Warren Buffett：Berkshire 1990 Letter, Excerpt 1

Last year we made a prediction: "A reduction [in Berkshire's net worth] is almost certain in at least one of the next three years." During much of 1990's second half, we were on the road to quickly proving that forecast accurate. But some strengthening in stock prices late in the year enabled us to close 1990 with net worth up by $362 million, or 7.3%. Over the last 26 years (that is, since present management took over) our per-share book value has grown from $19.46 to $4,612.06, or at a rate of 23.2% compounded annually.

Source： https://www.berkshirehathaway.com/letters/1990.html
Locator：1990 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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