Warren Buffett：Berkshire 1989 Letter, Excerpt 4

We will keep most of our major holdings, regardless of how they are priced relative to intrinsic business value. This 'til- death-do-us-part attitude, combined with the full prices these holdings command, means that they cannot be expected to push up Berkshire's value in the future as sharply as in the past. In other words, our performance to date has benefited from a double- dip: (1) the exceptional gains in intrinsic value that our portfolio companies have achieved; (2) the additional bonus we realized as the market appropriately "corrected" the prices of these companies, raising their valuations in relation to those of the average business. We will continue to benefit from good gains in business value that we feel confident our portfolio companies will make. But our "catch-up" rewards have been realized, which means we'll have to settle for a single-dip in the future.

Source： https://www.berkshirehathaway.com/letters/1989.html
Locator：1989 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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