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笔记： 会计中对于下属股权公司的记账方式有3种： 持股50%以上，全部并入 持续20%--50%，则按持股比例并入 持股20%以下，则以实际收到的利润返还，计入报表 这种会计方式，会导致伯克希尔旗下，不少的企业，未能暴露实际的收益情况 对伯克希尔而言，对盈余的认定并非取决于持股比例是100%，50%，20%，5%或是1%，盈余的真正价值在于其将来再投资所能产生的效益 我们宁愿将所赚的盈余继续交由不受我们控制的人好好发挥，也不希望转由我们自己来浪费 高通货膨胀等于是对投入的资本额外课了一次税 翻译： https://xueqiu.com/6217262310/131837878 https://archive.ph/XMX5n 原文： Buffett’s Letters To Berkshire Shareholders 1980 巴菲特致股东的信 1980 年 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 cost) fell to 17.8% from 18.6%. We believe the latter yardstick to be the most appropriate measure of single-year managerial economic performance. Informed use of that yardstick, however, requires an understanding of many factors, including accounting policies, historical ca...