沃伦·巴菲特：伯克希尔 1990 年致股东信·摘录3

Berkshire's 26-year record is meaningless in forecasting future results; so also, we hope, is the one-year record. We continue to aim for a 15% average annual gain in intrinsic value. But, as we never tire of telling you, this goal becomes ever more difficult to reach as our equity base, now $5.3 billion, increases.

出处： https://www.berkshirehathaway.com/letters/1990.html
定位：1990 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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