巴菲特致股东的信-1993年

Buffett’s Letters To Berkshire Shareholders 1993
巴菲特致股东的信1993年
Our per-share book value increased 14.3% during 1993. Over the last 29 years (that is, since present management took over) book value has grown from $19 to $8,854, or at a rate of 23.3% compounded annually.
1993年本公司的净值成长了14.3%，总计过去29年以来，也就是自从现有经营阶层接手之后，每股净值由当初的19元成长到现在的8,854美元，年复合成长率约为23.3%。

During the year, Berkshire's net worth increased by $1.5 billion, a figure affected by two negative and two positive non-operating items. For the sake of completeness, I'll explain them here. If you aren't thrilled by accounting, however, feel free to fast-forward through this discussion:
回顾过去一年，伯克希尔的净值增加了15亿美元，主要受到两项负面以及两项正面非营业的因素所影响，为了做完整的表达，我将它们条列如下，若是大家对于会计有点感冒，大可直接跳过本段不看。