Warren Buffett：Berkshire 2004 Letter, Excerpt 3

However the yearly comparisons work out, Berkshire’s long-term performance versus the S&P remains all-important. Our shareholders can buy the S&P through an index fund at very low cost. Unless we achieve gains in per-share intrinsic value in the future that outdo the S&P, Charlie and I will be adding nothing to what you can accomplish on your own.

Source： https://www.berkshirehathaway.com/letters/2004ltr.pdf
Locator：2004 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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