Warren Buffett：Berkshire 1978 Letter, Excerpt 2

With that preamble it can be stated that, with or without restated figures, 1978 was a good year. Operating earnings, exclusive of capital gains, at 19.4% of beginning shareholders’ investment were within a fraction of our 1972 record. While we believe it is improper to include capital gains or losses in evaluating the performance of a single year, they are an important component of the longer term record. Because of such gains, Berkshire’s long-term growth in equity per share has been greater than would be indicated by compounding the returns from operating earnings that we have reported annually.

Source： https://www.berkshirehathaway.com/letters/1978.html
Locator：1978 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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