沃伦·巴菲特：伯克希尔 2018 年致股东信·摘录1

Berkshire earned $4.0 billion in 2018 utilizing generally accepted accounting principles (commonly called “GAAP”). The components of that figure are $24.8 billion in operating earnings, a $3.0 billion non-cash loss from an impairment of intangible assets (arising almost entirely from our equity interest in Kraft Heinz), $2.8 billion in realized capital gains from the sale of investment securities and a $20.6 billion loss from a reduction in the amount of unrealized capital gains that existed in our investment holdings.

出处： https://www.berkshirehathaway.com/letters/2018ltr.pdf
定位：2018 Chairman's Letter, excerpt 1 · 核对日期：2026-10-19 · 核验：短摘录

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