沃伦·巴菲特：伯克希尔 2014 年致股东信·摘录2

Today, our emphasis has shifted in a major way to owning and operating large businesses. Many of these are worth far more than their cost-based carrying value. But that amount is never revalued upward no matter how much the value of these companies has increased. Consequently, the gap between Berkshire’s intrinsic value and its book value has materially widened.

出处： https://www.berkshirehathaway.com/letters/2014ltr.pdf
定位：2014 Chairman's Letter, excerpt 2 · 核对日期：2026-10-19 · 核验：短摘录

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