=+The value to Berkshire Hathaway of retained earnings (of our investees) is not determined by whether we own 100% , 50% , 20% , or 1% of the businesses in which they reside. . . . Our perspective on such “forgotten-but-not-gone” earnings is simple: the way they are accounted for is of no importance, but their ownership and subsequent utilization is all-important. We care not whether the auditors hear a tree fall in the forest; we do care who owns the tree and what’s next done with it.