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> <BR>