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1·Undistributed earnings are ignored.

未分配盈余将被忽略。

2·We prefer a concept of economic earnings that includes all undistributed earnings, regardless of ownership percentage.

我们更喜欢“经济”盈利的概念，包括了所有的未分配利润，而不论我们拥有的百分比是多少。

3·We expect that undistributed earnings from such companies will produce full value (subject to tax when realized) for Berkshire and its shareholders.

我们预期这些公司的未分配利润将给伯克希尔及其股东产生全部价值(受到实现时税务的影响)。