Warren Buffett：Berkshire 2009 Letter, Excerpt 2

We should note that had we instead chosen market prices as our yardstick, Berkshire’s results would look better, showing a gain since the start of fiscal 1965 of 22% compounded annually. Surprisingly, this modest difference in annual compounding rate leads to an 801,516% market-value gain for the entire 45-year period compared to the book-value gain of 434,057% (shown on page 2). Our market gain is better because in 1965 Berkshire shares sold at an appropriate discount to the book value of its underearning textile assets, whereas today Berkshire shares regularly sell at a premium to the accounting values of its first-class businesses.

Source： https://www.berkshirehathaway.com/letters/2009ltr.pdf
Locator：2009 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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