沃伦·巴菲特：伯克希尔 2012 年致股东信·摘录3

Charlie and I believe the gain in Berkshire’s intrinsic value will over time likely surpass the S&P returns by a small margin. We’re confident of that because we have some outstanding businesses, a cadre of terrific operating managers and a shareholder-oriented culture. Our relative performance, however, is almost certain to be better when the market is down or flat. In years when the market is particularly strong, expect us to fall short.

出处： https://www.berkshirehathaway.com/letters/2012ltr.pdf
定位：2012 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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