Warren Buffett：Berkshire 2018 Letter, Excerpt 1

Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24.8 billion in operating earnings, a $3.0 billion non-cash loss from an impairment of intangible assets (arising almost entirely from our equity interest in Kraft Heinz), $2.8 billion in realized capital gains from the sale of investment securities and a $20.6 billion loss from a reduction in the amount of unrealized capital gains that existed in our investment holdings.

Source： https://www.berkshirehathaway.com/letters/2018ltr.pdf
Locator：2018 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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