Warren Buffett：Berkshire 1977 Letter, Excerpt 1

Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated a year ago. Of these earnings, $1.43 per share resulted from substantial realized capital gains by Blue Chip Stamps which, to the extent of our proportional interest in that company, are included in our operating earnings figure. Capital gains or losses realized directly by Berkshire Hathaway Inc. or its insurance subsidiaries are not included in our calculation of operating earnings. While too much attention should not be paid to the figure for any single year, over the longer term the record regarding aggregate capital gains or losses obviously is of significance.

Source： https://www.berkshirehathaway.com/letters/1977.html
Locator：1977 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

This is a direct reading: the original and source are kept; commentary will be added later.

版权仍存续；本站只摘录并链接官方原文，不托管全文。

This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright

← Back to the library