look-through earnings | Multibagger Shares

May 16, 2026

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Look-Through Earnings: Warren Buffett’s 1990 Berkshire Letter Framework for Measuring Your True Portfolio Earnings

Warren Buffett's 1990 Berkshire letter introduced look-through earnings — dividends plus your proportional share of retained profits. Why this single number reveals what your portfolio truly earned, illustrated by Titan Biotech FY25's high-retention, low-debt capex discipline.