Warren Buffett：Berkshire 1996 Letter, Excerpt 4

For many years, we have listed these principles in the front of our annual report, but in this report, on pages 58 to 67, we reproduce the entire Owner's Manual. In this letter, we will occasionally refer to the manual so that we can avoid repeating certain definitions and explanations. For example, if you wish to brush up on "intrinsic value," see pages 64 and 65.

Source： https://www.berkshirehathaway.com/letters/1996.html
Locator：1996 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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