Warren Buffett：Berkshire 2006 Letter, Excerpt 1

We believe that $16.9 billion is a record for a one-year gain in net worth – more than has ever been booked by any American business, leaving aside boosts that have occurred because of mergers (e.g., AOL’s purchase of Time Warner). Of course, Exxon Mobil and other companies earn far more than Berkshire, but their earnings largely go to dividends and/or repurchases, rather than to building net worth.

Source： https://www.berkshirehathaway.com/letters/2006ltr.pdf
Locator：2006 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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