Warren Buffett：Berkshire 2008 Letter, Excerpt 3

Take a look again at the 44-year table on page 2. In 75% of those years, the S&P stocks recorded a gain. I would guess that a roughly similar percentage of years will be positive in the next 44. But neither Charlie Munger, my partner in running Berkshire, nor I can predict the winning and losing years in advance. (In our usual opinionated view, we don’t think anyone else can either.) We’re certain, for example, that the economy will be in shambles throughout 2009 – and, for that matter, probably well beyond – but that conclusion does not tell us whether the stock market will rise or fall.

Source： https://www.berkshirehathaway.com/letters/2008ltr.pdf
Locator：2008 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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