In the earnings we report to you, however, we include only the dividends we receive

from Warren Buffett – Letter To Shareholders 2012 on Rap Genius


This refers to the accounting treatment of BRK’s investments, referred to as consolidation There are several different levels of treatment) of investments based on percentage ownership and influence/control. Since BRK owns small percentages of each of the four investments, it will account for each at cost and the only earnings realized will be dividends.

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