沃伦·巴菲特：伯克希尔 1980 年致股东信·摘录1

Operating earnings improved to $41.9 million in 1980 from $36.0 million in 1979, but return on beginning equity capital (with securities valued at cost) fell to 17.8% from 18.6%. We believe the latter yardstick to be the most appropriate measure of single-year managerial economic performance. Informed use of that yardstick, however, requires an understanding of many factors, including accounting policies, historical carrying values of assets, financial leverage, and industry conditions.

出处： https://www.berkshirehathaway.com/letters/1980.html
定位：1980 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

本条为原文直读：保留原文与出处，白话与上下文待后续补充。

版权仍存续；本站只摘录并链接官方原文，不托管全文。

本文本版权仍存续，此处仅为短摘录；完整原文请访问上方官方链接。 版权

← 返回原文库