沃伦·巴菲特：伯克希尔 2009 年致股东信·摘录4

Just because Charlie and I can clearly see dramatic growth ahead for an industry does not mean we can judge what its profit margins and returns on capital will be as a host of competitors battle for supremacy. At Berkshire we will stick with businesses whose profit picture for decades to come seems reasonably predictable. Even then, we will make plenty of mistakes.

出处： https://www.berkshirehathaway.com/letters/2009ltr.pdf
定位：2009 Chairman's Letter, excerpt 4 · 核对日期：2026-10-19 · 核验：短摘录

本条为原文直读：保留原文与出处，白话与上下文待后续补充。

版权仍存续；本站只摘录并链接官方原文，不托管全文。

本文本版权仍存续，此处仅为短摘录；完整原文请访问上方官方链接。 版权

← 返回原文库