Warren Buffett：Berkshire Hathaway 1995 Letter, Additional Excerpt 2

Our shoe business operated in an industry that suffered depressed earnings throughout last year, and many of our competitors made only marginal profits or worse. That means we at least maintained, and in some instances widened, our competitive superiority. So I have no doubt that our shoe operations will climb back to top-grade earnings in the future. In other words, though the turn has not yet occurred, we believe you should view last year's figures as reflecting a cyclical problem, not a secular one.

Source： https://www.berkshirehathaway.com/letters/1995.html
Locator：1995 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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