Warren Buffett：Berkshire 1983 Letter, Excerpt 4

o Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to purchase $2 of earnings that is not reportable by us under standard accounting principles than to purchase $1 of earnings that is reportable. This is precisely the choice that often faces us since entire businesses (whose earnings will be fully reportable) frequently sell for double the pro-rata price of small portions (whose earnings will be largely unreportable). In aggregate and over time, we expect the unreported earnings to be fully reflected in our intrinsic business value through capital gains.

Source： https://www.berkshirehathaway.com/letters/1983.html
Locator：1983 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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