巴菲特致股东的信-XXXX年

巴菲特致股东函2000年版BERKSHIREHATHAWAYINC.波克夏海瑟崴股份有限公司Note:ThefollowingtableappearsintheprintedAnnualReportonthefacingpageoftheChairman'sLetterandisreferredtointhatletter.附注：下表系董事长致股东信的参考资料，并载于年度报告的封面。指数的比较表AnnualPercentageChangeYearinPer-ShareinPer-ShareBookValueofBerkshire(1)(1)inS&P500inS&P500withDividendsIncluded(2)(2)RelativeRelativeResults(1)-(2)196523.810.010.13.813.196620.3(11.7)32.032.196711.030.930.(19.9)196819.011.011.8.08.196916.2(8.4)24.624.197012.03.93.8.18.197116.414.614.1.81.197221.718.918.2.82.19734.7(14.8)19.519.19745.5(26.4)31.931.197521.937.237.(15.3)197659.323.623.35.735.197731.9(7.4)39.339.197824.06.46.17.617.197935.718.218.17.517.198019.332.332.(13.0)198131.4(5.0)36.436.198240.021.421.18.618.198332.322.422.9.99.198413.66.16.7.57.198548.231.631.16.616.198626.118.618.7.57.198719.55.15.14.414.198820.116.616.3.53.198944.431.731.12.712.19907.4(3.1)10.510.199139.630.530.9.19.199220.37.67.12.712.199314.310.110.4.24.199413.91.31.12.612.199543.137.637.5.55.199631.823.023.8.88.199734.133.433..7.199848.328.6.19.719.1999.521.021.(20.5)20006.5(9.1)15.615.AverageAnnualGain-1965-200023.6%11.8%11.811.8%11.8OverallGain-1964-2000207,821%5,383%5,383202,438%202,438:1965and1966,yearended9/30;1967,15monthsended12/31.资料以历年制为准，除了1965年及1966年系至9/30;1967年则为至12/31的15个月。Startingin1979,accountingrulesrequiredinsurancecompaniestovaluetheequitysecuritiestheyholdatmarketratherthanatthelowerofcostormarket,whichwaspreviouslytherequirement.Inthistable,Berkshire'sresultsthrough1978havebeenrestatedtoconformtothechangedrules.Inallotherrespects,theresultsarecalculatedusingthenumbersoriginallyreported.从1979年开始，会计原则规定保险公司持有的股权投资必须采用市价法取代原先的成本与市价孰低法，在本表中，1978年以前的资料已依照该原则重新调整，除此之外，其它的数字皆依照原则的结果未作更动。TheS&P500numbersarepre-taxwhereastheBerkshirenumbersareafter-tax.IfacorporationsuchasBerkshireweresimplytohaveownedtheS&P500andaccruedtheappropriatetaxes,itsresultswouldhavelaggedtheS&P500inyearswhenthatindexshowedapositivereturn,butwouldhaveexceededtheS&Pinyearswhentheindexshowedanegativereturn.Overtheyears,thetaxcostswouldhavecausedtheaggregatelagtobesubstantial.S&P500指数系以税前为准，而Berkshire的数字则属于税后，如果Berkshire直接投资S&P500并依此课征相关税负，则当S&P500的报酬为正时，Berkshire的表现将不如S&P500，相反地若S&P500的报酬为负时，Berkshire的表现将优于S&P500，就长期而言，Berkshire额外承担的税负成本将使得中间的差异日益扩大。TotheShareholdersofBerkshireHathawayInc.:致Berkshire所有股东:Ourgaininnetworthduring2000was$3.96billion,whichincreasedtheper-sharebookvalueofbothourClassAandClassBstockby6.5%.Overthelast36years(thatis,sincepresentmanagementtookover)per-sharebookvaluehasgrownfrom$19to$40,442,againof23.6%compoundedannually.*本公司2000年的净值增加了39.6亿美元，每股A股或B股的帐面净值成长了6.5%，累计过去36年以来，也就是自从现有经营阶层接手之后，每股净值由当初的19元成长到现在的40,442美元，年复合成长率约为23.6%*。页**AllfiguresusedinthisreportapplytoBerhire'sAshares,thesuccessortotheonlystockthatthecompanyhadoutstandingbefore1996.TheBshareshaveaneconomicinterestequalto1/30ththatoftheA.*1在年报中所谓的每股数字系以A级普通股约当数为基础，这是本公司在1996年以前流通在外唯一的一种股份，B级普通股则拥有A级普通股三十分之一的权利。Overall,wehadadecentyear,ourbook-valuegainhavingoutpacedtheperformanceoftheS&P500.And,thoughthisjudgmentisnecessarilysubjective,webelieveBerkshire’sgaininper-shareintrinsicvaluemoderatelyexceededitsgaininbookvalue.(Intrinsicvalue,aswellasotherkeyinvestmentandaccountingtermsandconcepts,areexplainedinourOwner’sManualonpages59-66.Intrinsicvalueisdiscussedonpage64.）总的来说，Berkshire去年的表现还算不错，不管是每股净值或价值的表现都超越S&P500指数，虽然这样的说法略显主观，但我们认为Berkshire每股实质价值的成长甚至超过帐面价值的成长，(不管是投资学或是会计学，实质价值都是相当关键的一个名词，有关实质价值详细的说明，请参阅股东手册)。Furthermore,wecompletedtwosignificantacquisitionsthatwenegotiatedin1999andinitiatedsixmore.Alltold,thesepurchaseshavecostusabout$8billion,with97%ofthatamountpaidincashand3%instock.Theeightbusinesseswe’veacquiredhaveaggregatesalesofabout$13billionandemploy58,000people.Still,weincurrednodebtinmakingthesepurchases,andoursharesoutstandinghaveincreasedonly1/3of1%.Betteryet,weremainawashinliquidassetsandarebotheagerandreadyforevenlargeracquisitions.去年我们一口气完成八件购并案，其中有两件从1999年就开始谈，这些案子的金额总计高达80亿美元，所有资金完全依靠自有资金支应，没有举债半毛钱，其中97%是以现金支付，其余3%则用股票，所以流通在外股份仅增加0.3个百分点而已，这八家企业的年营业额合计高达130亿美元，雇用员工58,000名，更棒的是目前我们手上的现金依然满满，随时准备再买下更大的公司。Iwilldetailourpurchasesinthenextsectionofthereport.ButIwilltellyounowthatwehaveembracedthe21stcenturybyenteringsuchcutting-edgeindustriesasbrick,carpet,insulationandpaint.Trytocontrolyourexcitement.不要太着急，后面我还会再详细跟各位报告合并案的内容，在这里，我要向各位报告，展望21世纪，我们将大举进军砖块、地毯、隔热品与油漆等实体的尖端产业。Ontheminusside,policyholdergrowthatGEICOslowedtoahaltastheyearprogressed.Ithasbecomemuchmoreexpensivetoobtainnewbusiness.’sworthfromstepped-upadvertisingatGEICOin2000,butIwaswrong.We’llexaminethereasonsl