Warren Buffett：Berkshire 2009 Letter, Excerpt 3

Summed up, the table on page 2 conveys three messages, two positive and one hugely negative. First, we have never had any five-year period beginning with 1965-69 and ending with 2005-09 – and there have been 41 of these – during which our gain in book value did not exceed the S&P’s gain. Second, though we have lagged the S&P in some years that were positive for the market, we have consistently done better than the S&P in the eleven years during which it delivered negative results. In other words, our defense has been better than our offense, and that’s likely to continue.

Source： https://www.berkshirehathaway.com/letters/2009ltr.pdf
Locator：2009 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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