Warren Buffett：Berkshire 2014 Letter, Excerpt 2

Today, our emphasis has shifted in a major way to owning and operating large businesses. Many of these are worth far more than their cost-based carrying value. But that amount is never revalued upward no matter how much the value of these companies has increased. Consequently, the gap between Berkshire’s intrinsic value and its book value has materially widened.

Source： https://www.berkshirehathaway.com/letters/2014ltr.pdf
Locator：2014 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

This is a direct reading: the original and source are kept; commentary will be added later.

版权仍存续；本站只摘录并链接官方原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library