Warren Buffett：Berkshire 2016 Letter, Excerpt 2

We’ve experienced both outcomes: As is the case in marriage, business acquisitions often deliver surprises after the “I do’s.” I’ve made some dumb purchases, paying far too much for the economic goodwill of companies we acquired. That later led to goodwill write-offs and to consequent reductions in Berkshire’s book value. We’ve also had some winners among the businesses we’ve purchased – a few of the winners very big – but have not written those up by a penny.

Source： https://www.berkshirehathaway.com/letters/2016ltr.pdf
Locator：2016 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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