Warren Buffett：Berkshire 1995 Letter, Excerpt 2

Even so, we do have a few advantages, perhaps the greatest being that we don't have a strategic plan. Thus we feel no need to proceed in an ordained direction (a course leading almost invariably to silly purchase prices) but can instead simply decide what makes sense for our owners. In doing that, we always mentally compare any move we are contemplating with dozens of other opportunities open to us, including the purchase of small pieces of the best businesses in the world via the stock market. Our practice of making this comparison - acquisitions against passive investments - is a discipline that managers focused simply on expansion seldom use.

Source： https://www.berkshirehathaway.com/letters/1995.html
Locator：1995 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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