沃伦·巴菲特：伯克希尔 2016 年致股东信·摘录1

By the early 1990s, however, our focus was changing to the outright ownership of businesses, a shift that materially diminished the relevance of balance sheet figures. That disconnect occurred because the accounting rules (commonly referred to as “GAAP”) that apply to companies we control differ in important ways from those used to value marketable securities. Specifically, the accounting for businesses we own requires that the carrying value of “losers” be written down when their failures become apparent. “Winners,” conversely, are never revalued upwards.

出处： https://www.berkshirehathaway.com/letters/2016ltr.pdf
定位：2016 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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