Warren Buffett：Berkshire 1994 Letter, Excerpt 2

A fat wallet, however, is the enemy of superior investment results. And Berkshire now has a net worth of $11.9 billion compared to about $22 million when Charlie and I began to manage the company. Though there are as many good businesses as ever, it is useless for us to make purchases that are inconsequential in relation to Berkshire's capital. (As Charlie regularly reminds me, "If something is not worth doing at all, it's not worth doing well.") We now consider a security for purchase only if we believe we can deploy at least $100 million in it. Given that minimum, Berkshire's investment universe has shrunk dramatically.

Source： https://www.berkshirehathaway.com/letters/1994.html
Locator：1994 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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