Warren Buffett：Berkshire 1991 Letter, Excerpt 1

The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter, come close to doing so. As Berkshire grows, the universe of opportunities that can significantly influence the company's performance constantly shrinks. When we were working with capital of $20 million, an idea or business producing $1 million of profit added five percentage points to our return for the year. Now we need a $370 million idea (i.e., one contributing over $550 million of pre-tax profit) to achieve the same result. And there are many more ways to make $1 million than to make $370 million.

Source： https://www.berkshirehathaway.com/letters/1991.html
Locator：1991 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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