XXXX年巴菲特致股东信英文版(完整)

Berkshire’sCorporatePerformancevs.theS&P500AnnualPercentageChangeYearinPer-ShareBookValueofBerkshire(1)inS&P500withDividendsIncluded(2)RelativeResults(1)-(2)1965.....................................................23.810.013.81966.....................................................20.3(11.7)32.01967.....................................................11.030.9(19.9)1968.....................................................19.011.08.01969.....................................................16.2(8.4)24.61970.....................................................12.03.98.11971.....................................................16.414.61.81972.....................................................21.718.92.81973.....................................................4.7(14.8)19.51974.....................................................5.5(26.4)31.91975.....................................................21.937.2(15.3)1976.....................................................59.323.635.71977.....................................................31.9(7.4)39.31978.....................................................24.06.417.61979.....................................................35.718.217.51980.....................................................19.332.3(13.0)1981.....................................................31.4(5.0)36.41982.....................................................40.021.418.61983.....................................................32.322.49.91984.....................................................13.66.17.51985.....................................................48.231.616.61986.....................................................26.118.67.51987.....................................................19.55.114.41988.....................................................20.116.63.51989.....................................................44.431.712.71990.....................................................7.4(3.1)10.51991.....................................................39.630.59.11992.....................................................20.37.612.71993.....................................................14.310.14.21994.....................................................13.91.312.61995.....................................................43.137.65.51996.....................................................31.823.08.81997.....................................................34.133.4.71998.....................................................48.328.619.71999......................................................521.0(20.5)2000.....................................................6.5(9.1)15.62001.....................................................(6.2)(11.9)5.72002.....................................................10.0(22.1)32.12003.....................................................21.028.7(7.7)2004.....................................................10.510.9(.4)2005.....................................................6.44.91.52006.....................................................18.415.82.62007.....................................................11.05.55.52008.....................................................(9.6)(37.0)27.42009.....................................................19.826.5(6.7)2010.....................................................13.015.1(2.1)2011.....................................................4.62.12.5CompoundedAnnualGain–1965-2011.........................19.8%9.2%10.6OverallGain–1964-2011....................................513,055%6,397%Notes:Dataareforcalendaryearswiththeseexceptions:1965and1966,yearended9/30;1967,15monthsended12/31.Startingin1979,accountingrulesrequiredinsurancecompaniestovaluetheequitysecuritiestheyholdatmarketratherthanatthelowerofcostormarket,whichwaspreviouslytherequirement.Inthistable,Berkshire’sresultsthrough1978havebeenrestatedtoconformtothechangedrules.Inallotherrespects,theresultsarecalculatedusingthenumbersoriginallyreported.TheS&P500numbersarepre-taxwhereastheBerkshirenumbersareafter-tax.IfacorporationsuchasBerkshireweresimplytohaveownedtheS&P500andaccruedtheappropriatetaxes,itsresultswouldhavelaggedtheS&P500inyearswhenthatindexshowedapositivereturn,butwouldhaveexceededtheS&P500inyearswhentheindexshowedanegativereturn.Overtheyears,thetaxcostswouldhavecausedtheaggregatelagtobesubstantial.2BERKSHIREHATHAWAYINC.TotheShareholdersofBerkshireHathawayInc.:Theper-sharebookvalueofbothourClassAandClassBstockincreasedby4.6%in2011.Overthelast47years(thatis,sincepresentmanagementtookover),bookvaluehasgrownfrom$19to$99,860,arateof19.8%compoundedannually.*CharlieMunger,Berkshire’sViceChairmanandmypartner,andIfeelgoodaboutthecompany’sprogressduring2011.Herearethehighlights:•TheprimaryjobofaBoardofDirectorsistoseethattherightpeoplearerunningthebusinessandtobesurethatthenextgenerationofleadersisidentifiedandreadytotakeovertomorrow.Ihavebeenon19corporateboards,andBerkshire’sdirectorsareatthetopofthelistinthetimeanddiligencetheyhavedevotedtosuccessionplanning.What’s