Warren Buffett：Berkshire Hathaway 1994 Letter, Additional Excerpt 2

If our intrinsic value is to grow at our target rate of 15%, our look-through earnings, over time, must also increase at about that pace. When I first explained this concept a few years back, I told you that meeting this 15% goal would require us to generate look-through earnings of about $1.8 billion by 2000. Because we've since issued about 3% more shares, that figure has grown to $1.85 billion.

Source： https://www.berkshirehathaway.com/letters/1994.html
Locator：1994 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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