沃伦·巴菲特：伯克希尔 1981 年致股东信·摘录4

We know that this translation of non-controlled ownership earnings into corresponding realized and unrealized capital gains for Berkshire will be extremely irregular as to time of occurrence. While market values track business values quite well over long periods, in any given year the relationship can gyrate capriciously. Market recognition of retained earnings also will be unevenly realized among companies. It will be disappointingly low or negative in cases where earnings are employed non- productively, and far greater than dollar-for-dollar of retained earnings in cases of companies that achieve high returns with their augmented capital. Overall, if a group of non-controlled companies is selected with reasonable skill, the group result should be quite satisfactory.

出处： https://www.berkshirehathaway.com/letters/1981.html
定位：1981 Chairman's Letter, excerpt 4 · 核对日期：2026-10-19 · 核验：短摘录

本条为原文直读：保留原文与出处，白话与上下文待后续补充。

版权仍存续；本站只摘录并链接官方原文，不托管全文。

本文本版权仍存续，此处仅为短摘录；完整原文请访问上方官方链接。 版权

← 返回原文库