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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