Warren Buffett：Berkshire 1989 Letter, Excerpt 3

The rear-view mirror is one thing; the windshield is another. A large portion of our book value is represented by equity securities that, with minor exceptions, are carried on our balance sheet at current market values. At yearend these securities were valued at higher prices, relative to their own intrinsic business values, than has been the case in the past. One reason is the buoyant 1989 stock market. More important, the virtues of these businesses have been widely recognized. Whereas once their stock prices were inappropriately low, they are not now.

Source： https://www.berkshirehathaway.com/letters/1989.html
Locator：1989 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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