Warren Buffett：Berkshire Hathaway 1992 Letter, Additional Excerpt 2

Growth benefits investors only when the business in point can invest at incremental returns that are enticing - in other words, only when each dollar used to finance the growth creates over a dollar of long-term market value. In the case of a low-return business requiring incremental funds, growth hurts the investor.

Source： https://www.berkshirehathaway.com/letters/1992.html
Locator：1992 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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