Warren Buffett：Berkshire 1991 Letter, Excerpt 4

Coca-Cola and Gillette are two of the best companies in the world and we expect their earnings to grow at hefty rates in the years ahead. Over time, also, the value of our holdings in these stocks should grow in rough proportion. Last year, however, the valuations of these two companies rose far faster than their earnings. In effect, we got a double-dip benefit, delivered partly by the excellent earnings growth and even more so by the market's reappraisal of these stocks. We believe this reappraisal was warranted. But it can't recur annually: We'll have to settle for a single dip in the future.

Source： https://www.berkshirehathaway.com/letters/1991.html
Locator：1991 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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