伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 1998年年度报告「NYSE」.pdf

1、BERKSHIRE HATHAWAY INC.1998 ANNUAL REPORTTABLE OF CONTENTSBusiness Activities.Inside Front CoverCorporate Performance vs.the S&P 500.2Chairmans Letter*.3Selected Financial Data For ThePast Five Years.20Acquisition Criteria.21Independent Auditors Report.21Consolidated Financial Statements.22Managemen

2、ts Discussion.42Shareholder-Designated Contributions.54Owners Manual.56Combined Financial Statements Unaudited for Berkshire Business Groups.65Common Stock Data.72Directors and Officers of the Company.Inside Back Cover*Copyright 1999 By Warren E.BuffettAll Rights ReservedBusiness ActivitiesBerkshire

3、 Hathaway Inc.is a holding company owning subsidiaries engaged ina number of diverse business activities.The most important of these is the propertyand casualty insurance business conducted on both a direct and reinsurance basisthrough a number of subsidiaries.Included in this group of subsidiaries

4、is GEICOCorporation,the sixth largest auto insurer in the United States and General ReCorporation,one of the four largest reinsurers in the world.Investment portfolios of insurance subsidiaries include meaningful equityownership percentages of other publicly traded companies.Investments in excess of

5、5%of the investees outstanding capital stock at the end of 1998 include approximately11%of the outstanding capital stock of American Express Company,approximately8%of the capital stock of The Coca-Cola Company,approximately 9%of the capitalstock of Federal Home Loan Mortgage Corporation(Freddie Mac)

6、,approximately8%of the capital stock of The Gillette Company,and approximately 17%of thecapital stock of The Washington Post Company.Much information about thesepublicly-owned companies is available,including information released from time totime by the companies themselves.Other business activities