沃伦·巴菲特：伯克希尔 1985 年致股东信·摘录3

This change in the market also has negative implications for our present portfolio. In our 1974 annual report I could say: “We consider several of our major holdings to have great potential for significantly increased values in future years.” I can’t say that now. It’s true that our insurance companies currently hold major positions in companies with exceptional underlying economics and outstanding managements, just as they did in 1974. But current market prices generously appraise these attributes, whereas they were ignored in 1974. Today’s valuations mean that our insurance companies have no chance for future portfolio gains on the scale of those achieved in the past.

出处： https://www.berkshirehathaway.com/letters/1985.html
定位：1985 Chairman's Letter, excerpt 3 · 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