伯克希尔·哈撒韦Berkshire Hathaway（BRK-A）2024年年度报告「NYSE」（英文版）（150页）.pdf

1、BERKSHIREHATHAWAYINC.2024ANNUAL REPORTBERKSHIRE HATHAWAY INC.2024 ANNUAL REPORT TABLE OF CONTENTS Chairmans Letter*.1-13 Berkshires Performance vs.the S&P 500.14-15 Shareholder Event and Meeting Information.16 Form 10-K Business Description.K-1 Risk Factors.K-24 Cybersecurity.K-27 Description of Pro

2、perties.K-28 Legal Proceedings.K-31 Managements Discussion.K-33 Managements Report on Internal Control.K-63 Independent Auditors Report.K-64 Consolidated Financial Statements.K-66 Notes to Consolidated Financial Statements.K-71 Appendices Operating Companies .A-1 Stock Transfer Agent .A-2 Directors

3、and Officers of the Company.Inside Back Cover*Copyright 2025 By Warren E.Buffett All Rights Reserved BERKSHIRE HATHAWAY INC.To the Shareholders of Berkshire Hathaway Inc.:This letter comes to you as part of Berkshires annual report.As a public company,we are required to periodically tell you many sp

4、ecific facts and figures.“Report,”however,implies a greater responsibility.In addition to the mandated data,we believe we owe you additional commentary about what you own and how we think.Our goal is to communicate with you in a manner that we would wish you to use if our positions were reversed tha

5、t is,if you were Berkshires CEO while I and my family were passive investors,trusting you with our savings.This approach leads us to an annual recitation of both good and bad developments at the many businesses you indirectly own through your Berkshire shares.When discussing problems at specific sub

6、sidiaries,we do,however,try to follow the advice Tom Murphy gave to me 60 years ago:“praise by name,criticize by category.”Mistakes Yes,We Make Them at Berkshire Sometimes Ive made mistakes in assessing the future economics of a business Ive purchased for Berkshire each a case of capital allocation