沃伦·巴菲特：伯克希尔 2015 年致股东信·摘录1

By the early 1990s, however, our focus had changed to the outright ownership of businesses, a shift that diminished the relevance of balance-sheet figures. That disconnect occurred because the accounting rules that apply to controlled companies are materially different from those used in valuing marketable securities. The carrying value of the “losers” we own is written down, but “winners” are never revalued upwards.

出处： https://www.berkshirehathaway.com/letters/2015ltr.pdf
定位：2015 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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