Warren Buffett：Berkshire 2010 Letter, Excerpt 1

A “normal year,” of course, is not something that either Charlie Munger, Vice Chairman of Berkshire and my partner, or I can define with anything like precision. But for the purpose of estimating our current earning power, we are envisioning a year free of a mega-catastrophe in insurance and possessing a general business climate somewhat better than that of 2010 but weaker than that of 2005 or 2006. Using these assumptions, and several others that I will explain in the “Investment” section, I can estimate that the normal earning power of the assets we currently own is about $17 billion pre-tax and $12 billion after-tax, excluding any capital gains or losses. Every day Charlie and I think about how we can build on this base.

Source： https://www.berkshirehathaway.com/letters/2010ltr.pdf
Locator：2010 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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