Berkshire Hathaway Inc (BRK.B)

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"Berkshire Hathaway 2017 Annual Letter"

"Berkshire’s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%.

A large portion of our gain did not come from anything we accomplished at Berkshire. Only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code.

There are four building blocks that add value to Berkshire: (1) sizable stand-alone acquisitions; (2) bolt-on acquisitions that fit with businesses we already own; (3) internal sales growth and margin improvement at our many and varied businesses; and (4) investment earnings from our huge portfolio of stocks and bonds."

https://seekingalpha.com/article/4150450-berkshire-hathaway-2017-annual-letter