巴菲特致股东的信2005年（原文中英对照）

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 Results

Year (1) (2) (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

1982 .................................................. 40.0

1983 .................................................. 32.3

1984 .................................................. 13.6

1985 .................................................. 48.2

1986 .................................................. 26.1

1987 .................................................. 19.5

1988 .................................................. 20.1

1989 .................................................. 44.4

1990 .................................................. 7.4

1991 .................................................. 39.6

1992 .................................................. 20.3

1993 .................................................. 14.3

1994 .................................................. 13.9

1995 .................................................. 43.1

1996 .................................................. 31.8

1997 .................................................. 34.1

(5.0) 36.4 21.4 18.6 22.4 9.9 6.1 7.5 31.6 16.6 18.6 7.5 5.1 14.4 16.6 3.5 31.7 12.7 (3.1) 10.5 30.5 9.1 7.6 12.7 10.1 4.2 1.3 12.6 37.6 5.5 23.0 8.8 33.4 0 .7 1998 .................................................. 48.3 28.6 19.7

1999 .................................................. 0.5 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

2004 .................................................. 10.5 10.9

2005 .................................................. 6.4 4.9 1.5

Average Annual Gain — 1965-2005 21.5 10.3 11.2

Overall 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

(7.7) (0.4) 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