沃伦·巴菲特：伯克希尔 2020 年致股东信·摘录3

The two GAAP components pertaining to capital gains or losses (whether realized or unrealized) fluctuate capriciously from year to year, reflecting swings in the stock market. Whatever today’s figures, Charlie Munger, my long-time partner, and I firmly believe that, over time, Berkshire’s capital gains from its investment holdings will be substantial.

出处： https://www.berkshirehathaway.com/letters/2020ltr.pdf
定位：2020 Chairman's Letter, excerpt 3 · 核对日期：2026-10-19 · 核验：短摘录

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