回复@北极星NorthStar: $伯克希尔-哈撒韦A(BRK.A)$
巴菲特在2003年shareholder letter里写道：The unpleasant corollary to this conclusion is that I made a big mistake in not selling several of our larger holdings during The Great Bubble. If these stocks are fully priced now, you may wonder what I was thinking four years ago when their intrinsic value was lower and their prices far higher. So do I.
所以，老巴所说"ten percent too high or five percent too high"只是说不要过分"price conscious" ，"far higher"则要另外考虑。//@北极星NorthStar:回复@大道无形我有型:It’s more important to be certain about the business being a wonderful business than it is to be certain that the price is not ten percent too high or five percent too high. And that is a philosophy that I slowly come to. I originally was incredibly price conscious. We used to have prayer meetings before we would raise our bid an eighth.
by Warren Buffett in 1997 shareholders meeting