Warren Buffett：Berkshire Hathaway 2016 Letter, Additional Excerpt 2

We have never, however, singled out restructuring charges and told you to ignore them in estimating our normal earning power. If there were to be some truly major expenses in a single year, I would, of course, mention it in my commentary. Indeed, when there is a total rebasing of a business, such as occurred when Kraft and Heinz merged, it is imperative that for several years the huge one-time costs of rationalizing the combined operations be explained clearly to owners. That’s precisely what the CEO of Kraft Heinz has done, in a manner approved by the company’s directors (who include me). But, to tell owners year after year, “Don’t count this,” when management is simply making business adjustments that are necessary, is misleading.

Source： https://www.berkshirehathaway.com/letters/2016ltr.pdf
Locator：2016 Chairman's Letter, additional excerpt 2 · Verified：2026-10-19 · Verification：Short excerpt

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