伯克希尔·哈撒韦 1980 年致股东信

Operating earnings improved to $41.9 million in 1980 from $36.0 million in 1979, but return on beginning equity capital (with securities valued at…

Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales,…

Full inclusion of underlying earnings from another class of holdings, companies owned 20% to 50% (usually called “investees”), also normally occurs.…

Finally come holdings representing less than 20% ownership of another corporation’s voting securities. In these cases, accounting rules dictate…