Warren Buffett：Berkshire 2011 Letter, Excerpt 3

• In total, our entire string of operating companies spent $8.2 billion for property, plant and equipment in 2011, smashing our previous record by more than $2 billion. About 95% of these outlays were made in the U.S., a fact that may surprise those who believe our country lacks investment opportunities. We welcome projects abroad, but expect the overwhelming majority of Berkshire’s future capital commitments to be in America. In 2012, these expenditures will again set a record.

Source： https://www.berkshirehathaway.com/letters/2011ltr.pdf
Locator：2011 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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