投资

We will keep most of our major holdings, regardless of how they are priced relative to intrinsic business value. This 'til- death-do-us-part attitude…

Last year we made a prediction: "A reduction [in Berkshire's net worth] is almost certain in at least one of the next three years." During much of…

Our growth rate was lackluster in 1990 because our four major common stock holdings, in aggregate, showed little change in market value. Last year…

Berkshire's 26-year record is meaningless in forecasting future results; so also, we hope, is the one-year record. We continue to aim for a 15%…

If we do attain that 15% average, our shareholders should fare well. However, Berkshire's corporate gains will produce an identical gain for a…

The size of our equity capital - which now totals $7.4 billion - makes it certain that we cannot maintain our past rate of gain or, for that matter,…

Charlie Munger, Berkshire's Vice Chairman, and I have set a goal of attaining a 15% average annual increase in Berkshire's intrinsic value. If our…

Our outsized gain in book value in 1991 resulted from a phenomenon not apt to be repeated: a dramatic rise in the price- earnings ratios of Coca-Cola…

Coca-Cola and Gillette are two of the best companies in the world and we expect their earnings to grow at hefty rates in the years ahead. Over time,…

During the year, Berkshire's net worth increased by $1.52 billion. More than 98% of this gain came from earnings and appreciation of portfolio…

Those two objectives do not necessarily go hand-in-hand as an amusing but value-destroying experience in our past illustrates. On that occasion, we…

You will remember that our goal is to increase our per-share intrinsic value - for which our book value is a conservative, but useful, proxy - at a…

You should keep at least three points in mind as you evaluate this data. The first point concerns the many businesses we operate whose annual…

1. The first negative was produced by a change in Generally Accepted Accounting Principles (GAAP) having to do with the taxes we accrue against…

3. Another 1993 change in GAAP affects the value at which we carry the securities that we own. In recent years, both the common stocks and certain…

4. Finally, we issued some stock last year. In a transaction described in last year's Annual Report, we issued 3,944 shares in early January, 1993…

Of course, it's per-share intrinsic value, not book value, that counts. Book value is an accounting term that measures the capital, including…

The problem is not that what has worked in the past will cease to work in the future. To the contrary, we believe that our formula - the purchase…

A fat wallet, however, is the enemy of superior investment results. And Berkshire now has a net worth of $11.9 billion compared to about $22…

We will continue to ignore political and economic forecasts, which are an expensive distraction for many investors and businessmen. Thirty years ago,…

But, surprise - none of these blockbuster events made the slightest dent in Ben Graham's investment principles. Nor did they render unsound the…

Our gain in net worth during 1995 was $5.3 billion, or 45.0%. Per-share book value grew by a little less, 43.1%, because we paid stock for two…

Even so, we do have a few advantages, perhaps the greatest being that we don't have a strategic plan. Thus we feel no need to proceed in an…

In making acquisitions, we have a further advantage: As payment, we can offer sellers a stock backed by an extraordinary collection of outstanding…

Concluding this little dissertation on acquisitions, I can't resist repeating a tale told me last year by a corporate executive. The business he grew…

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…

The restatement was required because GEICO became a wholly-owned subsidiary of Berkshire on January 2, 1996, whereas it was previously classified…

I dwell on this rise in per-share book value because it roughly indicates our economic progress during the year. But, as Charlie Munger,…

For many years, we have listed these principles in the front of our annual report, but in this report, on pages 58 to 67, we reproduce the entire…

Given our gain of 34.1%, it is tempting to declare victory and move on. But last year's performance was no great triumph: Any investor can chalk up…

Gains in book value are, of course, not the bottom line at Berkshire. What truly counts are gains in per-share intrinsic business value. Ordinarily,…

For more explanation of the term, intrinsic value, you may wish to refer to our Owner's Manual, reprinted on pages 62 to 71. This manual sets forth…

In our last two annual reports, we furnished you a table that Charlie and I believe is central to estimating Berkshire's intrinsic value. In the…

勢利紛華，不近者為潔，近之而不染者為尤潔； 智械機巧，不知者為高，知之而不用者為尤高。

寵利毋居人前，德業毋落人後； 受享毋踰分外，修為毋減分中。

憂勤是美德，太苦則無以適性怡情； 澹泊是高風，太枯則無以濟人利物。

富貴家宜寬厚，而反忌刻，是富貴而貧賤其行矣，如何能享？ 聰明人宜斂藏，而反炫耀，是聰明而愚懵其病矣，如何不敗？

放得功名富貴之心下，便可脫凡； 放得道德仁義之心下，纔可入聖。

施恩者，內不見己，外不見人，則斗粟可當萬鍾之惠； 利物者，計己之施，責人之報，雖百鎰難成一文之功。

奢者富而不足，何如儉者貧而有餘； 能者勞而府怨，何如拙者逸而全真。

生長富貴叢中的，嗜慾如猛火，權勢如烈燄。若不帶些清冷氣味，其火燄若不焚人，必將自爍矣。

以幻迹言，無論功名富貴，即肢體亦屬委形； 以真境言，無論父母兄弟，即萬物皆吾一體。 人能看得破，認得真，纔可以任天下之負擔，亦可脫世間之韁鎖。

市私恩，不如扶公議； 結新知，不如敦舊好； 立榮名，不如種隱德； 尚奇節，不如謹庸行。

炎涼之態，富貴更甚於貧賤； 妒忌之心，骨肉尤狠於外人。 此處若不當以冷腸，御以平氣，鮮不日坐煩惱障中矣。

交市人，不如友山翁； 謁朱門，不如親白屋； 聽街談巷語，不如聞牧唱樵歌； 談今人失德過差，不如述古人嘉言懿行。

前人云：「拋卻自家無盡藏，沿門持鉢效貧兒。」又云：「暴富貧兒休說夢，誰家灶裏火無煙？」一箴自昧所有，一箴自誇所有，可為學人切戒。

勤者敏於德義，而世人借勤以濟其貧； 儉者淡於貨利，而世人假儉以飾其吝。 君子持身之符，反為小人營私之具矣。惜哉。

議事者，身在事外，宜悉利害之情； 任事者，身居事中，當絕利害之慮。

陰謀怪習，異行奇能，俱是涉世的禍胎。殺身的利器，只一個庸德庸行，便可以完混沌而召和平。

處富貴之地，要知貧賤的痛癢； 當少壯之時，須念衰老的辛酸。

好利者，軼出於道義之外，其害顯而淺； 好名者，竄入於道義之中，其害隱而深。

天賢一人，以誨眾人之愚，而世反逞其所長，以形人之短； 天富一人，以濟眾人之困，而世反挾其所有，以凌人之貧。 真天之戮民哉。

譚山林之樂者、未必真得山林之趣。 厭名利之談者、未必盡忘名利之情。

有浮雲富貴之風。而不必岩棲穴處。無膏肓泉石之癖。而常自醉酒耽詩。 競逐聽人、而不謙盡醉。 括淡適己、而不誇獨醒。 此釋氏所謂、不為法纏、不為空纏、身心兩自在者

色慾火熾、而一念及病時、便興似寒灰。 名利飴甘、而一想到死地、便味如嚼蠟。 故人常憂死慮病、亦可消幻業而長道心。

山林是勝地、一營戀便成市朝。 書畫是雅事、一貪癡便成商賈。 蓋心無染着、欲界是仙都。 心有係戀、樂境成苦海矣。

我不希榮、何憂乎利祿之香餌。 我不競進、何畏乎仕官之危機。

欲其中者、波沸寒潭、山林不見其寂。 虛其中者、凉生酷暑、朝市不知其喧。

多蔵者厚亡。 故知富不如貧之無慮。 高歩者疾顛。 故知貴不如賤之常安。

烈士譲千乗、貪夫爭一文。 人品星淵也、而好名、不殊好利。 天子營家國、乞人号饔飧。 位分霄壤也、而焦思、何異焦聲。