Warren Buffett：Berkshire 1980 Letter, Excerpt 1

Operating earnings improved to $41.9 million in 1980 from $36.0 million in 1979, but return on beginning equity capital (with securities valued at cost) fell to 17.8% from 18.6%. We believe the latter yardstick to be the most appropriate measure of single-year managerial economic performance. Informed use of that yardstick, however, requires an understanding of many factors, including accounting policies, historical carrying values of assets, financial leverage, and industry conditions.

Source： https://www.berkshirehathaway.com/letters/1980.html
Locator：1980 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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