Warren Buffett：Berkshire 2019 Letter, Excerpt 1

Berkshire earned $81.4 billion in 2019 according to generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24 billion of operating earnings, $3.7 billion of realized capital gains and a $53.7 billion gain from an increase in the amount of net unrealized capital gains that exist in the stocks we hold. Each of those components of earnings is stated on an after-tax basis.

Source： https://www.berkshirehathaway.com/letters/2019ltr.pdf
Locator：2019 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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