Warren Buffett：Berkshire Hathaway 1981 Letter, Additional Excerpt 2

A further, particularly ironic, punishment is inflicted by an inflationary environment upon the owners of the "bad" business. To continue operating in its present mode, such a low- return business usually must retain much of its earnings - no matter what penalty such a policy produces for shareholders.

Source： https://www.berkshirehathaway.com/letters/1981.html
Locator：1981 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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