Warren Buffett：Berkshire 1992 Letter, Excerpt 2

Those two objectives do not necessarily go hand-in-hand as an amusing but value-destroying experience in our past illustrates. On that occasion, we had a significant investment in a bank whose management was hell-bent on expansion. (Aren't they all?) When our bank wooed a smaller bank, its owner demanded a stock swap on a basis that valued the acquiree's net worth and earning power at over twice that of the acquirer's. Our management - visibly in heat - quickly capitulated. The owner of the acquiree then insisted on one other condition: "You must promise me," he said in effect, "that once our merger is done and I have become a major shareholder, you'll never again make a deal this dumb."

Source： https://www.berkshirehathaway.com/letters/1992.html
Locator：1992 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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