2015年巴菲特致股东的信【双语版】正式版.doc

2015 年伯克希尔·哈撒韦致股东的信EDITOR编译排版：李季峰）目 录翻译：李季峰、可可老鼠料CONTENT研资Berkshires Performance.vs.theS&P.500.多1伯克希尔与标普 500 指数对比表更投1BERKSHIRE HATHAWAY INC载3伯克希尔·哈撒韦公司3To the Shareholders of.Berkshire.Hathaway.Inc.:.下3致伯克希尔哈撒韦公司的股东：，3The Year at Berkshire）4伯克希尔过去一年表现4”Intrinsic Business.Value.ValueFirst112企业内在价值12Insurance.PDF13保险业13Regulated, Capital-Intensive Businesses.20受监管的资产密集型业务 .（20.24Manufacturing, Service and Retailing Operations制造业，服务业和零售业情况 .股.2427Finance and Financial Products金融和金融产品.资牛27Investments29投资业值2933The Annual Meeting投PDFM股东大会 .价33“.39BERKSHIRE HATHAWAY INC. ACQUISITION CRITERIA伯克希尔哈撒韦收购标准.39Berkshire号Past, Present and Future .41公伯克希尔：过去、现在和未来众.41信In the Beginning .41微一切的开始 .41索Charlie Straightens Me Out .45搜查理理顺了我的思路 .45（Berkshire Today .51伯克希尔的今天 .51The Next 50 Years at Berkshire .62伯克希尔未来 50 年 .62Vice Chairmans Thoughts Past and Future .73副董事长的想法:过去和未来.73Berkshires Performance vs. the S&P 500伯克希尔与标普 500 指数对比表年份伯克希尔每股账伯克希尔每股市EDITOR标普 500 指数百相对变动）面百分比变动价百分比变动分比变动(2)-(4)料196523.849.510.013.8196620.3(3.4)(11.7)32.0资196711.013.330.9(19.9)研196819.077.811.08.0投196916.219.4(8.4)24.6197012.0(4.6)3.98.1多197116.480.514.6更1.8197221.78.118.92.819734.7(2.5)(14.8)载19.519745.5(48.5)(26.4)，下31.9197521.92.5”(15.3)37.2197659.3129.3）35.723.6197731.9ValueFirst139.346.8(7.4)197824.014.56.417.61979PDF18.217.535.7102.5198019.332.832.3(13.0)198131.431.8(5.0)36.4198240.0（38.421.418.6198332.369.022.49.9198413.6股(2.7)6.17.5198548.2牛93.731.616.6198626.114.218.67.5198719.5资4.65.114.41988值投20.159.316.63.5PDFM1989价44.484.631.712.71990“7.4(23.1)(3.1)10.5号39.635.630.59.11991199220.329.87.612.71993众14.338.910.14.2信公199413.925.01.312.6微199543.157.437.65.5索199631.86.223.08.8搜199734.134.933.40.7（199848.352.228.619.719990.5(19.9)21.0(20.5)20006.526.6(9.1)15.62001(6.2)6.5(11.9)5.7200210.0(3.8)(22.1)32.11200321.015.828.7(7.7)200410.54.310.9(0.4)20056.40.8EDITOR4.91.5200618.424.115.82.6）200711.028.75.55.5料2008(9.6)(31.8)(37.0)27.4资200919.82.726.5(6.7)201013.021.415.1(2.1)研20114.6(4.7)2.12.5投201214.416.816.0(1.6)201318.232.732.4多(14.2)20148.327.013.7更(5.3)复合增长率19.4%21.6%9.9%载1965-2014总汇报751,113%1826163%11,196%，下1964-2014”说明：1965ValueFirst1）年和 1966 年的财年截止日期为 9 月 30 日，1967 年有 15 个月，截止至 12 月 31 日，其他年份财年与日历年相同。1979 年开始会计准则要求