The unrecorded increase in the value of our owned businesses explains why Berkshire’s aggregate market- value gain – tabulated on the facing page – materially exceeds our book-value gain. The two indicators vary…
The unrecorded increase in the value of our owned businesses explains why Berkshire’s aggregate market- value gain – tabulated on the facing page – materially exceeds our book-value gain. The two indicators vary…
沃伦·巴菲特《伯克希尔·哈撒韦 2014 年致股东信》· 2014 Chairman's Letter · 投资
It was a good year for Berkshire on all major fronts, except one. Here are the important developments: ‹ Our “Powerhouse Five” – a collection of Berkshire’s largest non-insurance businesses – had a record $12.4 billion of pre-tax earnings in 2014, up $1.6 billion from 2013.* The companies in this sainted group are Berkshire Hathaway Energy (formerly MidAmerican Energy), BNSF, IMC (I’ve called it Iscar in the past), Lubrizol and Marmon.
The unrecorded increase in the value of our owned businesses explains why Berkshire’s aggregate market- value gain – tabulated on the facing page – materially exceeds our book-value gain. The two indicators vary…
"Look it all over," I said, "and decide which plan is best." It was a proud moment when this real authority accepted my suggestions as bringing out the most favoured spots for views and agreed upon the site of the house. How many miles of roads I have laid out in my time, I can hardly compute, but I have often kept at it until I was exhausted. While surveying roads, I have run the lines until darkness made it impossible to see the little stakes and flags. It is all very vain of me to tell of these landscape enterprises, but perhaps they will offset the business talks which occupy so much of my story.
The unrecorded increase in the value of our owned businesses explains why Berkshire’s aggregate market- value gain – tabulated on the facing page – materially exceeds our book-value gain. The two indicators vary…