伯克希尔·哈撒韦Berkshire Hathaway (BRK-A) 2016年年度报告「NYSE」.pdf

1、BERKSHIREHATHAWAYINC.2016ANNUAL REPORTBERKSHIRE HATHAWAY INC.2016 ANNUAL REPORTTABLE OF CONTENTSBerkshires Performance vs.the S&P 500.2Chairmans Letter*.3Acquisition Criteria.30Business Activities.31Selected Financial Data for the Past Five Years.32Managements Report on Internal Control Over Financi

2、al Reporting.32Report of Independent Registered Public Accounting Firm.33Consolidated Financial Statements.34Managements Discussion.78Owners Manual.108How to Minimize Investment Returns.114Common Stock Data.115Operating Companies.116Automobile Dealerships.117Real Estate Brokerage Businesses.118Daily

3、 Newspapers.119Directors and Officers of the Company.Inside Back Cover*Copyright2017 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 DividendsIncluded1965.23.84

4、9.510.01966.20.3(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)1982.40.038

5、.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)21.02000.6.

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)1.42016.10.723.412.0Compounded Annua