Warren Buffett：Berkshire 2014 Letter, Excerpt 1

During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve done that because book value has been a crude, but useful, tracking device for the number that really counts: intrinsic business value.

Source： https://www.berkshirehathaway.com/letters/2014ltr.pdf
Locator：2014 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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