Buffett's preferred measure of Berkshire's performance is the growth in its book value, which is a calculation of the company's assets minus its liabilities.

巴菲特倾向于用净资产的增长率来衡量伯克希尔公司的经营业绩，净资产指用公司的资产减去公司的负债。

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Next down the chain of capital, preferred equity and derivatives liabilities are eliminated.

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