Warren Buffett：Berkshire Hathaway 1979 Letter, Additional Excerpt 2

Our forecast is for an average combined ratio for the industry in the 105 area over the next five years. While we have a high degree of confidence that certain of our operations will do considerably better than average, it will be a challenge to us to operate below the industry figure. You can get a lot of surprises in insurance.

Source： https://www.berkshirehathaway.com/letters/1979.html
Locator：1979 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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