Warren Buffett：Berkshire Hathaway 1984 Letter, Additional Excerpt 1

All of the significant gains and losses attributable to unusual sales of assets by any of the business entities are aggregated with securities transactions on the line near the bottom of the table, and are not included in operating earnings. (We regard any annual figure for realized capital gains or losses as meaningless, but we regard the aggregate realized and unrealized capital gains over a period of years as very important.)

Source： https://www.berkshirehathaway.com/letters/1984.html
Locator：1984 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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