Warren Buffett：Berkshire 1981 Letter, Excerpt 3

However, our belief is that, in aggregate, those undistributed and, therefore, unrecorded earnings will be translated into tangible value for Berkshire shareholders just as surely as if subsidiaries we control had earned, retained - and reported - similar earnings.

Source： https://www.berkshirehathaway.com/letters/1981.html
Locator：1981 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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