沃伦·巴菲特：伯克希尔 2020 年致股东信·摘录4

As I’ve emphasized many times, Charlie and I view Berkshire’s holdings of marketable stocks – at yearend worth $281 billion – as a collection of businesses. We don’t control the operations of those companies, but we do share proportionately in their long-term prosperity. From an accounting standpoint, however, our portion of their earnings is not included in Berkshire’s income. Instead, only what these investees pay us in dividends is recorded on our books. Under GAAP, the huge sums that investees retain on our behalf become invisible.

出处： https://www.berkshirehathaway.com/letters/2020ltr.pdf
定位：2020 Chairman's Letter, excerpt 4 · 核对日期：2026-10-19 · 核验：短摘录

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