沃伦·巴菲特：伯克希尔 1981 年致股东信·摘录3

However, our belief is that, in aggregate, those undistributed and, therefore, unrecorded earnings will be translated into tangible value for Berkshire shareholders just as surely as if subsidiaries we control had earned, retained - and reported - similar earnings.

出处： https://www.berkshirehathaway.com/letters/1981.html
定位：1981 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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