Warren Buffett：The Investor's Goal
Warren Buffett《Berkshire Hathaway 1996 Chairman's Letter》· 1996 Chairman's Letter · Investing · Wealth · Decision
Your goal as an investor should simply be to purchase, at a rational price, a part interest in an easily-understandable business whose earnings are virtually certain to be materially higher five, ten and twenty years from now.
Source：
https://www.berkshirehathaway.com/letters/1996.html
Locator：1996 Chairman's Letter · Verified：2026-10-19 · Verification：Short excerpt
Reading
Buy a piece of an understandable business at a rational price, when its earnings are almost certain to be materially higher in five, ten, and twenty years.
Context
From the 1996 Berkshire Hathaway chairman's letter. In the same passage Buffett says investment students need only two courses: how to value a business, and how to think about market prices.
Today's question
If you could own only ten companies for ten years, which one would you buy today, and why?
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