伯克希尔·哈撒韦 2016 年致股东信

By the early 1990s, however, our focus was changing to the outright ownership of businesses, a shift that materially diminished the relevance of…

We’ve experienced both outcomes: As is the case in marriage, business acquisitions often deliver surprises after the “I do’s.” I’ve made some dumb…

We have no quarrel with the asymmetrical accounting that applies here. But, over time, it necessarily widens the gap between Berkshire’s intrinsic…

Over time, stock prices gravitate toward intrinsic value. That’s what has happened at Berkshire, a fact explaining why the company’s 52-year…