2014年巴菲特致股东的信+ArKiller翻译+中英对照正式版.doc

转载请注明 ArKiller 翻译，非常感谢！(March 16, 2014, Version I)2014 年巴菲特致股东的信 ArKiller 翻译Berkshires Corporate Performance vs. the S&P 500伯克希尔业绩表现和标普 500 指数对比Annual Percentage Change）料Yearin Per-Share Bookin S&P 500 withRelativeValue of BerkshireDividendsResults (1)-(2)资(1)Included (2)研196523.810.013.8196620.3(11.7)32.0投196711.030.9(19.9)更多8.0196819.011.0196916.2(8.4)载24.6197012.03.98.1197116.414.61.8下197221.7，18.92.819734.7”(14.8)19.519745.5）(26.4)31.9197521.937.2(15.3)197659.323.635.7197731.9(7.4)39.3197824.06.417.6EDITOR197935.718.217.5ValueFirst1198019.332.3(13.0)1981（31.4(5.0)36.41982股40.021.418.61983牛32.322.49.91984资13.66.17.51985投48.231.616.61986值PDF26.118.67.5198719.55.114.41988价20.116.63.5“1989号44.431.712.71990众7.4(3.1)10.5199139.630.59.11992公20.37.612.7199314.310.14.2微信索199413.91.312.6搜199543.137.65.5（199631.823.08.8199734.133.40.7199848.328.619.719990.521.0(20.5)20006.5(9.1)15.6PDFM1 / 48转载请注明 ArKiller 翻译，非常感谢！(March 16, 2014, Version I)2001(6.2)(11.9)5.7200210.0(22.1)32.1EDITOR200321.028.7(7.7)200410.510.9(0.4)）20056.44.91.5料200618.415.82.6资200711.05.55.52008(9.6)(37.0)27.4研200919.826.5(6.7)投201013.015.1(2.1)20114.62.12.5201214.416.0更多(1.6)载201318.232.4(14.2)下ompounded Annual Gain 1965-201319.7%9.8%9.9%Overall Gain 1964-2013693,518%9,841%，”Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31.）Starting in 1979, accounting rules required insurance companies to value the equity securities they hold at market rather thanValueFirst1at the lower of cost or market, which was previously the requireme nt. In this table, Berkshires results through 1978 have beenrestated to conform to the changed rules. In all other respects, the results are calculated using the numbers originally reported.PDFThe S&P 500 numbers are pre-tax whereas the Berkshire numbers are after- tax. If a corporation such as Berkshire were simplyto have owned the S&P 500 and accrued the appropriate taxes, its results would have lagged the S&P 500 in years when thatindex showed a positive return, but would have exceeded the S&P 500 in years when the index showed a negative return. Overthe years, the tax costs would have caused the aggregate lag to be substantial.股（牛资投值PDFM2 / 48价“众号公信微索搜（转载请注明 ArKiller 翻译，非常感谢！(March 16, 2014, Version I)年份伯克希尔每股账面标普 500 指数相对变动价值百分比变动百分比变动（1）-（2）EDITOR（1）（2）196523.810.013.8）196620.3(11.7)32.0料196711.030.9(19.9)资196819.011.08.0研196916.2(8.4)24.6197012.03.98.1投197116.414.61.8197221.718.92.8多更19734.7(14.8)19.519745.5(26.4)载31.9197521.937.2下(15.3)，197659.323.635.7197731.9”(7.4)39.3197824.0）6.417.61985ValueFirst148.231.616.6197935.718.