－－巴菲特
Year in PerShare in PerShare Book Value of Berkshire (1) (1) in S%26amp;P 500 in S%26amp;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.
Overall Gain 19642000 207,821% 5,383% 5,383 202,438% 202,438
Year GEICO General Re OtherReinsurance OtherPrimary Total
1967 20 20
1977 40 131 171
1987 701 807 1,508
1997 2,917 4,014 455 7,386
1998 3,125 14,909 4,305 415 22,754
1999 3,444 15,166 6,285 403 25,298
2000 3,943 15,525 7,805 598 27,871
1993 346,882 2,011,055
1994 384,217 2,147,549
1995 443,539 2,310,037
1996 592,300 2,543,699
1997 868,430 2,949,439
1998 1,249,875 3,562,644
1999 1,648,095 4,328,900
2000 1,472,853 4,696,842
(1) “Voluntary” only; excludes assigned risks and the like.
12/31/00
Shares Company Cost Market
(dollars in millions)
151,610,700 American Express Company $1,470 $ 8,329
200,000,000 The CocaCola Company 1,299 12,188
96,000,000 The Gillette Company 600 3,468
1,727,765 The Washington Post Company 11 1,066
55,071,380 Wells Fargo %26amp; Company 319 3,067
Others 6,703 9,501
Total Common Stocks $10,402 $37,619
====== ======
PreTax Earnings Berkshire’s Shareof Net Earnings(after taxes andminority interests)
2000 1999 2000 1999
Operating Earnings:
Insurance Group:
Underwriting Reinsurance $(1,399) $(1,440) $(899) $(927)
Underwriting GEICO (224) 24 2 (146) 16 1
Underwriting Other Primary 38 3 22 2 24 2 14 1
Net Investment Income 2,747 2,74 2,482 2,48 1,929 1,92 1,764 1,76
Finance and Financial Products Business 556 55 125 12 360 36 86 8
Flight Services 213 21 225 22 126 12 132 13
MidAmerican Energy (76% owned) 197 19 109 10
Retail Operations 175 17 130 13 104 10 77 7
Scott Fetzer (excluding finance operation) 122 12 147 14 80 8 92 9
Other Businesses 225 22 210 21 134 13 131 13
PurchaseAccounting Adjustments (881) (739) (843) (648)
Corporate Interest Expense (92) (109) (61) (70)
ShareholderDesignated Contributions (17) (17) (11) (11)
Other 39 25 30 15
Operating Earnings 1,699 1,69 1,085 1,08 936 93 671 67
Capital Gains from Investments 3,955 1,365 2,392 886
Total Earnings All Entities $5,654 $5,65 $2,450 $2,45 $3,328 $3,32 $1,557 $1,55
==== === ==== === ==== === ==== ===
American Express Company 11.4% $265 $26
The CocaCola Company 8.1% 160 16
Freddie Mac 0.3% 106 10
The Gillette Company 9.1% 51 5
M%26amp;T Bank 7.2% 23 2
The Washington Post Company 18.3% 18 1
Wells Fargo %26amp; Company 3.2% 117
Berkshire’s share of undistributed earnings of major investees 740 74
Hypothetical tax on these undistributed investee earnings(3) (104)
Reported operating earnings of Berkshire 1,779 1,77
Total lookthrough earnings of Berkshire $ 2,415 $ 2,41
===== ====
(1) Does not include shares allocable to minority interests
(2) Calculated on average ownership for the year
(3) The tax rate used is 14%, which is the rate Berkshire pays on most dividends it receives
董事会主席
2001年2月28日
转载自价值杂志
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