Warren Buffett：Berkshire 2006 Letter, Excerpt 3

In our early years we put most of our retained earnings and insurance float into investments in marketable securities. Because of this emphasis, and because the securities we purchased generally did well, our growth rate in investments was for a long time quite high.

Source： https://www.berkshirehathaway.com/letters/2006ltr.pdf
Locator：2006 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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