Warren Buffett：Berkshire 1977 Letter, Excerpt 2

Most companies define “record” earnings as a new high in earnings per share. Since businesses customarily add from year to year to their equity base, we find nothing particularly noteworthy in a management performance combining, say, a 10% increase in equity capital and a 5% increase in earnings per share. After all, even a totally dormant savings account will produce steadily rising interest earnings each year because of compounding.

Source： https://www.berkshirehathaway.com/letters/1977.html
Locator：1977 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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