Warren Buffett：Berkshire Hathaway 1977 Letter, Additional Excerpt 1

Textile operations came in well below forecast, while the results of the Illinois National Bank as well as the operating earnings attributable to our equity interest in Blue Chip Stamps were about as anticipated. However, insurance operations, led again by the truly outstanding results of Phil Liesche's managerial group at National Indemnity Company, were even better than our optimistic expectations.

Source： https://www.berkshirehathaway.com/letters/1977.html
Locator：1977 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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