PDF《Research Center for Buffettism》

巴菲特思想研究中心Research Center for Buffettism http://www.

buffettism.com 第1页共56 页buffettism@126.com Warren Buffett'

s Letters To Berkshire Shareholders

2004 巴菲特致股东的信

2004 年巴菲特思想研究中心Research Center for Buffettism http://www.buffettism.com 第2页共56 页buffettism@126.com Note: The following table appears in the printed Annual Report on the facing page of theChairman'

s Letter and is referred to in that letter. 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. Berkshire'

s Corporate Performance vs. the S&

P

500 Annual Percentage Change Year in Per-Share Book Value of Berkshire (1) in S&

P

500 with Dividends Included (2) Relative Results (1)-(2)

1965 23.8 10.0 13.8

1966 20.3 (11.7) 32.0

1967 11.0 30.9 (19.9)

1968 19.0 11.0 8.0

1969 16.2 (8.4) 24.6

1970 12.0 3.9 8.1

1971 16.4 14.6 1.8

1972 21.7 18.9 2.8

1973 4.7 (14.8) 19.5

1974 5.5 (26.4) 31.9

1975 21.9 37.2 (15.3)

1976 59.3 23.6 35.7

1977 31.9 (7.4) 39.3

1978 24.0 6.4 17.6

1979 35.7 18.2 17.5

1980 19.3 32.3 (13.0)

1981 31.4 (5.0) 36.4

1982 40.0 21.4 18.6

1983 32.3 22.4 9.9

1984 13.6 6.1 7.5

1985 48.2 31.6 16.6

1986 26.1 18.6 7.5

1987 19.5 5.1 14.4

1988 20.1 16.6 3.5

1989 44.4 31.7 12.7

1990 7.4 (3.1) 10.5

1991 39.6 30.5 9.1

1992 20.3 7.6 12.7

1993 14.3 10.1 4.2

1994 13.9 1.3 12.6

1995 43.1 37.6 5.5

1996 31.8 23.0 8.8

1997 34.1 33.4 .7

1998 48.3 28.6 19.7

1999 .5 21.0 (20.5)

2000 6.5 (9.1) 15.6

2001 (6.2) (11.9) 5.7

2002 10.0 (22.1) 32.1

2003 21.0 28.7 (7.7)

2004 10.5 10.9 (.4) Average Annual Gain ― 1965-2004 21.9 10.4 11.5 Overall Gain ― 1964-2004 286,865 5,318 Notes: Data are for calendar years with these exceptions:

1965 and 1966, year ended 9/30;

1967,

15 months ended 12/31. 巴菲特思想研究中心Research Center for Buffettism http://www.buffettism.com 第3页共56 页buffettism@126.com 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. Starting in 1979, accounting rules required insurance companies to value the equity securities they hold at market rather than at the lower of cost or market, which was previously the requirement. In this table, Berkshire'

s results through

1978 have been restated to conform to the changed rules. In all other respects, the results are calculated using the numbers originally reported. 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. The S&

P

500 numbers are pre-tax whereas the Berkshire numbers are after-tax. If a corporation such as Berkshire were simply to have owned the S&

P

500 and accrued the appropriate taxes, its results would have lagged the S&

P

500 in years when that index showed a positive return, but would have exceeded the S&

P in years when the index showed a negative return. Over the years, the tax costs would have caused the aggregate lag to be substantial. S&

P

500 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&

P

500 并依此课征相关税负,则当 S&

P

500 的报酬为正时,Berkshire 的表现将不 如S&

P 500,相反地若 S&

P

500 的报酬为负时,Berkshire 的表现将优于 S&