伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 2014年年度报告「NYSE」.pdf

1、BERKSHIREHATHAWAYINC.2014ANNUAL REPORTBERKSHIRE HATHAWAY INC.2014 ANNUAL REPORTTABLE OF CONTENTSBerkshires Performance vs.the S&P 500.2Chairmans Letter*.3Acquisition Criteria.23Berkshire Past,Present and Future*.24Vice Chairmans Thoughts Past and Future.39Business Activities.45Selected Financial Dat

2、a for the Past Five Years.46Managements Report on Internal Control Over Financial Reporting.46Report of Independent Registered Public Accounting Firm.47Consolidated Financial Statements.48Managements Discussion.86Owners Manual.117Intrinsic Value.123Common Stock Data.124Operating Companies.125Real Es

3、tate Brokerage Businesses.126Daily Newspapers.127Purchase Agreement for National Indemnity and National Fire&Marine.1281964 Annual Report.130Directors and Officers of the Company.Inside Back Cover*Copyright2015 By Warren E.BuffettAll Rights ReservedBerkshires Performance vs.the S&P 500Annual Percent

4、age ChangeYearin Per-ShareBook Value ofBerkshirein Per-ShareMarket Value ofBerkshirein S&P 500with DividendsIncluded1965.23.849.510.01966.20.3(3.4)(11.7)1967.11.013.330.91968.19.077.811.01969.16.219.4(8.4)1970.12.0(4.6)3.91971.16.480.514.61972.21.78.118.91973.4.7(2.5)(14.8)1974.5.5(48.7)(26.4)1975.2

5、1.92.537.21976.59.3129.323.61977.31.946.8(7.4)1978.24.014.56.41979.35.7102.518.21980.19.332.832.31981.31.431.8(5.0)1982.40.038.421.41983.32.369.022.41984.13.6(2.7)6.11985.48.293.731.61986.26.114.218.61987.19.54.65.11988.20.159.316.61989.44.484.631.71990.7.4(23.1)(3.1)1991.39.635.630.51992.20.329.87.

6、61993.14.338.910.11994.13.925.01.31995.43.157.437.61996.31.86.223.01997.34.134.933.41998.48.352.228.61999.0.5(19.9)21.02000.6.526.6(9.1)2001.(6.2)6.5(11.9)2002.10.0(3.8)(22.1)2003.21.015.828.72004.10.54.310.92005.6.40.84.92006.18.424.115.82007.11.028.75.52008.(9.6)(31.8)(37.0)2009.19.82.726.52010.13