沃伦·巴菲特：伯克希尔 2018 年致股东信·摘录3

Wide swings in our quarterly GAAP earnings will inevitably continue. That’s because our huge equity portfolio – valued at nearly $173 billion at the end of 2018 – will often experience one-day price fluctuations of $2 billion or more, all of which the new rule says must be dropped immediately to our bottom line. Indeed, in the fourth quarter, a period of high volatility in stock prices, we experienced several days with a “profit” or “loss” of more than $4 billion.

出处： https://www.berkshirehathaway.com/letters/2018ltr.pdf
定位：2018 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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