Warren Buffett：Berkshire 2022 Letter, Excerpt 3

One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.

Source： https://www.berkshirehathaway.com/letters/2022ltr.pdf
Locator：2022 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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