巴菲特致股东的信XXXX年(原文中英对照).docx

欢迎阅读本文档，希望本文档能对您有所帮助!巴菲特致伯克希尔公司股东的信 Note: The following table appears in the printed Annual Report on the facing page of the Chairman's Letter注：以下表格出现在伯克希尔印刷年度报告中董事长致股东的信的封面上Berkshire’s Corporate Performance vs. the S&P 500伯克希尔公司与标准普尔500指数业绩比较 Annual Percentage Change年度变化百分比(1)in Per-Share Book Value of Berkshire in (2)S&P 500 with Dividends Included (1)-(2)Relative ResultsYear (1) (2) (1)-(2)1965 .................................................. 23.8 10.0 13.81966 .................................................. 20.3 (11.7) 32.01967 .................................................. 11.0 30.9 (19.9)1968 .................................................. 19.0 11.0 8.01969 .................................................. 16.2 (8.4) 24.61970 .................................................. 12.0 3.9 8.11971 .................................................. 16.4 14.6 1.81972 .................................................. 21.7 18.9 2.81973 .................................................. 4.7 (14.8) 19.51974 .................................................. 5.5 (26.4) 31.91975 .................................................. 21.9 37.2 (15.3)1976 .................................................. 59.3 23.6 35.71977 .................................................. 31.9 (7.4) 39.31978 .................................................. 24.0 6.4 17.61979 .................................................. 35.7 18.2 17.51980 .................................................. 19.3 32.3 (13.0)1981 .................................................. 31.4 (5.0) 36.41982 .................................................. 40.0 21.4 18.61983 .................................................. 32.3 22.4 9.91984 .................................................. 13.6 6.1 7.51985 .................................................. 48.2 31.6 16.61986 .................................................. 26.1 18.6 7.51987 .................................................. 19.5 5.1 14.41988 .................................................. 20.1 16.6 3.51989 .................................................. 44.4 31.7 12.71990 .................................................. 7.4 (3.1) 10.51991 .................................................. 39.6 30.5 9.11992 .................................................. 20.3 7.6 12.71993 .................................................. 14.3 10.1 4.21994 .................................................. 13.9 1.3 12.61995 .................................................. 43.1 37.6 5.51996 .................................................. 31.8 23.0 8.81997 .................................................. 34.1 33.4 0 .71998 .................................................. 48.3 28.6 19.71999 .................................................. 0.5 21.0 (20.5)2000 .................................................. 6.5 (9.1) 15.62001 .................................................. (6.2) (11.9) 5.72002 .................................................. 10.0 (22.1) 32.12003 .................................................. 21.0 28.7 (7.7)2004 .................................................. 10.5 10.9 (0.4)2005 .................................................. 6.4 4.9 1.5Average Annual Gain — 1965-2005 21.5 10.3 11.2Overall Gain — 1964-2005 305,134 5,583年份 年度变化百分比 伯克希尔每股净资产(1) 包括红利在内的标准普尔500指数(2) 相对业绩(1)-(2) 1965 23.80 10.00 13.80 1966 20.30 -11.70 32.00 1967 11.00 30.90 -19.90 1968 19.00 11.00 8.00 1969 16.20 -8.40 24.60 1970 12.00 3.90 8.10 1971 16.40 14.60 1.80 1972 21.70 18.90 2.80 1973 4.70 -14.80 19.50 1974 5.50 -26.40 31.90 1975 21.90 37.20 -15.30 1976 59.30 23.60 35.70 1977 31.90 -7.40 39.30 1978 24.00 6.40 17.60 1979 35.70 18.20 17.50 1980 19.30 32.30 -13.00 1981 31.40 -5.00 36.40 1982 40.00 21.40 18.60 1983 32.30 22.40 9.90 1984 13.60 6.10 7.50 1985 48.20 31.60 16.60 1986 26.10 18.60 7.50 1987 19.50 5.10 14.40 1988 20.10 16.60 3.50 1989 44.40 31.70 12.70 1990 7.40 -3.10 10.50 1991 39.60 30.50 9.10 1992 20.30 7.60 12.70 1993 14.30 10.10 4.20 1994 13.90 1.30 12.6。