Warren Buffett：Berkshire 2010 Letter, Excerpt 4

In Berkshire’s case, we long ago told you that our job is to increase per-share intrinsic value at a rate greater than the increase (including dividends) of the S&P 500. In some years we succeed; in others we fail. But, if we are unable over time to reach that goal, we have done nothing for our investors, who by themselves could have realized an equal or better result by owning an index fund.

Source： https://www.berkshirehathaway.com/letters/2010ltr.pdf
Locator：2010 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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