Warren Buffett：Berkshire Hathaway 1978 Letter, Additional Excerpt 1

First, a few words about accounting. The merger with Diversified Retailing Company, Inc. at yearend adds two new complications in the presentation of our financial results. After the merger, our ownership of Blue Chip Stamps increased to approximately 58% and, therefore, the accounts of that company must be fully consolidated in the Balance Sheet and Statement of Earnings presentation of Berkshire. In previous reports, our share of the net earnings only of Blue Chip had been included as a single item on Berkshire's Statement of Earnings, and there had been a similar one-line inclusion on our Balance Sheet of our share of their net assets.

Source： https://www.berkshirehathaway.com/letters/1978.html
Locator：1978 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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