沃伦·巴菲特：伯克希尔 1987 年致股东信·摘录3

By itself, this figure says nothing about economic performance. To evaluate that, we must know how much total capital - debt and equity - was needed to produce these earnings. Debt plays an insignificant role at our seven units: Their net interest expense in 1987 was only $2 million. Thus, pre-tax earnings on the equity capital employed by these businesses amounted to $178 million. And this equity - again on an historical-cost basis - was only $175 million.

出处： https://www.berkshirehathaway.com/letters/1987.html
定位：1987 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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