搜索
转载请注明ArKiller翻译，非常感谢！(March16,2014,VersionI)1/48《2014年巴菲特致股东的信》ArKiller翻译Berkshire’sCorporatePerformancevs.theS&P500伯克希尔业绩表现和标普500指数对比AnnualPercentageChangeYearinPer-ShareBookValueofBerkshire(1)inS&P500withDividendsIncluded(2)RelativeResults(1)-(2)196523.810.013.8196620.3(11.7)32.0196711.030.9(19.9)196819.011.08.0196916.2(8.4)24.6197012.03.98.1197116.414.61.8197221.718.92.819734.7(14.8)19.519745.5(26.4)31.9197521.937.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.6197935.718.217.5198019.332.3(13.0)198131.4(5.0)36.4198240.021.418.6198332.322.49.9198413.66.17.5198548.231.616.6198626.118.67.5198719.55.114.4198820.116.63.5198944.431.712.719907.4(3.1)10.5199139.630.59.1199220.37.612.7199314.310.14.2199413.91.312.6199543.137.65.5199631.823.08.8199734.133.40.7199848.328.619.719990.521.0(20.5)20006.5(9.1)15.6转载请注明ArKiller翻译，非常感谢！(March16,2014,VersionI)2/482001(6.2)(11.9)5.7200210.0(22.1)32.1200321.028.7(7.7)200410.510.9(0.4)20056.44.91.5200618.415.82.6200711.05.55.52008(9.6)(37.0)27.4200919.826.5(6.7)201013.015.1(2.1)20114.62.12.5201214.416.0(1.6)201318.232.4(14.2)ompoundedAnnualGain–1965-201319.7%9.8%9.9%OverallGain–1964-2013693,518%9,841%Notes:Dataareforcalendaryearswiththeseexceptions:1965and1966,yearended9/30;1967,15monthsended12/31.Startingin1979,accountingrulesrequiredinsurancecompaniestovaluetheequitysecuritiestheyholdatmarketratherthanatthelowerofcostormarket,whichwaspreviouslytherequirement.Inthistable,Berkshire’sresultsthrough1978havebeenrestatedtoconformtothechangedrules.Inallotherrespects,theresultsarecalculatedusingthenumbersoriginallyreported.TheS&P500numbersarepre-taxwhereastheBerkshirenumbersareafter-tax.IfacorporationsuchasBerkshireweresimplytohaveownedtheS&P500andaccruedtheappropriatetaxes,itsresultswouldhavelaggedtheS&P500inyearswhenthatindexshowedapositivereturn,butwouldhaveexceededtheS&P500inyearswhentheindexshowedanegativereturn.Overtheyears,thetaxcostswouldhavecausedtheaggregatelagtobesubstantial.转载请注明ArKiller翻译，非常感谢！(March16,2014,VersionI)3/48年份伯克希尔每股账面价值百分比变动（1）标普500指数百分比变动（2）相对变动（1）-（2）196523.810.013.8196620.3(11.7)32.0196711.030.9(19.9)196819.011.08.0196916.2(8.4)24.6197012.03.98.1197116.414.61.8197221.718.92.819734.7(14.8)19.519745.5(26.4)31.9197521.937.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.6197935.718.217.5198019.332.3(13.0)198131.4(5.0)36.4198240.021.418.6198332.322.49.9198413.66.17.5198548.231.616.6198626.118.67.5198719.55.114.4198820.116.63.5198944.431.712.719907.4(3.1)10.5199139.630.59.1199220.37.612.7199314.310.14.2199413.91.312.6199543.137.65.5199631.823.08.8199734.133.40.7199848.328.619.719990.521.0(20.5)20006.5(9.1)15.62001(6.2)(11.9)5.7200210.0(22.1)32.1200321.028.7(7.7)200410.510.9(0.4)20056.44.91.5转载请注明ArKiller翻译，非常感谢！(March16,2014,VersionI)4/48200618.415.82.6200711.05.55.52008(9.6)(37.0)27.4200919.826.5(6.7)201013.015.1(2.1)20114.62.12.5201214.416.0(1.6)201318.232.4(14.2)复合增长率-1965至201219.7%9.8%9.9%总回报-1964至2012693,518%9,814%说明：1965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截止日相同。1979年开始，会计准则要求保险公司以市值计算所持有的权益类证券账面价值，而此前准则要求以市价和历史成本价孰低计量。上表中，伯克希尔1978年前的数据已经追溯调整以符合准则的要求。除此之外，所有结果依据原始数据进行计算。标普500指数的变动是税前收益，而伯克希尔的数据是税后收益。如果一个类似伯克希尔的公司拥有标普500指数的业绩，并缴纳相应税收，在标普500回报为正的年份，其业绩会落后于标普500，在标普500指数为负的年份，其回报会超过标普500指数。多年下来，税收负担将导致总体回报显著落后于指数的变动。（下图为ArKiller根据数据制作添加）(40.0)(20.0)0.020.040.060.080.01965196719691971197319751977197919811983198519871989199119931995199719992001200320052007200920112013BRKBookvaluevs.S&P500(1965-2013)相对变动（1）-（2）伯克希尔每股账面价值百分比变动（1）标普500指数百分比变动（2）转载请注明ArKiller翻译，非常感谢！(March16,2014,VersionI)5/48BERKSHIREHATHAWAYINC.伯克希尔哈撒韦有限公司TotheShareholdersofBerkshireHathawayInc.:致伯克希尔哈撒韦有限公司的股东：Berkshire’sgaininnetworthduring2013was$34.2billion.Thatgainwasafterourdeducting$1.8billionofcharges–meaninglesseconomically,asIwillexplainlater–thatarosefromourpurchaseoftheminorityinterestsinMarmonandIscar.Afterthosecharges,theper-sharebookvalueofbothourClassAandClassBstockincreasedby18.2%.Overthelast49years(thatis,sincepresentmanagementtookover),bookvaluehasgrownfrom$19to$134,973,arateof19.7%compoundedannually.*2013年，伯克希尔的净值增长了342亿美元。这是抵消了18亿美元的账面冲销后的数据，账面冲销源于我们购买Marmon和Iscar的少数股权——这些冲销没有实质上的经济意义，我后面会解释。扣除上述摊销费用后，伯克希尔的A级和B级股票每股账面价值增长了18.2%。过去的49年（即从现任的管理层接手以来），我们的每股账面价值从19美元增长到134,973美元，复合增长率19.7%。①Onthefacingpage,weshowourlong-standingperformancemeasurement:TheyearlychangeinBerkshire’sper-sharebookvalueversusthemarketperformanceoftheS&P500.Whatcounts,ofcourse,ispershareintrinsicvalue.Butthat’sasubjectivefigure,andbookvalueisusefulasaroughtrackingindicator.(AnextendeddiscussionofintrinsicvalueisincludedinourOwner-RelatedBusinessPrinciplesonpages103-108.Thoseprincipleshavebeenincludedinourreportsfor30years,andweurgenewandprospectiveshareholderstoreadthem.)封面上是我们的业绩衡量标准：每年伯克希尔每股账面价值的变动和标普500指数的比较。当然真正有意义的是每股内在价值。但内资价值是一个主观的数字，每股账面价值则是内在价值一个有用的参考。（关于内在价值，更详细的讨论请参考我们的股东手册103-108页。30多年来，这些原则一直印在我们的股东手册上，我们希望新加入的以及有兴趣成为股东的投资者都阅读这部分内容。）AsI’velongtoldyou,Berkshire’sintrinsicvaluefarexceedsitsbookvalue.Moreover,thedifferencehaswidenedconsiderablyinrecentyears.That’sw