Warren Buffett：Berkshire 1982 Letter, Excerpt 2

(3) a continually-enlarging commitment of our resources to investment in partially-owned, nonoperated businesses; accounting rules dictate that a major part of our pro-rata share of earnings from such businesses must be excluded from Berkshire’s reported earnings.

Source： https://www.berkshirehathaway.com/letters/1982.html
Locator：1982 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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