Dear Siri

BERKSHIRE HATHAWAY INC. 波克夏海瑟崴股份有限公司 To the Shareholders of Berkshire Hathaway Inc.: 致Berkshire公司全體股東: First, a few words about accounting. The merger with Diversified Retailing Company, Inc. at yearend adds two new complications in the presentation of our financial results. After the merger, our ownership of Blue Chip Stamps increased to approximately 58% and, therefore, the accounts of that company must be fully consolidated in the Balance Sheet and Statement of Earnings presentation of Berkshire. In previous reports, our share of the net earnings only of Blue Chip had been included as a single item on Berkshire’s Statement of Earnings, and there had been a similar one-line inclusion on our Balance Sheet of our share of their net assets. 首先，是會計相關的議題，在年底與多元零售公司的合併後，對於公司的財務報表有兩項影響，首先在合併案完成後，我們對藍籌郵票的持股比例將提高至58%左右，意味著該公司的資產負債以及盈餘數字必須全部納到Berkshire的報表之內，在此之前，我們僅透過權益法按投資比例認列藍籌郵票的淨值與收益。 This full consolidation of sales, expenses, receivables, inventories, debt, etc. produces an agg

BERKSHIRE HATHAWAY INC. 波克夏海瑟崴股份有限公司 To the Shareholders of Berkshire Hathaway Inc.: 致 Berkshire 公司全體股東 : Operating earnings in 1977 of $21,904,000, or $22.54 per share, were moderately better than anticipated a year ago. Of these earnings, $1.43 per share resulted from substantial realized capital gains by Blue Chip Stamps which, to the extent of our proportional interest in that company, are included in our operating earnings figure. Capital gains or losses realized directly by Berkshire Hathaway Inc. or its insurance subsidiaries are not included in our calculation of operating earnings. While too much attention should not be paid to the figure for any single year, over the longer term the record regarding aggregate capital gains or losses obviously is of significance. 1977 年本公司的營業淨利為 2,190 萬美元，每股約當 22.54 美元，表現較年前的預期稍微好一點，在這些盈餘中，每股有 1.43 美元的盈餘，係藍籌郵票大量實現的資本利得，本公司依照投資比例認列投資收益所貢獻，至於 Berkshire 本身及其保險子公司已實現的資本利得或損失，則不列入營業利益計算，建議大家不必太在意單一期間的盈餘數字，因為長期累積的資本利得或損失才是真正的重點所在。