巴菲特致伯克希尔股东的信（英文27页全文）

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)CompoundedAnnualGain–1965-2010.......................20.2%9.4%10.8OverallGain–1964-2010..................................490,409%6,262%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-sharebookvalueofbothourClassAandClassBstockincreasedby13%in2010.Overthelast46years(thatis,sincepresentmanagementtookover),bookvaluehasgrownfrom$19to$95,453,arateof20.2%compoundedannually.*Thehighlightof2010wasouracquisitionofBurlingtonNorthernSantaFe,apurchasethat’sworkingoutevenbetterthanIexpected.ItnowappearsthatowningthisrailroadwillincreaseBerkshire’s“normal”earningpowerbynearly40%pre-taxandbywellover30%after-tax.Makingthispurchaseincreasedoursharecountby6%andused$22billionofcash.Sincewe’vequicklyreplenishedthecash,theeconomicsofthistransactionhaveturnedoutverywell.A“normalyear,”ofcourse,isnotsomethingthateitherCharlieMunger,ViceChairmanofBerkshireandmypartner,orIcandefinewithanythinglikeprecision.Butforthepurposeofestimatingourcurrentearningpower,we