Warren Buffett：Berkshire Hathaway 1984 Letter, Additional Excerpt 2

At Berkshire, we have added what we thought were appropriate supplemental reserves but in recent years they have not been adequate. It is important that you understand the magnitude of the errors that have been involved in our reserving. You can thus see for yourselves just how imprecise the process is, and also judge whether we may have some systemic bias that should make you wary of our current and future figures.

Source： https://www.berkshirehathaway.com/letters/1984.html
Locator：1984 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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