Warren Buffett：Berkshire 2017 Letter, Excerpt 4

Viewed as a group – and excluding investment income – our operations other than insurance delivered pre- tax income of $20 billion in 2017, an increase of $950 million over 2016. About 44% of the 2017 profit came from two subsidiaries. BNSF, our railroad, and Berkshire Hathaway Energy (of which we own 90.2%). You can read more about these businesses on pages K-5 – K-10 and pages K-40 – K-44.

Source： https://www.berkshirehathaway.com/letters/2017ltr.pdf
Locator：2017 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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