伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 2015年年度报告「NYSE」.pdf

1、BERKSHIREHATHAWAYINC.2015ANNUAL REPORTBERKSHIRE HATHAWAY INC.2015 ANNUAL REPORTTABLE OF CONTENTSBerkshires Performance vs.the S&P 500.2Chairmans Letter*.3Acquisition Criteria.32Business Activities.33Selected Financial Data for the Past Five Years.34Managements Report on Internal Control Over Financi

2、al Reporting.34Report of Independent Registered Public Accounting Firm.35Consolidated Financial Statements.36Managements Discussion.75Owners Manual.107Intrinsic Value.113Common Stock Data.114Operating Companies.115Automobile Dealerships.116Real Estate Brokerage Businesses.117Daily Newspapers.118Clay

3、tons Lender Choice Form.119Directors and Officers of the Company.Inside Back Cover*Copyright2016 By Warren E.BuffettAll Rights ReservedBerkshires Performance vs.the S&P 500Annual Percentage ChangeYearin Per-ShareBook Value ofBerkshirein Per-ShareMarket Value ofBerkshirein S&P 500with DividendsInclud

4、ed1965.23.849.510.01966.20.3(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)1975.21.92.537.21976.59.3129.323.61977.31.946.8(7.4)1978.24.014.56.41979.35.7102.518.21980.19.332.832.31981.31.431.8(5.0

5、)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)1991.39.635.630.51992.20.329.87.61993.14.338.910.11994.13.925.01.31995.43.157.437.61996.31.86.223.01997.34.134.933.41998.48.352.228.61999.0.5(19.9

6、)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)2009.19.82.726.52010.13.021.415.12011.4.6(4.7)2.12012.14.416.816.02013.18.232.732.42014.8.327.013.72015.6.4(12.5)1.4Compounded Annual Gai