伯克希尔·哈撒韦 1996 年致股东信

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…