Warren Buffett：Berkshire 2004 Letter, Excerpt 2

Despite their shortcomings, yearly calculations of book value are useful at Berkshire as a slightly understated gauge for measuring the long-term rate of increase in our intrinsic value. The calculations are less relevant, however, than they once were in rating any single year’s performance versus the S&P 500 index (a comparison we display on the facing page). Our equity holdings (including convertible preferreds) have fallen considerably as a percentage of our net worth, from an average of 114% in the 1980s, for example, to less than 50% in recent years. Therefore, yearly movements in the stock market now affect a much smaller portion of our net worth than was once the case, a fact that will normally cause us to underperform in years when stocks rise substantially and overperform in years when they fall.

Source： https://www.berkshirehathaway.com/letters/2004ltr.pdf
Locator：2004 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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