沃伦·巴菲特：伯克希尔 1984 年致股东信·摘录3

Using my academic voice, I have told you in the past of the drag that a mushrooming capital base exerts upon rates of return. Unfortunately, my academic voice is now giving way to a reportorial voice. Our historical 22% rate is just that - history. To earn even 15% annually over the next decade (assuming we continue to follow our present dividend policy, about which more will be said later in this letter) we would need profits aggregating about $3.9 billion. Accomplishing this will require a few big ideas - small ones just won’t do. Charlie Munger, my partner in general management, and I do not have any such ideas at present, but our experience has been that they pop up occasionally. (How’s that for a strategic plan?)

出处： https://www.berkshirehathaway.com/letters/1984.html
定位：1984 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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