Warren Buffett：Berkshire Hathaway 2005 Letter, Additional Excerpt 1

Average Annual Gain — 1965-2005 21.5 10.3 11.2 Overall Gain — 1964-2005 305,134 5,583 Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31. Starting in 1979, accounting rules required insurance companies to value the equity securities they hold at market rather than at the lower of cost or market, which was previously the requirement. In this table, Berkshire’s results through 1978 have been restated to conform to the changed rules. In all other respects, the results are calculated using the numbers originally reported. The S&P 500 numbers are pre-tax whereas the Berkshire numbers are after-tax.

Source： https://www.berkshirehathaway.com/letters/2005ltr.pdf
Locator：2005 Chairman's Letter, additional excerpt 1 · Verified：2026-10-19 · Verification：Short excerpt

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