沃伦·巴菲特：伯克希尔 1993 年致股东信·摘录1

1. The first negative was produced by a change in Generally Accepted Accounting Principles (GAAP) having to do with the taxes we accrue against unrealized appreciation in the securities we carry at market value. The old rule said that the tax rate used should be the one in effect when the appreciation took place. Therefore, at the end of 1992, we were using a rate of 34% on the $6.4 billion of gains generated after 1986 and 28% on the $1.2 billion of gains generated before that. The new rule stipulates that the current tax rate should be applied to all gains. The rate in the first quarter of 1993, when this rule went into effect, was 34%. Applying that rate to our pre-1987 gains reduced net worth by $70 million.

出处： https://www.berkshirehathaway.com/letters/1993.html
定位：1993 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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