沃伦·巴菲特：伯克希尔 2022 年致股东信·摘录1

Charlie and I allocate your savings at Berkshire between two related forms of ownership. First, we invest in businesses that we control, usually buying 100% of each. Berkshire directs capital allocation at these subsidiaries and selects the CEOs who make day-by-day operating decisions. When large enterprises are being managed, both trust and rules are essential. Berkshire emphasizes the former to an unusual – some would say extreme – degree. Disappointments are inevitable. We are understanding about business mistakes; our tolerance for personal misconduct is zero.

出处： https://www.berkshirehathaway.com/letters/2022ltr.pdf
定位：2022 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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