巴菲特1977至1999致股东的信<BR><BR>1977~1999 Chairman's Letter<BR><FONT color=#ff1493>BERKSHIRE HATHAWAY INC. <BR><BR>To the Stockholders of Berkshire Hathaway Inc.:</FONT><BR><BR> Operating earnings in 1977 of $21,904,000, or $22.54 per <BR>share, were moderately better than anticipated a year ago. Of <BR>these earnings, $1.43 per share resulted from substantial <BR>realized capital gains by Blue Chip Stamps which, to the extent <BR>of our proportional interest in that company, are included in our <BR>operating earnings figure. Capital gains or losses realized <BR>directly by Berkshire Hathaway Inc. or its insurance subsidiaries <BR>are not included in our calculation of operating earnings. While <BR>too much attention should not be paid to the figure for any <BR>single year, over the longer term the record regarding aggregate <BR>capital gains or losses obviously is of significance.<BR>
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本附件包括：- 1990 Chairman's Letter.doc
- 1991 Chairman's Letter.doc
- 1992 Chairman's Letter.doc
- 1993 Chairman's Letter.doc
- 1994 Chairman's Letter.doc
- 1995 Chairman's letter.doc
- 1996 Chairman's letter.doc
- 1997 Chairman's letter.doc
- 1998 Chairman's Letter.pdf
- 1999 Chairman's Letter.pdf
- 1977 Chairman's Letter.doc
- 1978 Chairman's Letter.doc
- 1979 Chairman's Letter.doc
- 1980 Chairman's Letter.doc
- 1981 Chairman's Letter.doc
- 1982 Chairman's Letter.doc
- 1983 Chairman's Letter.doc
- 1984 Chairman's Letter.doc
- 1985 Chairman's Letter.doc
- 1986 Chairman's Letter.doc
- 1987 Chairman's Letter.doc
- 1988 Chairman's Letter.doc
- 1989 Chairman's Letter.doc
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