Warren Buffett：Berkshire 1996 Letter, Excerpt 1

Our gain in net worth during 1996 was $6.2 billion, or 36.1%. Per- share book value, however, grew by less, 31.8%, because the number of Berkshire shares increased: We issued stock in acquiring FlightSafety International and also sold new Class B shares.* Over the last 32 years (that is, since present management took over) per-share book value has grown from $19 to $19,011, or at a rate of 23.8% compounded annually.

Source： https://www.berkshirehathaway.com/letters/1996.html
Locator：1996 Chairman's Letter, excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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