巴菲特致股东信2004

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1、世界经理人文库——管理库知识库：http://depot.icxo.com/index.phpWarrenBuffett'sLettersToBerkshireShareholders2004巴菲特致股东函2004Note:ThefollowingtableappearsintheprintedAnnualReportonthefacingpageoftheChairman'sLetterandisreferredtointhatletter.附注：下表系董事长致股东函的参考资料，并载于年度报告的封面。Berkshire’sCorporatePerformancevs.the

2、S&P500RelativeAnnualPercentageChangeResults(1)-(2)YearinPer-ShareBookValueofBerkshire(1)inS&P500withDividendsIncluded(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)31.9197521.93

3、7.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.61世界经理人文库——管理库知识库：http://depot.icxo.com/index.php197935.718.217.5198019.332.3(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)1

4、0.5199139.630.59.1199220.37.612.7199314.310.14.2199413.91.312.6199543.137.65.5199631.823.08.8199734.133.4.7199848.328.619.71999.521.0(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(.4)AverageAnnualGain—1965-200421.910.411.5OverallGain—1964-2004286,865

5、5,3182世界经理人文库——管理库知识库：http://depot.icxo.com/index.phpNotes:Dataareforcalendaryearswiththeseexceptions:1965and1966,yearended9/30;1967,15monthsended12/31.资料以历年制为准，除了1965及1966年系至9/30;1967年则为至12/31的15个月。Startingin1979,accountingrulesrequiredinsurancecompaniestovaluetheequitysecuritiestheyholdat

6、marketratherthanatthelowerofcostormarket,whichwaspreviouslytherequirement.Inthistable,Berkshire’sresultsthrough1978havebeenrestatedtoconformtothechangedrules.Inallotherrespects,theresultsarecalculatedusingthenumbersoriginallyreported.从1979年开始，会计原则规定保险公司持有的股权投资必须采用市价法取代原先的成本与市价孰低法，在本表中，1978年

7、以前的资料已依照该原则重新调整，除此之外，其它的数字皆依照原则的结果未作改动。TheS&P500numbersarepre-taxwhereastheBerkshirenumbersareafter-tax.IfacorporationsuchasBerkshireweresimplytohaveownedtheS&P500andaccruedtheappropriatetaxes,itsresultswouldhavelaggedtheS&P500inyearswhenthatindexshoweda