Warren Buffett：Berkshire 1981 Letter, Excerpt 2

In the 1980 annual report we discussed extensively the concept of non-controlled ownership earnings, i.e., Berkshire’s share of the undistributed earnings of companies we don’t control or significantly influence but in which we, nevertheless, have important investments. (We will be glad to make available to new or prospective shareholders copies of that discussion or others from earlier reports to which we refer in this report.) No portion of those undistributed earnings is included in the operating earnings of Berkshire.

Source： https://www.berkshirehathaway.com/letters/1981.html
Locator：1981 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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