沃伦·巴菲特：伯克希尔 2007 年致股东信·摘录1

That party is over. It’s a certainty that insurance-industry profit margins, including ours, will fall significantly in 2008. Prices are down, and exposures inexorably rise. Even if the U.S. has its third consecutive catastrophe-light year, industry profit margins will probably shrink by four percentage points or so. If the winds roar or the earth trembles, results could be far worse. So be prepared for lower insurance earnings during the next few years.

出处： https://www.berkshirehathaway.com/letters/2007ltr.pdf
定位：2007 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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