Warren Buffett：Berkshire 1991 Letter, Excerpt 2

Charlie Munger, Berkshire's Vice Chairman, and I have set a goal of attaining a 15% average annual increase in Berkshire's intrinsic value. If our growth in book value is to keep up with a 15% pace, we must earn $22 billion during the next decade. Wish us luck - we'll need it.

Source： https://www.berkshirehathaway.com/letters/1991.html
Locator：1991 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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