沃伦·巴菲特：伯克希尔 2006 年致股东信·摘录4

Over the years, however, we have focused more and more on the acquisition of operating businesses. Using our funds for these purchases has both slowed our growth in investments and accelerated our gains in pre-tax earnings from non-insurance businesses, the second yardstick we use. Here’s how those earnings have looked:

出处： https://www.berkshirehathaway.com/letters/2006ltr.pdf
定位：2006 Chairman's Letter, excerpt 4 · 核对日期：2026-10-19 · 核验：短摘录

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