沃伦·巴菲特：伯克希尔 1977 年致股东信·摘录4

We expect difficulty in matching our 1977 rate of return during the forthcoming year. Beginning equity capital is up 23% from a year ago, and we expect the trend of insurance underwriting profit margins to turn down well before the end of the year. Nevertheless, we expect a reasonably good year and our present estimate, subject to the usual caveats regarding the frailties of forecasts, is that operating earnings will improve somewhat on a per share basis during 1978.

出处： https://www.berkshirehathaway.com/letters/1977.html
定位：1977 Chairman's Letter, excerpt 4 · 核对日期：2026-10-19 · 核验：短摘录

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