Warren Buffett：Berkshire Hathaway 2007 Letter, Additional Excerpt 2

This motley group, which sells products ranging from lollipops to motor homes, earned a pleasing 23% on average tangible net worth last year. It’s noteworthy also that these operations used only minor financial leverage in achieving that return. Clearly we own some terrific businesses. We purchased many of them, however, at large premiums to net worth – a point reflected in the goodwill item shown on the balance sheet – and that fact reduces the earnings on our average carrying value to 9.8%.

Source： https://www.berkshirehathaway.com/letters/2007ltr.pdf
Locator：2007 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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