Warren Buffett：Berkshire 1987 Letter, Excerpt 2

At Berkshire, however, my appraisal of our operating managers is, if anything, understated. To understand why, first take a look at page 7, where we show the earnings (on an historical-cost accounting basis) of our seven largest non- financial units: Buffalo News, Fechheimer, Kirby, Nebraska Furniture Mart, Scott Fetzer Manufacturing Group, See's Candies, and World Book. In 1987, these seven business units had combined operating earnings before interest and taxes of $180 million.

Source： https://www.berkshirehathaway.com/letters/1987.html
Locator：1987 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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