Berkshire Letter1986-03-0014 min read
The Textile Exit & Quality Companies - 1985
Buffett formally closed Berkshire's textile operations - marking the end of the business that started it all. The letter introduced the "owner earnings" concept as a truer measure of business value than accounting earnings, and discussed the acquisition of Scott & Fetzer.
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Key Quotes
“The last textile operation of any magnitude was closed in 1985.”
“Accounting earnings are largely the creation of arbitrary rules; owner earnings are what matter.”
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