Warren Buffett：Berkshire Hathaway 1981 Letter, Additional Excerpt 1

In aggregate, our non-controlled business interests have more favorable underlying economic characteristics than our controlled businesses. That's understandable; the area of choice has been far wider. Small portions of exceptionally good businesses are usually available in the securities markets at reasonable prices. But such businesses are available for purchase in their entirety only rarely, and then almost always at high prices.

Source： https://www.berkshirehathaway.com/letters/1981.html
Locator：1981 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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