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1、2015 年伯克希尔哈撒韦致股东的信EDITOR编译排版:李季峰)目 录翻译:李季峰、可可老鼠料CONTENT研资Berkshires Performance.vs.theS&P.500.多1伯克希尔与标普 500 指数对比表更投1BERKSHIRE HATHAWAY INC载3伯克希尔哈撒韦公司3To the Shareholders of.Berkshire.Hathaway.Inc.:.下3致伯克希尔哈撒韦公司的股东:,3The Year at Berkshire)4伯克希尔过去一年表现4”Intrinsic Business.Value.ValueFirst112企业内在价值12Ins
2、urance.PDF13保险业13Regulated, Capital-Intensive Businesses.20受监管的资产密集型业务 .(20.24Manufacturing, Service and Retailing Operations制造业,服务业和零售业情况 .股.2427Finance and Financial Products金融和金融产品.资牛27Investments29投资业值2933The Annual Meeting投PDFM股东大会 .价33“.39BERKSHIRE HATHAWAY INC. ACQUISITION CRITERIA伯克希尔哈撒韦收购标准
3、.39Berkshire号Past, Present and Future .41公伯克希尔:过去、现在和未来众.41信In the Beginning .41微一切的开始 .41索Charlie Straightens Me Out .45搜查理理顺了我的思路 .45(Berkshire Today .51伯克希尔的今天 .51The Next 50 Years at Berkshire .62伯克希尔未来 50 年 .62Vice Chairmans Thoughts Past and Future .73副董事长的想法:过去和未来.73Berkshires Performance vs.
4、 the S&P 500伯克希尔与标普 500 指数对比表年份伯克希尔每股账伯克希尔每股市EDITOR标普 500 指数百相对变动)面百分比变动价百分比变动分比变动(2)-(4)料196523.849.510.013.8196620.3(3.4)(11.7)32.0资196711.013.330.9(19.9)研196819.077.811.08.0投196916.219.4(8.4)24.6197012.0(4.6)3.98.1多197116.480.514.6更1.8197221.78.118.92.819734.7(2.5)(14.8)载19.519745.5(48.5)(26.4),下
5、31.9197521.92.5”(15.3)37.2197659.3129.3)35.723.6197731.9ValueFirst139.346.8(7.4)197824.014.56.417.61979PDF18.217.535.7102.5198019.332.832.3(13.0)198131.431.8(5.0)36.4198240.0(38.421.418.6198332.369.022.49.9198413.6股(2.7)6.17.5198548.2牛93.731.616.6198626.114.218.67.5198719.5资4.65.114.41988值投20.159.31
6、6.63.5PDFM1989价44.484.631.712.71990“7.4(23.1)(3.1)10.5号39.635.630.59.11991199220.329.87.612.71993众14.338.910.14.2信公199413.925.01.312.6微199543.157.437.65.5索199631.86.223.08.8搜199734.134.933.40.7(199848.352.228.619.719990.5(19.9)21.0(20.5)20006.526.6(9.1)15.62001(6.2)6.5(11.9)5.7200210.0(3.8)(22.1)32.
7、11200321.015.828.7(7.7)200410.54.310.9(0.4)20056.40.8EDITOR4.91.5200618.424.115.82.6)200711.028.75.55.5料2008(9.6)(31.8)(37.0)27.4资200919.82.726.5(6.7)201013.021.415.1(2.1)研20114.6(4.7)2.12.5投201214.416.816.0(1.6)201318.232.732.4多(14.2)20148.327.013.7更(5.3)复合增长率19.4%21.6%9.9%载1965-2014总汇报751,113%1826163%11,196%,下1964-2014”说明:1965ValueFirst1)年和 1966 年的财年截止日期为 9 月 30 日,1967 年有 15 个月,截止至 12 月 31 日,其他年份财年与日历年相同。1979 年开始会计准则要求