Buffett explained it years ago in an annual report: Whether a stock is pricedlow or high, he said, it's ownership in the same company.
几年前的一个年度报告上,巴菲特这样解释:不管一个股票被高估或者低估,它的所有权是同一家公司。
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It's not a low-pricedstock--a single share of its Class B stock costs more than $3, 500--but it has averaged a 25 percent return over the past quarter century.