沃伦·巴菲特：伯克希尔 1978 年致股东信·摘录3

For example, over the last three years - generally a bonanza period for the insurance industry, our largest profit producer - Berkshire’s per share net worth virtually has doubled, thereby compounding at about 25% annually through a combination of good operating earnings and fairly substantial capital gains. Neither this 25% equity gain from all sources nor the 19.4% equity gain from operating earnings in 1978 is sustainable. The insurance cycle has turned downward in 1979, and it is almost certain that operating earnings measured by return on equity will fall this year. However, operating earnings measured in dollars are likely to increase on the much larger shareholders’ equity now employed in the business.

出处： https://www.berkshirehathaway.com/letters/1978.html
定位：1978 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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