Warren Buffett：Berkshire 1992 Letter, Excerpt 4

You should keep at least three points in mind as you evaluate this data. The first point concerns the many businesses we operate whose annual earnings are unaffected by changes in stock market valuations. The impact of these businesses on both our absolute and relative performance has changed over the years. Early on, returns from our textile operation, which then represented a significant portion of our net worth, were a major drag on performance, averaging far less than would have been the case if the money invested in that business had instead been invested in the S&P 500. In more recent years, as we assembled our collection of exceptional businesses run by equally exceptional managers, the returns from our operating businesses have been high - usually well in excess of the returns achieved by the S&P.

Source： https://www.berkshirehathaway.com/letters/1992.html
Locator：1992 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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