Ekonomi, benim alanıma girmese de, “look-through” kavramını aratınca Warren Buffett’in sıkça yer verdiği “retained earnings” kavramı ortaya çıkıyor.

The value to Berkshire Hathaway of retained earnings is not determined by whether we own 100%, 50%, 20% or 1% of the businesses in which they reside. Rather, the value of those retained earnings is determined by the use to which they are put and the subsequent level of earnings produced by that usage.

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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.
When Coca-Cola uses retained earnings to repurchase its shares, the company increases our percentage ownership in what I regard to be the most valuable franchise in the world. (Coke also, of course, uses retained earnings in many other value-enhancing ways.) Instead of repurchasing stock, Coca-Cola could pay those funds to us in dividends, which we could then use to purchase more Coke shares. That would be a less efficient scenario: Because of taxes we would pay on dividend income, we would not be able to increase our proportionate ownership to the degree that Coke can, acting for us. If this less efficient procedure were followed, however, Berkshire would report far greater "earnings."
I believe the best way to think about our earnings is in terms of "look-through" results, calculated as follows: Take $250 million, which is roughly our share of the 1990 operating earnings retained by our investees; subtract $30 million, for the incremental taxes we would have owed had that $250 million been paid to us in dividends; and add the remainder, $220 million, to our reported operating earnings of $371 million. Thus our 1990 "look-through earnings" were about $590 million. [1990]

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KEY TAKEAWAYS
Warren Buffet coined the concept of look-through earnings as a way of dealing with what he perceived as accounting limitations on balance sheets.
Look-through earnings consist of both monies paid out to investors and funds reinvested by a company.
According to Buffett, look-through earnings are a more realistic portrayal of a firm's annual gains and therefore provide a better picture of its actual value to investors.

Yani şirket bilançolarında, daha gerçekçi bir portrayal ( sizin soruda reflection olarak geçiyor) sunması adına, şirketin bu dağıtılmayan geçmiş yıl karlarını nasıl kullandığı, yani yatırımcılara pay olarak mı verdiği yoksa yeniden yatırıma mı yönlendirdiği konusunda bir basis bu look-through.

Getirdiğim referansın konusu "business" değil ama çevirdiğim terim onda kullanılmış.

Böyle kullanmaktayım, yıollardır.

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Note added at 6 days (2020-11-13 08:00:44 GMT)
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Typo "esasına" olacaktı, tşkr.