沃伦·巴菲特：伯克希尔 2008 年致股东信·摘录3

Take a look again at the 44-year table on page 2. In 75% of those years, the S&P stocks recorded a gain. I would guess that a roughly similar percentage of years will be positive in the next 44. But neither Charlie Munger, my partner in running Berkshire, nor I can predict the winning and losing years in advance. (In our usual opinionated view, we don’t think anyone else can either.) We’re certain, for example, that the economy will be in shambles throughout 2009 – and, for that matter, probably well beyond – but that conclusion does not tell us whether the stock market will rise or fall.

出处： https://www.berkshirehathaway.com/letters/2008ltr.pdf
定位：2008 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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