伯克希尔·哈撒韦 1977 年致股东信

Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated a year ago. Of these earnings, $1.43 per…

Most companies define “record” earnings as a new high in earnings per share. Since businesses customarily add from year to year to their equity base,…

Except for special cases (for example, companies with unusual debt-equity ratios or those with important assets carried at unrealistic balance…

We expect difficulty in matching our 1977 rate of return during the forthcoming year. Beginning equity capital is up 23% from a year ago, and we…