伯克希尔·哈撒韦 1988 年致股东信

We’ve emphasized in past reports that what counts, however, is intrinsic business value - the figure, necessarily an estimate, indicating what all of…

Berkshire’s past rates of gain in both book value and business value were achieved under circumstances far different from those that now exist.…

Important negatives affecting our prospects today are: (1) a less attractive stock market than generally existed over the past 24 years; (2) higher…

As a partial offset to the drag that our growing capital base exerts upon returns, we have a very important advantage now that we lacked 24 years ago…