Warren Buffett：Berkshire 1981 Letter, Excerpt 1

Operating earnings of $39.7 million in 1981 amounted to 15.2% of beginning equity capital (valuing securities at cost) compared to 17.8% in 1980. Our new plan that allows stockholders to designate corporate charitable contributions (detailed later) reduced earnings by about $900,000 in 1981. This program, which we expect to continue subject to annual evaluation of our corporate tax position, had not been initiated in 1980.

Source： https://www.berkshirehathaway.com/letters/1981.html
Locator：1981 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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