伯克希尔·哈撒韦 1979 年致股东信

Again, we must lead off with a few words about accounting. Since our last annual report, the accounting profession has decided that equity securities…

As you know, Blue Chip Stamps, our 60% owned subsidiary, is fully consolidated in Berkshire Hathaway’s financial statements. However, Blue Chip still…

We continue to feel that the ratio of operating earnings (before securities gains or losses) to shareholders’ equity with all securities valued at…

Measuring such results against shareholders’ equity with securities valued at market could significantly distort the operating performance percentage…