Warren Buffett：Berkshire 1997 Letter, Excerpt 1

Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up large returns when stocks soar, as they did in 1997. In a bull market, one must avoid the error of the preening duck that quacks boastfully after a torrential rainstorm, thinking that its paddling skills have caused it to rise in the world. A right-thinking duck would instead compare its position after the downpour to that of the other ducks on the pond.

Source： https://www.berkshirehathaway.com/letters/1997.html
Locator：1997 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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