Warren Buffett：Berkshire 1979 Letter, Excerpt 1

Again, we must lead off with a few words about accounting. Since our last annual report, the accounting profession has decided that equity securities owned by insurance companies must be carried on the balance sheet at market value. We previously have carried such equity securities at the lower of aggregate cost or aggregate market value. Because we have large unrealized gains in our insurance equity holdings, the result of this new policy is to increase substantially both the 1978 and 1979 yearend net worth, even after the appropriate liability is established for taxes on capital gains that would be payable should equities be sold at such market valuations.

Source： https://www.berkshirehathaway.com/letters/1979.html
Locator：1979 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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