Warren Buffett：Berkshire 2020 Letter, Excerpt 2

Operating earnings are what count most, even during periods when they are not the largest item in our GAAP total. Our focus at Berkshire is both to increase this segment of our income and to acquire large and favorably-situated businesses. Last year, however, we met neither goal: Berkshire made no sizable acquisitions and operating earnings fell 9%. We did, though, increase Berkshire’s per-share intrinsic value by both retaining earnings and repurchasing about 5% of our shares.

Source： https://www.berkshirehathaway.com/letters/2020ltr.pdf
Locator：2020 Chairman's Letter, excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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