麥克風的求生手冊

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.*

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

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

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

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