巴菲特致股东的信-1999年

Buffett’s Letters To Berkshire Shareholders 1999
巴菲特致股东的信1999年
Our gain in net worth during 1999 was $358 million, which increased the per-share book value of both our Class A and Class B stock by 0.5%.Over the last 35 years (that is, since present management took over) per-share book value has grown from $19 to $37,987, a rate of 24.0% compounded annually.*
本公司1999年的净值增加了3.58亿美元，每股A股或B股的帐面净值皆成长了0.5%，累计过去35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37,987美元，年复合成长率约为24.0%*。
All figures used in this report applyto Berkshire's A shares, the successor to the only stock that the company had outstanding before 1996. The B shares have an economic interest equal to 1/30th that 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级普通股则拥有A级普通股三十分之一的权利。