Warren Buffett：Berkshire 2019 Letter, Excerpt 4

Meanwhile, in what we might call the real world, as opposed to accounting-land, Berkshire’s equity holdings averaged about $200 billion during the two years, and the intrinsic value of the stocks we own grew steadily and substantially throughout the period.

Source： https://www.berkshirehathaway.com/letters/2019ltr.pdf
Locator：2019 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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