Warren Buffett：Berkshire 1993 Letter, Excerpt 2

3. Another 1993 change in GAAP affects the value at which we carry the securities that we own. In recent years, both the common stocks and certain common-equivalent securities held by our insurance companies have been valued at market, whereas equities held by our non- insurance subsidiaries or by the parent company were carried at their aggregate cost or market, whichever was lower. Now GAAP says that all common stocks should be carried at market, a rule we began following in the fourth quarter of 1993. This change produced a gain in Berkshire's reported net worth of about $172 million.

Source： https://www.berkshirehathaway.com/letters/1993.html
Locator：1993 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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