2013年巴菲特致股东的信（中英文对照版）正式版.doc

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1、巴菲特思想网转载请注明 ArKiller 翻译，非常感谢！www.BBerkshires Corporate Performance vs. the S&P 500伯克希尔业绩表现和标普 500 指数对比1977EDITOR31.9(7.4)39.3Annual Percentage ChangeYearin Per-Sharein S&P 500Relative）Book ValuewithResultsofDividends(1)-(2)料BerkshireIncluded资(1)(2)研196523.810.0投13.81966多20.3(11.7)32.0196711.030.9(19

2、.9)196819.011.0载更8.01969下16.2(8.4)24.6197012.0，3.98.1197116.4”14.61.8197221.718.92.81979ValueFirst135.718.217.519734.7）(14.8)19.519745.5(26.4)31.9197521.937.2(15.3)197659.323.635.7197824.06.417.61980股（19.332.3(13.0)1981牛31.4(5.0)36.41982资40.021.418.61983投32.322.49.91984值PDF13.66.17.51 / 45PDFM48.231

3、.61985“价16.6198626.118.67.5198719.55.114.41988号众20.116.63.5198944.431.712.719907.4(3.1)10.51991公39.630.59.1微信199220.37.612.7索199314.310.14.2搜199413.91.312.6（199543.137.65.5199631.823.08.8199734.133.40.7199848.328.619.719990.521.0(20.5)巴菲特思想网转载请注明 ArKiller 翻译，非常感谢！www.B20006.5(9.1)15.62001(6.2)(11.9)

4、5.7numbers are after- tax. If a corporation such as BerkshireEDITORwere simply to have owned the S&P200210.0(22.1)32.1200321.028.7(7.7)）200410.510.9(0.4)20056.44.91.5料资200618.415.82.6200711.05.55.5研2008(9.6)(37.0)27.42009投19.826.5(6.7)201013.015.1(2.1)多2.520114.62.1201214.416.0载更(1.6)Compounded Annu

5、al Gain 1965-2012下19.7%9.4%10.3%Overall Gain 1964-2012586817%7433%，”Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967,15 months ended 12/31. Starting in 1979, accounting rules required insurance companies toValueFirst1value the equity securities they hold

6、 at market rather than at the lower）of cost or market, whichwas previously the requirement. In this table, Berkshires results through 1978 have beenrestated to conform to the changed rules. In all other respects, the results are calculated usingPDFthe numbers originally reported. The S&P 500 numbers

7、 are pre-tax whereas the Berkshire500 and accrued the appropriate taxes, its results would have lagged the S&P 500 in years whenthat index showed a positive return, but would have exceeded the S&P 500 in years when the股index showed a negative return. Over the（years, the tax costs would have caused t

8、he aggregatelag to be substantial.牛投资值PDFM2 / 45价“众号公信微索搜（巴菲特思想网转载请注明 ArKiller 翻译，非常感谢！www.B年份伯克希尔标普 500相对变动1979EDITOR35.718.217.5每股账面指数百分（1）-（2）价值百分比变动（2）比变动（1）资料196523.810.013.8研196620.3(11.7)32.0投196711.030.9(19.9)1968多19.011.08.0196916.2(8.4)24.61970载更12.03.98.11971下16.414.61.8197221.7，18.92.819734.7”(14.8)19.519745.5(26.4)31.9ValueFirst1197521.9）37.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.6198019.332.3(13.0)198131.4(5.0)36.41982股（40.021.418.61983牛32.322.49.91984资13.66.17.51985投48.231.616.6