Warren Buffett：Berkshire 2015 Letter, Excerpt 1

By the early 1990s, however, our focus had changed to the outright ownership of businesses, a shift that diminished the relevance of balance-sheet figures. That disconnect occurred because the accounting rules that apply to controlled companies are materially different from those used in valuing marketable securities. The carrying value of the “losers” we own is written down, but “winners” are never revalued upwards.

Source： https://www.berkshirehathaway.com/letters/2015ltr.pdf
Locator：2015 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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