巴菲特致股东的信-1997年

Buffett’s Letters To Berkshire Shareholders 1997
巴菲特致股东的信1997年
Our gain in net worth during 1997 was $8.0 billion, which increased the per-share book value of both our Class A and Class Bstock by 34.1%. Over the last 33 years (that is, since present management took over) per-share book value has grown from $19 to $25,488, a rate of 24.1% compounded annually.(1)
1997年本公司的净值增加了80亿美元，每股帐面净值不管是A级股或B级股皆成长了34.1%，总计过去33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25,488美元，年复合成长率约为24.1%*。

1. All figures used in this report apply to Berkshire's A shares,the successor to the only stock that the company had outstandingbefore 1996. The B shares have an economic interest equal to 1/30ththat of the A.
*1在年报中所谓的每股数字系以A级普通股约当数为基础，这是本公司在1996年以前流通在外唯一的一种股份，B级普通股拥有A级普通股三十分之一的权利。