Warren Buffett：Berkshire 1990 Letter, Excerpt 4

If we do attain that 15% average, our shareholders should fare well. However, Berkshire's corporate gains will produce an identical gain for a specific shareholder only if he eventually sells his shares at the same relationship to intrinsic value that existed when he bought them. For example, if you buy at a 10% premium to intrinsic value; if intrinsic value subsequently grows at 15% a year; and if you then sell at a 10% premium, your own return will correspondingly be 15% compounded. (The calculation assumes that no dividends are paid.) If, however, you buy at a premium and sell at a smaller premium, your results will be somewhat inferior to those achieved by the company.

Source： https://www.berkshirehathaway.com/letters/1990.html
Locator：1990 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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