Warren Buffett：Berkshire 2021 Letter, Excerpt 4

Early in 1965, things changed. Berkshire installed new management that redeployed available cash and steered essentially all earnings into a variety of good businesses, most of which remained good through the years. Coupling reinvestment of earnings with the power of compounding worked its magic, and shareholders prospered.

Source： https://www.berkshirehathaway.com/letters/2021ltr.pdf
Locator：2021 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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