Warren Buffett：Berkshire 1988 Letter, Excerpt 4

As a partial offset to the drag that our growing capital base exerts upon returns, we have a very important advantage now that we lacked 24 years ago. Then, all our capital was tied up in a textile business with inescapably poor economic characteristics. Today part of our capital is invested in some really exceptional businesses.

Source： https://www.berkshirehathaway.com/letters/1988.html
Locator：1988 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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