Warren Buffett：Berkshire 2016 Letter, Excerpt 4

Over time, stock prices gravitate toward intrinsic value. That’s what has happened at Berkshire, a fact explaining why the company’s 52-year market-price gain – shown on the facing page – materially exceeds its book-value gain.

Source： https://www.berkshirehathaway.com/letters/2016ltr.pdf
Locator：2016 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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