Warren Buffett：Berkshire 2019 Letter, Excerpt 3

Berkshire’s 2018 and 2019 years glaringly illustrate the argument we have with the new rule. In 2018, a down year for the stock market, our net unrealized gains decreased by $20.6 billion, and we therefore reported GAAP earnings of only $4 billion. In 2019, rising stock prices increased net unrealized gains by the aforementioned $53.7 billion, pushing GAAP earnings to the $81.4 billion reported at the beginning of this letter. Those market gyrations led to a crazy 1,900% increase in GAAP earnings!

Source： https://www.berkshirehathaway.com/letters/2019ltr.pdf
Locator：2019 Chairman's Letter, excerpt 3 · Verified：2026-10-19 · Verification：Short excerpt

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