Warren Buffett：Berkshire 1994 Letter, Excerpt 1

The problem is not that what has worked in the past will cease to work in the future. To the contrary, we believe that our formula - the purchase at sensible prices of businesses that have good underlying economics and are run by honest and able people - is certain to produce reasonable success. We expect, therefore, to keep on doing well.

Source： https://www.berkshirehathaway.com/letters/1994.html
Locator：1994 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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