Berkshire Hathaway 1983 Letter to Shareholders

o Our long-term economic goal (subject to some qualifications mentioned later) is to maximize the average annual rate of gain in intrinsic business…

o Our preference would be to reach this goal by directly owning a diversified group of businesses that generate cash and consistently earn…

o Because of this two-pronged approach to business ownership and because of the limitations of conventional accounting, consolidated reported…

o Accounting consequences do not influence our operating or capital-allocation decisions. When acquisition costs are similar, we much prefer to…