2005年 华伦·巴菲特 致股东的信-中文.docVIP

波克夏海瑟崴股份有限公司 致股东函 董事长的信 2005 巴菲特致伯克希尔公司股东的信 ? Note: The following table appears in the printed Annual Report on the facing page of the Chairmans Letter 注：以下表格出现在伯克希尔印刷年度报告中董事长致股东的信的封面上。 Berkshire’s Corporate Performance vs. the SP 500 伯克希尔公司与标准普尔500指数业绩比较 ????? ????Annual Percentage Change年度变化百分比 (1)in Per-Share Book Value of Berkshire in (2)SP 500 with Dividends Included (1)-(2)Relative Results Year ?????????????????????????(1)? ????(2) ???(1)-(2) 1965 23.8 ???10.0 ???13.8 1966 20.3?? (11.7) ???32.0 1967 11.0 ??30.9 ????(19.9) 1968 19.0 ??11.0 ?????8.0 1969 16.2 ??(8.4)? ???24.6 1970 12.0 ???3.9 ?????8.1 1971 16.4 ??14.6???? ?1.8 1972 21.7 ??18.9 ?????2.8 1973 4.7? ??(14.8) ???19.5 1974 5.5 ???(26.4)?? ?31.9 1975 21.9 ??37.2 ????(15.3) 1976 59.3? ?23.6???? ?35.7 1977 31.9? ?(7.4)???? ?39.3 1978 24.0 ???6.4????? 17.6 1979 35.7 ??18.2???? ?17.5 1980 19.3 ??32.3???? ?(13.0) 1981 31.4? ?(5.0) ?????36.4 1982 40.0 ??21.4???? ?18.6 1983 32.3? ?22.4????? ?9.9 1984 13.6 ??6.1?????? ?7.5 1985 48.2 ??31.6????? ?16.6 1986 26.1 ??18.6????? ?7.5 1987 19.5 ??5.1 ???????14.4 1988 20.1 ??16.6????? ?3.5 1989 44.4 ??31.7 ??????12.7 1990 7.4 ???(3.1) ??????10.5 1991 39.6 ??30.5????? ?9.1 1992 20.3 ??7.6?????? ?12.7 1993 14.3 ??10.1????? ?4.2 1994 13.9 ??1.3 ???????12.6 1995 43.1 ??37.6????? ?5.5 1996 31.8 ??23.0????? ?8.8 1997 34.1 ??33.4?????? 0 .7 1998 48.3 ??28.6????? ?19.7 1999 0.5 ???21.0????? ?(20.5) 2000 6.5 ???(9.1) ??????15.6 2001 (6.2) ???(11.9)???? ?5.7 2002 10.0 ???(22.1) ?????32.1 2003 21.0 ????28.7 ?????(7.7) 2004 10.5 ????10.9 ?????(0.4) 2005 6.4 ??????4.9 ?????? 1.5 Average Annual Gain — 1965-2005 21.5 10.3 11.2 Overall Gain — 1964-2005 305,134 5,583 年份 年度变化百分比 伯克希尔 每股净资产(1) 包括红利在内的 标准普尔500指数(2) 相对业绩 (1)-(2) 1965 23.80 10.00 13.80 1966 20.30 -11.70 32.00 1967 11.00 30.90 -19.90 1968 19.00 11.00 8.00 1969 16.20 -8.40 24.60 1970 12.00 3.90 8.10 1971 16.40 14.60 1.80 1972 21.70 18.90 2.80 1973 4.70 -14.80 19.50 19