Meanwhile, in what we might call the real world, as opposed to accounting-land, Berkshire’s equity holdings averaged about $200 billion during the two years, and the intrinsic value of the stocks we own grew steadily and substantially throughout the period.
Charlie and I urge you to focus on operating earnings – which were little changed in 2019 – and to ignoreboth quarterly and annual gains or losses from investments, whether these are realized or unrealized.
Our advising that in no way diminishes the importance of these investments to Berkshire. Over time, Charlie and I expect our equity holdings – as a group – to deliver major gains, albeit in an unpredictable and highly irregular manner. To see why we are optimistic, move on to the next discussion.
与此同时，在我们可能称之为现实世界的环境下，和会计核算方面不同，过去两年，伯克希尔的股票持仓平均价值约为2000亿美元，我们所持股票的内在价值这两年在稳步地大幅增长。
我和查理敦促大家，把注意力集中在营业利润上，忽视每个季度和年度的投资损益，不管是已实现的还是未实现的。2019年，营业利润相比2018年几乎没有变动。
我们的这个建议绝对不会减少伯克希尔投资的重要性。我和查理期望，久而久之，我们的股票持仓——作为一个整体能带来大笔收益，而且是无法预测的超高收益。接下来会讨论为什么我们这么乐观。
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