沃伦·巴菲特：伯克希尔 1977 年致股东信·摘录1

Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated a year ago. Of these earnings, $1.43 per share resulted from substantial realized capital gains by Blue Chip Stamps which, to the extent of our proportional interest in that company, are included in our operating earnings figure. Capital gains or losses realized directly by Berkshire Hathaway Inc. or its insurance subsidiaries are not included in our calculation of operating earnings. While too much attention should not be paid to the figure for any single year, over the longer term the record regarding aggregate capital gains or losses obviously is of significance.

出处： https://www.berkshirehathaway.com/letters/1977.html
定位：1977 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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