Warren Buffett：Berkshire 2004 Letter, Excerpt 4

Last year, Berkshire’s book-value gain of 10.5% fell short of the index’s 10.9% return. Our lackluster performance was not due to any stumbles by the CEOs of our operating businesses: As always, they pulled more than their share of the load. My message to them is simple: Run your business as if it were the only asset your family will own over the next hundred years. Almost invariably they do just that and, after taking care of the needs of their business, send excess cash to Omaha for me to deploy.

Source： https://www.berkshirehathaway.com/letters/2004ltr.pdf
Locator：2004 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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