Warren Buffett：Berkshire 1979 Letter, Excerpt 3

We continue to feel that the ratio of operating earnings (before securities gains or losses) to shareholders’ equity with all securities valued at cost is the most appropriate way to measure any single year’s operating performance.

Source： https://www.berkshirehathaway.com/letters/1979.html
Locator：1979 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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