Warren Buffett：Berkshire Hathaway 1982 Letter, Additional Excerpt 1

The appended financial statements reflect "accounting" earnings that generally include our proportionate share of earnings from any underlying business in which our ownership is at least 20%. Below the 20% ownership figure, however, only our share of dividends paid by the underlying business units is included in our accounting numbers; undistributed earnings of such less-than-20%-owned businesses are totally ignored.

Source： https://www.berkshirehathaway.com/letters/1982.html
Locator：1982 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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