Warren Buffett：Berkshire 2019 Letter, Excerpt 2

The adoption of the rule by the accounting profession, in fact, was a monumental shift in its own thinking. Before 2018, GAAP insisted – with an exception for companies whose business was to trade securities – that unrealized gains within a portfolio of stocks were never to be included in earnings and unrealized losses were to be included only if they were deemed “other than temporary.” Now, Berkshire must enshrine in each quarter’s bottom line – a key item of news for many investors, analysts and commentators – every up and down movement of the stocks it owns, however capricious those fluctuations may be.

Source： https://www.berkshirehathaway.com/letters/2019ltr.pdf
Locator：2019 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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