沃伦·巴菲特：伯克希尔 1982 年致股东信·摘录3

It was only a few years ago that we told you that the operating earnings/equity capital percentage, with proper allowance for a few other variables, was the most important yardstick of single-year managerial performance. While we still believe this to be the case with the vast majority of companies, we believe its utility in our own case has greatly diminished. You should be suspicious of such an assertion. Yardsticks seldom are discarded while yielding favorable readings. But when results deteriorate, most managers favor disposition of the yardstick rather than disposition of the manager.

出处： https://www.berkshirehathaway.com/letters/1982.html
定位：1982 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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