BERKSHIRE HATHAWAY INC.
To the of Berkshire Hathaway Inc.:
Berkshire earned $81.4 billion in 2019 according to generally accepted accounting principles （commonly called “GAAP”）. The components of that figure are $24 billion of operating earnings, $3.7 billion of realized capital gains and a $53.7 billion gain from an increase in the amount of net unrealized capital gains that exist in the stocks we hold. Each of those components of earnings is stated on an after-tax basis.
That $53.7 billion gain requires comment. It resulted from a new GAAP rule, imposed in 2018, that requires a company holding equity securities to include in earnings the net change in the unrealized gains and losses of those securities. As we stated in last year’s letter, neither Charlie Munger, my partner in managing Berkshire, nor I agree with that rule.
致伯克希尔哈撒韦公司股东：
根据通用会计准则（GAAP），伯克希尔在2019年赚取利润814亿美元，以税后收益看，其中营业利润240亿美元，持股中已实现的资本收益为37亿美元，持股中增加的未实现净资本收益为537亿美元。
上述537亿美元的收益源于2018年实行的GAAP新规。它要求，将公司持有的股票证券纳入这些证券未实现资本利得的净损益中。正如我们在去年股东信所说，和我共同管理伯克希尔的查理·芒格和我都不赞成这样的规定。
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