Berkshire Hathaway Inc.'s 2020 financial performance, as outlined in its annual report, demonstrates a mixed bag with significant gains and losses. The company reported a $42.5 billion GAAP profit, which includes: $21.9 billion in operating earnings, $4.9 billion from realized capital gains, a $26.7 billion unrealized gain on its stock portfolio, and an $11 billion write-down on the value of certain subsidiaries and affiliates. These figures are all after-tax. The report also notes that the overall gain from 1964 to 2020 for the company is 2,810.5%, indicating substantial long-term growth. However, it's important to note that this gain is calculated based on the original investment made in 1964 and not on the current market value of the company.
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在伯克希尔,我们的重点是增加这部分收入,并收购规模大、处境有利的企业。然而,去年我们两个目标都没有实现:伯克希尔没有进行大规模收购,运营利润下降了9%。不过,通过保留收益和回购约5%的股票,我们确实提高了伯克希尔的每股内在价值。