沃伦·巴菲特：伯克希尔 2016 年致股东信·摘录3

We have no quarrel with the asymmetrical accounting that applies here. But, over time, it necessarily widens the gap between Berkshire’s intrinsic value and its book value. Today, the large – and growing – unrecorded gains at our winners produce an intrinsic value for Berkshire’s shares that far exceeds their book value. The overage is truly huge in our property/casualty insurance business and significant also in many other operations.

出处： https://www.berkshirehathaway.com/letters/2016ltr.pdf
定位：2016 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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