Berkshire’s 2018 and 2019 years glaringly illustrate the argument we have with the new rule. In 2018, a down year for the stock market, our net unrealized gains decreased by $20.6 billion, and we therefore reported GAAP earnings of only $4 billion. In 2019, rising stock prices increased net unrealized gains by the aforementioned $53.7 billion, pushing GAAP earnings to the $81.4 billion reported at the beginning of this letter. Those market gyrations led to a crazy 1,900% increase in GAAP earnings!
2018年和2019年伯克希尔的业绩显而易见印证我们对GAAP新规的上述观点。2018年股市下跌，我们的未实现净收益减少了206亿美元，因此GAAP下收益仅有40亿美元。2019年股价上涨，因此为实现净收益达到537亿美元，推动GAAP下收益增至这封信开头所说的814亿美元。这些市场起伏导致GAAP收益猛增了1900%！
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