Warren Buffett：Berkshire 1980 Letter, Excerpt 4

Finally come holdings representing less than 20% ownership of another corporation’s voting securities. In these cases, accounting rules dictate that the owning companies include in their earnings only dividends received from such holdings. Undistributed earnings are ignored. Thus, should we own 10% of Corporation X with earnings of $10 million in 1980, we would report in our earnings (ignoring relatively minor taxes on intercorporate dividends) either (a) $1 million if X declared the full $10 million in dividends; (b) $500,000 if X paid out 50%, or $5 million, in dividends; or (c) zero if X reinvested all earnings.

Source： https://www.berkshirehathaway.com/letters/1980.html
Locator：1980 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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