Warren Buffett：Berkshire 2011 Letter, Excerpt 2

• Our major businesses did well last year. In fact, each of our five largest non-insurance companies – BNSF, Iscar, Lubrizol, Marmon Group and MidAmerican Energy – delivered record operating earnings. In aggregate these businesses earned more than $9 billion pre-tax in 2011. Contrast that to seven years ago, when we owned only one of the five, MidAmerican, whose pre-tax earnings were $393 million. Unless the economy weakens in 2012, each of our fabulous five should again set a record, with aggregate earnings comfortably topping $10 billion.

Source： https://www.berkshirehathaway.com/letters/2011ltr.pdf
Locator：2011 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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