Warren Buffett：Berkshire 1994 Letter, Excerpt 3

We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen. Thirty years ago, no one could have foreseen the huge expansion of the Vietnam War, wage and price controls, two oil shocks, the resignation of a president, the dissolution of the Soviet Union, a one-day drop in the Dow of 508 points, or treasury bill yields fluctuating between 2.8% and 17.4%.

Source： https://www.berkshirehathaway.com/letters/1994.html
Locator：1994 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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