Warren Buffett：Berkshire 2018 Letter, Excerpt 2

The accuracy of that prediction can be suggested by our quarterly results during 2018. In the first and fourth quarters, we reported GAAP losses of $1.1 billion and $25.4 billion respectively. In the second and third quarters, we reported profits of $12 billion and $18.5 billion. In complete contrast to these gyrations, the many businesses that Berkshire owns delivered consistent and satisfactory operating earnings in all quarters. For the year, those earnings exceeded their 2016 high of $17.6 billion by 41%.

Source： https://www.berkshirehathaway.com/letters/2018ltr.pdf
Locator：2018 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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