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1、BERKSHIREHATHAWAYINC.SHAREHOLDERLETTERSCHAIRMAN’SLETTERS1991TotheShareholdersofBerkshireHathawayInc.:Ourgaininnetworthduring1991was$2.1billion,or39.6%.Overthelast27years(thatis,sincepresentmanagementtookover)ourper-sharebookvaluehasgrownfrom$19to$6,437,oratarateof23.7%compoundeda
2、nnually.Thesizeofourequitycapital-whichnowtotals$7.4billion-makesitcertainthatwecannotmaintainourpastrateofgainor,forthatmatter,comeclosetodoingso.AsBerkshiregrows,theuniverseofopportunitiesthatcansignificantlyinfluencethecompany'sperformanceconstantlyshrinks.Whenwewereworkingwit
3、hcapitalof$20million,anideaorbusinessproducing$1millionofprofitaddedfivepercentagepointstoourreturnfortheyear.Nowweneeda$370millionidea(i.e.,onecontributingover$550millionofpre-taxprofit)toachievethesameresult.Andtherearemanymorewaystomake$1millionthantomake$370million.CharlieMun
4、ger,Berkshire'sViceChairman,andIhavesetagoalofattaininga15%averageannualincreaseinBerkshire'sintrinsicvalue.Ifourgrowthinbookvalueistokeepupwitha15%pace,wemustearn$22billionduringthenextdecade.Wishusluck-we'llneedit.Ouroutsizedgaininbookvaluein1991resultedfromaphenomenonnotapttob
5、erepeated:adramaticriseintheprice-earningsratiosofCoca-ColaandGillette.Thesetwostocksaccountedfornearly$1.6billionofour$2.1billiongrowthinnetworthlastyear.WhenweloadeduponCokethreeyearsago,Berkshire'snetworthwas$3.4billion;nowourCokestockaloneisworthmorethanthat.Coca-ColaandGille
6、ttearetwoofthebestcompaniesintheworldandweexpecttheirearningstogrowatheftyratesintheyearsahead.Overtime,also,thevalueofourholdingsinthesestocksshouldgrowinroughproportion.Lastyear,however,thevaluationsofthesetwocompaniesrosefarfasterthantheirearnings.Ineffect,wegotadouble-dipbene
7、fit,deliveredpartlybytheexcellentearningsgrowthandevenmoresobythemarket'sreappraisalofthesestocks.Webelievethisreappraisalwaswarranted.Butitcan'trecurannually:We'llhavetosettleforasingledipinthefuture.ASecondJobIn1989whenI-ahappyconsumeroffivecansofCherryCokedaily-announcedourpur
8、chaseof$1billionworthofCoca-Colastock,Id
