Warren Buffett：Berkshire 2014 Letter, Excerpt 3

With that in mind, we have added a new set of data – the historical record of Berkshire’s stock price – to the performance table on the facing page. Market prices, let me stress, have their limitations in the short term. Monthly or yearly movements of stocks are often erratic and not indicative of changes in intrinsic value. Over time, however, stock prices and intrinsic value almost invariably converge. Charlie Munger, Berkshire Vice Chairman and my partner, and I believe that has been true at Berkshire: In our view, the increase in Berkshire’s per-share intrinsic value over the past 50 years is roughly equal to the 1,826,163% gain in market price of the company’s shares.

Source： https://www.berkshirehathaway.com/letters/2014ltr.pdf
Locator：2014 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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