Warren Buffett：Berkshire 2006 Letter, Excerpt 4

Over the years, however, we have focused more and more on the acquisition of operating businesses. Using our funds for these purchases has both slowed our growth in investments and accelerated our gains in pre-tax earnings from non-insurance businesses, the second yardstick we use. Here’s how those earnings have looked:

Source： https://www.berkshirehathaway.com/letters/2006ltr.pdf
Locator：2006 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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