Warren Buffett：Berkshire 2020 Letter, Excerpt 4

As I’ve emphasized many times, Charlie and I view Berkshire’s holdings of marketable stocks – at yearend worth $281 billion – as a collection of businesses. We don’t control the operations of those companies, but we do share proportionately in their long-term prosperity. From an accounting standpoint, however, our portion of their earnings is not included in Berkshire’s income. Instead, only what these investees pay us in dividends is recorded on our books. Under GAAP, the huge sums that investees retain on our behalf become invisible.

Source： https://www.berkshirehathaway.com/letters/2020ltr.pdf
Locator：2020 Chairman's Letter, excerpt 4 · Verified：2026-10-19 · Verification：Short excerpt

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