Warren Buffett：Berkshire 1986 Letter, Excerpt 3

A large measure of our improvement in business value relative to book value reflects the outstanding performance of key managers at our major operating businesses. These managers - the Blumkins, Mike Goldberg, the Heldmans, Chuck Huggins, Stan Lipsey, and Ralph Schey - have over the years improved the earnings of their businesses dramatically while, except in the case of insurance, utilizing little additional capital. This accomplishment builds economic value, or "Goodwill," that does not show up in the net worth figure on our balance sheet, nor in our per-share book value. In 1986 this unrecorded gain was substantial.

Source： https://www.berkshirehathaway.com/letters/1986.html
Locator：1986 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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