沃伦·巴菲特：伯克希尔 1983 年致股东信·摘录2

o Our preference would be to reach this goal by directly owning a diversified group of businesses that generate cash and consistently earn above-average returns on capital. Our second choice is to own parts of similar businesses, attained primarily through purchases of marketable common stocks by our insurance subsidiaries. The price and availability of businesses and the need for insurance capital determine any given year’s capital allocation.

出处： https://www.berkshirehathaway.com/letters/1983.html
定位：1983 Chairman's Letter, excerpt 2 · 核对日期：2026-10-19 · 核验：短摘录

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