Warren Buffett：Berkshire 1991 Letter, Excerpt 3

Our outsized gain in book value in 1991 resulted from a phenomenon not apt to be repeated: a dramatic rise in the price- earnings ratios of Coca-Cola and Gillette. These two stocks accounted for nearly $1.6 billion of our $2.1 billion growth in net worth last year. When we loaded up on Coke three years ago, Berkshire's net worth was $3.4 billion; now our Coke stock alone is worth more than that.

Source： https://www.berkshirehathaway.com/letters/1991.html
Locator：1991 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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