Warren Buffett：Berkshire 2018 Letter, Excerpt 4

Our advice? Focus on operating earnings, paying little attention to gains or losses of any variety. My saying that in no way diminishes the importance of our investments to Berkshire. Over time, Charlie and I expect them to deliver substantial gains, albeit with highly irregular timing.

Source： https://www.berkshirehathaway.com/letters/2018ltr.pdf
Locator：2018 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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