Warren Buffett：Berkshire 1982 Letter, Excerpt 1

Operating earnings of $31.5 million in 1982 amounted to only 9.8% of beginning equity capital (valuing securities at cost), down from 15.2% in 1981 and far below our recent high of 19.4% in 1978. This decline largely resulted from:

Source： https://www.berkshirehathaway.com/letters/1982.html
Locator：1982 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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