致伯克希爾•哈撒韋公司的全體股東:

2009年,公司淨利潤為218億美元,每股賬面價值增長了19.8%。也就是說,自從現任管理層接手公司之後,45年來,每股賬面價值從19美元增長到84,487美元,年復合增長率為20.3%。

我們當前的股東人數大約為500,000名,而最近伯克希爾收購伯林頓北方公司的行為,至少又增加了65000名股東。對我和我長期合作夥伴查理•芒格來說,更重要的是,我們的所有者認同伯克希爾的業務、目標、約束和文化。因此,在每篇報告裡,我們都重述了引導我們的經濟原則。我強烈建議特別是新股東,要認真閱讀這些原則。歷年來伯克希爾一直恪守這些原則,而且將來我離開後也會繼續遵守下去。

此外,在股東信中,我們將再次審查下基本業務,希望能給伯林頓北方公司新來者提供新生定位培訓,同時對伯克希爾老員工提供一次培訓。

如何計算

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BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司


To the Shareholders of Berkshire Hathaway Inc.:

致Berkshire公司全體股東:


Our gain in net worth during 2003 was $13.6 billion, which increased the per-share book value of both our Class A and Class B stock by 21%. Over the last 39 years (that is, since present management took over) per-share book value has grown from $19 to $50,498, a rate of 22.2% compounded annually.*

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BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司


To the Shareholders of Berkshire Hathaway Inc.:
致Berkshire公司全體股東:


Our gain in net worth during 2002 was $6.1 billion, which increased the
per-share book value of both our Class A and Class B stock by 10.0%. Over

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BERKSHIRE HATHAWAY INC.
波克夏海瑟崴股份有限公司

To the Shareholders of Berkshire Hathaway Inc.:
致Berkshire公司全體股東:

Berkshire’s loss in net worth during 2001 was $3.77 billion, which
decreased the per-share book value of both our Class A and Class B
stock by 6.2%. Over the last 37 years (that is, since present management
took over) per-share book value has grown from $19 to $37,920, a rate

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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

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BERKSHIRE HATHAWAY INC.

波克夏海瑟崴股份有限公司


To the Shareholders of Berkshire Hathaway Inc.:

致所有股東:

Our gain in net worth during 1999 was $358 million, which increased

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