巴菲特致股东的信-2002年

Buffett's Letters To Berkshire Shareholders 2002
巴菲特致股东的信2002年
Our gain in net worth during 2002 was $6.1 billion, which increased the per-share book value of both our Class A and Class B stock by 10.0%. Over the last 38 years (that is, since present management took over) per-share book value has grown from $19 to $41,727, a rate of 22.2% compounded annually.*
本公司2002年的净值增加了61亿美元，每股A股或B股的帐面净值增加了10.0%，累计过去38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41,727美元，年复合成长率约为22.2%*。
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。
In all respects 2002 was a banner year. I’ll provide details later, but here’s a summary:
从任何角度来看，2002年无异是丰收的一年，后面我会再详加说明，以下是几点总结：
Our various non-insurance operations performed exceptionally well, despite a sluggish economy. A decade ago Berkshire’s annual pre-tax earnings from our non-insurance businesses was $272 million. Now, from our ever-expanding collection of manufacturing, retailing, service and finance businesses, we earn that sum monthly.
‧尽管外界景气低迷，但伯克希尔旗下所有非保险事业的表现都异常优异，十年前，我们非保险事业的税前盈余为2.72亿美元，但时至今日，在持续大举扩张零售、制造、服务以及金融事业版图之后，这数字约当我们一个月的获利。