Warren Buffett：Berkshire 2020 Letter, Excerpt 1

Berkshire earned $42.5 billion in 2020 according to generally accepted accounting principles (commonly called “GAAP”). The four components of that figure are $21.9 billion of operating earnings, $4.9 billion of realized capital gains, a $26.7 billion gain from an increase in the amount of net unrealized capital gains that exist in the stocks we hold and, finally, an $11 billion loss from a write-down in the value of a few subsidiary and affiliate businesses that we own. All items are stated on an after-tax basis.

Source： https://www.berkshirehathaway.com/letters/2020ltr.pdf
Locator：2020 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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