伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 1999年年度报告「NYSE」.pdf

1、BERKSHIRE HATHAWAY INC.1999 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.43Owners Manual.55Combined Financial Statements Unaudited for Berkshire Business Groups.63Shareholder-Designated Contributions.70Common Stock Data.72Directors and Officers of the Company.Inside Back Cover*Copyright 2000 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 with a marke

5、tvalue in excess of$750 million at the end of 1999 include approximately 11%of theoutstanding capital stock of American Express Company,approximately 8%of thecapital stock of The Coca-Cola Company,approximately 8%of the capital stock ofFederal Home Loan Mortgage Corporation(Freddie Mac),approximatel

6、y 9%of thecapital stock of The Gillette Company,approximately 18%of the capital stock of TheWashington Post Company and approximately 3%of the capital stock of WellsFargo and Company.Much information about these publicly-owned companies isavailable,including information released from time to time by