Warren Buffett：Berkshire 1980 Letter, Excerpt 2

Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales, expenses, taxes, and earnings of business holdings more than 50% owned. Blue Chip Stamps, 60% owned by Berkshire Hathaway Inc., falls into this category. Therefore, all Blue Chip income and expense items are included in full in Berkshire’s Consolidated Statement of Earnings, with the 40% ownership interest of others in Blue Chip’s net earnings reflected in the Statement as a deduction for “minority interest”.

Source： https://www.berkshirehathaway.com/letters/1980.html
Locator：1980 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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