Warren Buffett：Berkshire 2009 Letter, Excerpt 4

Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes.

Source： https://www.berkshirehathaway.com/letters/2009ltr.pdf
Locator：2009 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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