Warren Buffett：Berkshire 2018 Letter, Excerpt 3

Wide swings in our quarterly GAAP earnings will inevitably continue. That’s because our huge equity portfolio – valued at nearly $173 billion at the end of 2018 – will often experience one-day price fluctuations of $2 billion or more, all of which the new rule says must be dropped immediately to our bottom line. Indeed, in the fourth quarter, a period of high volatility in stock prices, we experienced several days with a “profit” or “loss” of more than $4 billion.

Source： https://www.berkshirehathaway.com/letters/2018ltr.pdf
Locator：2018 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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