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波克夏海瑟崴股份有限公司
Note: The following table appears in the printed Annual Report on the
facing page of the Chairman's Letter and is referred to in that letter.
附註：下表係董事長致股東信的參考資料，並載於年度報告的封面。
Berkshire's Corporate Performance vs. the S&P 500
Berkshire vs S&P 500指數的比較表　
Annual Percentage Change
Year
　　　　　　in Per-Share
　in Per-Share
　　　　　　Book value of
　　　　　　Berkshire
　　　　　　　　　　(1)　(1)　　　　
　　　　　　in S&P 500
　in S&P 500
　　　　　　with Dividends
　　　　　　Included
　　　　　　　　　　(2)　(2)　　　　

　　　　　　Relative
　Relative
　　　　　　Results
　　　　(1)-(2)

1965
23.8
10.0　10.
13.8　13.

1966
20.3
(11.7)
32.0　32.

1967
11.0
30.9　30.
(19.9)

1968
19.0
11.0　11.
8.0　8.

1969
16.2
(8.4)
24.6　24.

1970
12.0
3.9　3.
8.1　8.

1971
16.4
14.6　14.
1.8　1.

1972
21.7
18.9　18.
2.8　2.

1973
4.7
(14.8)
19.5　19.

1974
5.5
(26.4)
31.9　31.

1975
21.9
37.2　37.
(15.3)

1976
59.3
23.6　23.
35.7　35.

1977
31.9
(7.4)
39.3　39.

1978
24.0
6.4　6.
17.6　17.

1979
35.7
18.2　18.
17.5　17.

1980
19.3
32.3　32.
(13.0)

1981
31.4
(5.0)
36.4　36.

1982
40.0
21.4　21.
18.6　18.

1983
32.3
22.4　22.
9.9　9.

1984
13.6
6.1　6.
7.5　7.

1985
48.2
31.6　31.
16.6　16.

1986
26.1
18.6　18.
7.5　7.

1987
19.5
5.1　5.
14.4　14.

1988
20.1
16.6　16.
3.5　3.

1989
44.4
31.7　31.
12.7　12.

1990
7.4
(3.1)
10.5　10.

1991
39.6
30.5　30.
9.1　9.

1992
20.3
7.6　7.
12.7　12.

1993
14.3
10.1　10.
4.2　4.

1994
13.9
1.3　1.
12.6　12.

1995
43.1
37.6　37.
5.5　5.

1996
31.8
23.0　23.
8.8　8.

1997
34.1
33.4　33.
.7　.

1998
48.3
28.6　.
19.7　19.

1999
.5
21.0　21.
(20.5)

2000
6.5
(9.1)
15.6　15.　

Average Annual Gain - 1965-2000
23.6%
11.8%　11.8
11.8%　11.8

Overall Gain - 1964-2000
207,821%
5,383%　5,383
202,438%　202,438

Notes:

Data are for calendar years with these exceptions: 1965 and 1966, year ended
9/30;
1967, 15 months ended 12/31.
資料以歷年制為準，除了1965年及1966年係至9/30;1967年則為至12/31的15個月。
Starting in 1979, accounting rules required insurance companies to value the
equity
securities they hold at market rather than at the lower of cost or market,
which was
previously the requirement. In this table, Berkshire's results through 1978
have been
restated to conform to the changed rules. In all other respects, the results
are calculated
using the numbers originally reported.
從1979年開始，會計原則規定保險公司持有的股權投資必須採用市價法取代原先的成本
與市價孰低法，在本表中，1978年以前的資料已依照該原則重新調整，除此之外，其他
的數字皆依照原則的結果未作更動。
The S&P 500 numbers are pre-tax whereas the Berkshire numbers are after-tax.
If a
corporation such as Berkshire were simply to have owned the S&P 500 and
accrued the appropriate taxes, its results would have lagged the S&P 500 in
years when that index showed a positive return, but would have exceeded the
S&P in years when the index showed a negative return. Over the years, the
tax costs would have caused the aggregate lag to be substantial.
S&P 500指數係以稅前為準，而Berkshire的數字則屬於稅後，如果Berkshire直接投資
S&P 500並依此課徵相關稅負，則當S&P 500的報酬為正時，Berkshire的表現將不如
S&P500，相反地若S&P 500的報酬為負時，Berkshire的表現將優於S&P 500，就長期而
言，Berkshire額外承擔的稅負成本將使得中間的差異日益擴大。
BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司
To the Shareholders of Berkshire Hathaway Inc.:
致Berkshire所有股東:
　　　　　Our gain in net worth during 2000 was $3.96 billion, which
increased the per-share book value of both our Class A and Class B
stock by 6.5%. Over the last 36 years (that is, since present management
took over) per-share book value has grown from $19 to $40,442, a gain
of 23.6% compounded annually.*
本公司2000年的淨值增加了39.6億美元，每股A股或B股的帳面淨值成長了
6.5%，累計過去36年以來，也就是自從現有經營階層接手之後，每股淨值由當
初的19元成長到現在的40,442美元，年複合成長率約為23.6%*。
*　*　　　　　All figures used in this report apply to Berhire's A shares,
the successor to the only stock that the company had outstanding before
1996. The B shares have an economic interest equal to 1/30th that of the A.
*1在年報中所謂的每股數字係以A級普通股約當數為基礎，這是本公司在1996年以前流
通在

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