Warren Buffett：Berkshire 2009 Letter, Excerpt 1

A more difficult decision for us was how to measure the progress of Berkshire versus the S&P. There are good arguments for simply using the change in our stock price. Over an extended period of time, in fact, that is the best test. But year-to-year market prices can be extraordinarily erratic. Even evaluations covering as long as a decade can be greatly distorted by foolishly high or low prices at the beginning or end of the measurement period. Steve Ballmer, of Microsoft, and Jeff Immelt, of GE, can tell you about that problem, suffering as they do from the nosebleed prices at which their stocks traded when they were handed the managerial baton.

Source： https://www.berkshirehathaway.com/letters/2009ltr.pdf
Locator：2009 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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