanent investments, constituting about one-half of our net worth - that range from slightly to materially less favorable than those existing five to ten years ago. All of these companies have superb management and strong properties. But, at current prices, their upside potential looks considerably less exciting to us today than it did some years ago.

Source： https://www.berkshirehathaway.com/letters/1988.html
Locator：1988 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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