伯克希尔·哈撒韦 1986 年致股东信

In past reports I have noted that book value at most companies differs widely from intrinsic business value - the number that really counts for…

The good news is that in 1986 our percentage gain in business value probably exceeded the book value gain. I say "probably" because business value is…

A large measure of our improvement in business value relative to book value reflects the outstanding performance of key managers at our major…

So much for the good news. The bad news is that my performance did not match that of our managers. While they were doing a superb job in running…