Warren Buffett：Berkshire Hathaway 1990 Letter, Additional Excerpt 1

Our growth rate was lackluster in 1990 because our four major common stock holdings, in aggregate, showed little change in market value. Last year I told you that though these companies - Capital Cities/ABC, Coca-Cola, GEICO, and Washington Post - had fine businesses and superb managements, widespread recognition of these attributes had pushed the stock prices of the four to lofty levels. The market prices of the two media companies have since fallen significantly - for good reasons relating to evolutionary industry developments that I will discuss later - and the price of Coca-Cola stock has increased significantly for what I also believe are good reasons.

Source： https://www.berkshirehathaway.com/letters/1990.html
Locator：1990 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

版权仍存续；仅摘录并链接伯克希尔官网原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library