We also believe that investors can benefit by focusing on their own look-through earnings.

各位可以從下表看出我們是如何計(jì)算透視盈余的亚洲最新毛片一卡二卡，不過我還是要提醒各位這些數(shù)字有點(diǎn)粗糙吊大综合网，(被投資公司所分配的股利收入已經(jīng)包含在保險(xiǎn)事業(yè)的凈投資收益項(xiàng)下)我們也相信投資人可以透過研究自己的透視盈余而受益三级片视频午夜，在算這個(gè)東西時(shí)天堂久久久AV网站，他們就會(huì)了解到其個(gè)別投資組合所應(yīng)分配到的真正盈余的合計(jì)數(shù)色色色色色色色色色吧，所有投資人的目標(biāo)黄色网站免费精品在线观看，應(yīng)該是要建立一項(xiàng)投資組合可以讓其透視盈余在從現(xiàn)在開始的十年內(nèi)極大化。

If our intrinsic value is to grow at our target rate of 15%, our look-through earnings, over time, must also increase at about that pace.

各位可以從下表看出我們是如何計(jì)算透視盈余的成年熟美女一级黃色A片，不過我還是要提醒各位這些數(shù)字有點(diǎn)粗糙啪啪啪一级，(被投資公司所分配的股利收入已經(jīng)包含在保險(xiǎn)事業(yè)的凈投資收益項(xiàng)下)。

Reported earnings, though, we employ the concept of "look-through"earnings. As we calculate these, they consist of:(1) the operating

為了要能更真實(shí)的反應(yīng)Berkshire實(shí)際的經(jīng)營狀況久久国产精品嫖妓，于是乎我們運(yùn)用了完整透視盈余

" I believe the best way to think about our earnings is in terms of "look-through results, calculated as follows: Take $250 million, which is roughly our share of the 1990 operating earnings retained by our investees; subtract $30 million, for the incremental taxes we would have owed had that $250 million been paid to us in dividends; and add the remainder,$220 million, to our reported operating earnings of $371 million.

我個(gè)人相信最好的方式是利用透視的方法來衡量伯克希爾的盈余欧美另类激情，2 億 5，000 萬美元大概是我們?cè)?1990 年可以從被投資公司那邊未分配到的營業(yè)利潤亚欧刺激视频在线播放，扣除 3色友视频在线观看免费，000 萬的額外股利所得稅香蕉一级毛片视频，再將剩下的 2 億 2，000 萬美元加到本來的帳列盈余 3 億 7日韩AA级毛片，100 萬久久噜天天噜日日噜，所得的 5 億 9，000 萬大概就是我們經(jīng)過透視的真正盈余午夜性爽免费一级视频。

To depict something closer to economic reality at Berkshire than reported earnings, though, we employ the concept of "look-through" earnings.

在這里我們所謂的營業(yè)盈余系已扣除資本利得a片一区二区在线免费播放，特別會(huì)計(jì)調(diào)整與企業(yè)其它非常態(tài)的項(xiàng)目。

STUDY SELECTION: After primary look-through for the data, the original articles about the study on Blocking-up Hypothesis of exercise-induced fatigue were included, and those about repetitive studies were excluded.

資料選擇：對(duì)資料進(jìn)行初審国产视频33区、選擇與堵塞學(xué)說有關(guān)的運(yùn)動(dòng)性疲勞方面的文章日韩av一级免费在线观看网站，排除重復(fù)研究的文章。

The following table sets forth our 1997 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls.

年的購并活動(dòng) 1997 年我們同意買下星辰家具與國際乳品皇后(后者在 1998 年初正式敲定)欧美成αⅴ人在线视频，兩家公司都完全符合我們的標(biāo)準(zhǔn)www热色com，產(chǎn)業(yè)性質(zhì)單純，擁有絕佳的競爭優(yōu)勢且由杰出的人才所經(jīng)營AV野狼。

The following table sets forth our 2000 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls. The dividends paid to us by these investees have been included in the operating earnings itemized on page 15, mostly under Insurance Group: Net Investment Income.

第 42 頁共 56 頁 www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism 各位可以從下表看出我們是如何計(jì)算出 2000 年透視盈余的欧美大黑屄，不過我還是要提醒各位這些數(shù)字只不過是估計(jì)數(shù)，很多都是基于簡單的判斷大黑吊性爱，(被投資公司所分配的股利收入已經(jīng)列在 15 頁的營業(yè)利益之內(nèi)九九精品国模私拍在线观看，大部分包含在保險(xiǎn)事業(yè)的凈投資收益項(xiàng)下)。

The after-tax earnings in 1990 from our preferred had been about $45 million, an amount somewhat higher than the combination in 1991 of three months of dividends on our preferred plus nine months of look-through earnings on the common.

首先我告訴各位旗下媒體事業(yè)的盈余av日韩免费网址，不管是帳面直接或是間接透視一定會(huì)減少日韩孕妇自拍视频网站大全在线观看，而事實(shí)證明確是如此，第二個(gè)因素發(fā)生在 4 月 1 號(hào)我們吉列特別股被要求轉(zhuǎn)為普通股手机黄网欧美高清，1990 年來自特別股的稅后盈余是 4久久久丰满老熟妇，500 萬美元，大概比 1991 年一季的股利總和加上三季的普通股透視盈余還多一點(diǎn)国产热情网站。

Two other outcomes that I did not foresee also hurt look-through earnings in 1991. First, we had a break-even result from our interest in Wells Fargo (dividends we received from the company were offset by negative retained earnings). Last year I said that such a result at Wells was a low-level possibility - not a likelihood.

另外有二項(xiàng)我沒有意料到的結(jié)果中老年女人A片，也影響到我們 1991 年的透視盈余，首先我們?cè)?Well-Fargo 的利益大概僅維持損益兩平(所收到的股利收入被其累積虧損所抵消)久久国产精品免费一区二区三，去年我說這樣的可能性很低的說法国产日韩成人香蕉软件，其可信度存疑，第二我們的保險(xiǎn)業(yè)盈余雖然算是不錯(cuò)色色中文网，但還是比往年低538视频在线播放欧美。