沃伦·巴菲特：伯克希尔 1997 年致股东信·摘录2

Gains in book value are, of course, not the bottom line at Berkshire. What truly counts are gains in per-share intrinsic business value. Ordinarily, though, the two measures tend to move roughly in tandem, and in 1997 that was the case: Led by a blow-out performance at GEICO, Berkshire's intrinsic value (which far exceeds book value) grew at nearly the same pace as book value.

出处： https://www.berkshirehathaway.com/letters/1997.html
定位：1997 Chairman's Letter, excerpt 2 · 核对日期：2026-10-19 · 核验：短摘录

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