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Non-Tech : Berkshire Hathaway Class B
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To: Leroyt who wrote (964)8/24/1999 3:51:00 PM
From: Benkea  Read Replies (1) of 1652
 
Everything you ever need to know is included in the 1977 - 1998 Chairman's letters which EVERYONE who is serious about investing should read:

"To depict something closer to economic reality at Berkshire than reported earnings, though, we employ the concept of "look-through" earnings. As we calculate these, they consist of: (1) the operating earnings reported in the previous section, plus; (2) our share of the retained operating earnings of major investees that, under GAAP accounting, are not reflected in our profits, less; (3) an allowance for the tax that would be paid by Berkshire if these retained earnings of investees had instead been distributed to us. When tabulating "operating earnings" here, we exclude purchase-accounting adjustments as well as capital gains and other major non-recurring items."

berkshirehathaway.com
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