巴菲特XXXX致股东的信英文

转载请注明ArKiller翻译，非常感谢！1/45Berkshire’sCorporatePerformancevs.theS&P500伯克希尔业绩表现和标普500指数对比AnnualPercentageChangeYearinPer-ShareBookValueofBerkshire(1)inS&P500withDividendsIncluded(2)RelativeResults(1)-(2)196523.810.013.8196620.3(11.7)32.0196711.030.9(19.9)196819.011.08.0196916.2(8.4)24.6197012.03.98.1197116.414.61.8197221.718.92.819734.7(14.8)19.519745.5(26.4)31.9197521.937.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.6197935.718.217.5198019.332.3(13.0)198131.4(5.0)36.4198240.021.418.6198332.322.49.9198413.66.17.5198548.231.616.6198626.118.67.5198719.55.114.4198820.116.63.5198944.431.712.719907.4(3.1)10.5199139.630.59.1199220.37.612.7199314.310.14.2199413.91.312.6199543.137.65.5199631.823.08.8199734.133.40.7199848.328.619.719990.521.0(20.5)转载请注明ArKiller翻译，非常感谢！2/4520006.5(9.1)15.62001(6.2)(11.9)5.7200210.0(22.1)32.1200321.028.7(7.7)200410.510.9(0.4)20056.44.91.5200618.415.82.6200711.05.55.52008(9.6)(37.0)27.4200919.826.5(6.7)201013.015.1(2.1)20114.62.12.5201214.416.0(1.6)CompoundedAnnualGain–1965-201219.7%9.4%10.3%OverallGain–1964-2012586817%7433%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.转载请注明ArKiller翻译，非常感谢！3/45年份伯克希尔每股账面价值百分比变动（1）标普500指数百分比变动（2）相对变动（1）-（2）196523.810.013.8196620.3(11.7)32.0196711.030.9(19.9)196819.011.08.0196916.2(8.4)24.6197012.03.98.1197116.414.61.8197221.718.92.819734.7(14.8)19.519745.5(26.4)31.9197521.937.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.6197935.718.217.5198019.332.3(13.0)198131.4(5.0)36.4198240.021.418.6198332.322.49.9198413.66.17.5198548.231.616.6198626.118.67.5198719.55.114.4198820.116.63.5198944.431.712.719907.4(3.1)10.5199139.630.59.1199220.37.612.7199314.310.14.2199413.91.312.6199543.137.65.5199631.823.08.8199734.133.40.7199848.328.619.719990.521.0(20.5)20006.5(9.1)15.62001(6.2)(11.9)5.7转载请注明ArKiller翻译，非常感谢！4/45200210.0(22.1)32.1200321.028.7(7.7)200410.510.9(0.4)20056.44.91.5200618.415.82.6200711.05.55.52008(9.6)(37.0)27.4200919.826.5(6.7)201013.015.1(2.1)20114.62.12.5201214.416.0(1.6)复合增长率-1965至201219.7%9.4%10.3%总汇报-1964至2012586817%7433%说明：1965和1966年的财年截止日期为9月30日，1967年有15个月，截止至12月31日，其他年份财年与日历年截止日相同。1979年开始，会计准则要求保险公司以市值计算所持有的权益类证券账面价值，而此前准则要求以市价和历史成本价孰低计量。上表中，伯克希尔1978年前的数据已经追溯调整以符合准则的要求。除此之外，所有结果依据原始数据进行计算。标普500指数的变动是税前收益，而伯克希尔的数据是税后收益。如果一个类似伯克希尔的公司拥有标普500指数的业绩，并缴纳相应税收，在标普500回报为正的年份，其业绩会落后于标普500，在标普500指数为负的年份，其回报会超过标普500指数。多年下来，税收负担将导致总体回报显著落后于指数的变动。（图表为译者根据数据制作添加）(40.0)(20.0)0.020.040.060.080.0196519671969197119731975197719791981198319851987198919911993199519971999200120032005200720092011BRKBookvaluevs.S&P500(1965-2012)相对变动（1）-（2）伯克希尔每股账面价值百分比变动（1）标普500指数百分比变动（2）转载请注明ArKiller翻译，非常感谢！5/45BERKSHIREHATHAWAYINC.伯克希尔哈撒韦有限公司TotheShareholdersofBerkshireHathawayInc.:致伯克希尔哈撒韦有限公司的股东：In2012,Berkshireachievedatotalgainforitsshareholdersof$24.1billion.Weused$1.3billionofthattorepurchaseourstock,whichleftuswithanincreaseinnetworthof$22.8billionfortheyear.Theper-sharebookvalueofbothourClassAandClassBstockincreasedby14.4%.Overthelast48years(thatis,sincepresentmanagementtookover),bookvaluehasgrownfrom$19to$114,214,arateof19.7%compoundedannually.*2012年，伯克希尔为股东实现了241亿美元的回报。我们花了13亿美元回购股票，因此公司净值今年增长了228亿。A级和B级股票的每股账面价值增长了14.4%。过去的48年（即从现任的管理层接受以来），每股账面价值从19美元增长到了114,214美元，复合增长率19.7%。①AnumberofgoodthingshappenedatBerkshirelastyear,butlet’sfirstgetthebadnewsoutoftheway.去年伯克希尔有一些好消息，但我们还是先从坏消息说起吧。WhenthepartnershipIrantookcontrolofBerkshirein1965,Icouldneverhavedreamedthatayearinwhichwehadagainof$24.1billionwouldbesubpar,intermsofthecomparisonwepresentonthefacingpage.1965年我运作的合伙公司接手伯克希尔以来，我从来没有想过，一个回报241亿美元的年份相对业绩居然是低于平均水平的，请参见第一页的业绩比较。Butsubparitwas.Fortheninthtimein48years,Berkshire’spercentageincreaseinbookvaluewaslessthantheS&P’spercentagegain(acalculationthatincludesdividendsaswellaspriceappreciation).Ineightofthosenineyears,itshouldbenoted,theS&Phadagainof15%ormore.Wedobetterwhenthewindisinourface.但去年的业绩的确低于平均水平。这是48年来第9次伯克希尔的业绩落后于标普500指数的回报（计算包括的分红和股价上升）。需要强调的是，另外的8次落后中，标普500指数增长都超过15%。我们在逆境里干的要好一些。Todate,we’veneverhadafive-yearperiodofunderperformance,havingmanaged43timestosurpasstheS&Poversuchastretch.(Therecordisonpage103.)ButtheS&Phasnowhadgainsineachofthelastfouryears,outpacingusoverthatperiod.Ifthemarketcontinuestoadvancein2013,ourstreakoffive-yearwinswillend.迄今为止，我们从来没有在按5年衡量的业绩上落后于标普，已经实现了43连胜（记录参见103页）。但是标普指数过去4年连续取得正回