资源描述：
《巴菲特发布2013年致股东信》由会员上传分享，免费在线阅读，更多相关内容在工程资料-天天文库。
1、BERKSHIREHATHAWAYINC.TotheShareholdersofBerkshireHathawayInc・：In2012,Berkshireachievedatotalgainforitsshareholdersof$24.1billion.Weused$1.3billionofthattorepurchaseourstock,whichleftuswithanincreaseinnetworthof$22.8billionfortheyear-Theper-sharebookvalueof
2、bothourClassAandClassBstockincreasedby14.4%.Overthelast48years(thatis,sincepresentmanagementtookover),bookvaluehasgrownfrom$19to$114,214,arateof19.7%compoundedannually.*(*Allper-sharefiguresusedinthisreportapplytoBerkshire"sAshares.FiguresfortheBsharesarel
3、/1500thofthoseshownforA.)AnumberofgoodthingshappenedatBerkshirelastyear,butlet"sfirstgetthebadnewsoutoftheway.•WhenthepartnershipIrantookcontrolofBerkshirein1965,Icouldneverhavedreamedthatayearinwhichwehadagainof$24.1billionwouldbesubpar,intermsofthecompar
4、isonwepresentonthefacingpage.Butsubparitwas・Fortheninthtimein48years,Berkshire?spercentageincreaseinbookvaluewaslessthantheS&P，spercentagegain(acalculationthatincludesdividendsaswellaspriceappreciation)・Ineightofthosenineyears,itshouldbenoted,theS&Phadagai
5、nof15%ormore.Wedobetterwhenthewindisinourface.Todate,we'veneverhadafive-yearperiodofunderperformanee,havingmanaged43timestosurpasstheS&Poversuchastretch.(Therecordisonpage103.)ButtheS&Phasnowhadgainsineachofthelastfouryears,outpacingusoverthatperiod.Ifthem
6、arketcontinuestoadvancein2013,ourstreakoffive-yearwinswi11end.Onethingofwhichyoucanbecertain:WhateverBerkshire，sresults,mypartnerCharlieMunger,thecompany?sViceChairman,andIwillnotchangeyardsticks.It，sourjobtoincreaseintrinsicbusinessvalue-forwhichweusebook
7、valueasasignificantlyunderstotedproxy-atafasterratethanthemarketgainsoftheS&P.Ifwedoso,Berkshire"sshareprice,thoughunpredictablefromyeartoyear,willitselfoutpacetheS&Povertime.Ifwefail,however,ourmanagementwillbringnovaluetoourinvestors,whothemselvescanearn
8、S&Preturnsbybuyingalow-costindexfund.CharlieandIbelievethegaininBerkshire?sintrinsicvaluewillovertimelikelysurpasstheS&P:returnsbyasmal1margin.We?reconfidentofthatbecausewehavesomeoutstandingbusinesses,acadre
