Warren Buffett：Berkshire 2008 Letter, Excerpt 1

The table on the preceding page, recording both the 44-year performance of Berkshire’s book value and the S&P 500 index, shows that 2008 was the worst year for each. The period was devastating as well for corporate and municipal bonds, real estate and commodities. By yearend, investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game.

Source： https://www.berkshirehathaway.com/letters/2008ltr.pdf
Locator：2008 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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