沃伦·巴菲特：伯克希尔 2022 年致股东信·摘录3

One advantage of our publicly-traded segment is that – episodically – it becomes easy to buy pieces of wonderful businesses at wonderful prices. It’s crucial to understand that stocks often trade at truly foolish prices, both high and low. “Efficient” markets exist only in textbooks. In truth, marketable stocks and bonds are baffling, their behavior usually understandable only in retrospect.

出处： https://www.berkshirehathaway.com/letters/2022ltr.pdf
定位：2022 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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