Warren Buffett：Berkshire Hathaway 1982 Letter, Additional Excerpt 2

Future profitability of the industry will be determined by current competitive characteristics, not past ones. Many managers have been slow to recognize this. It's not only generals that prefer to fight the last war. Most business and investment analysis also comes from the rear-view mirror. It seems clear to us, however, that only one condition will allow the insurance industry to achieve significantly improved underwriting results. That is the same condition that will allow better results for the aluminum, copper, or corn producer - a major narrowing of the gap between demand and supply.

Source： https://www.berkshirehathaway.com/letters/1982.html
Locator：1982 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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