【正文】 (3) participating in the growth of our investees。P 500 by doubledigit margins. They left me in the dust as well.Consequently, we have increased the funds managed by each to almost $5 billion (some of this emanating from the pension funds of our subsidiaries). Todd and Ted are young and will be around to manage Berkshire’s massive portfolio long after Charlie and I have left the scene. You can rest easy when they take over.. Berkshire’s yearend employment totaled a record 288,462 (see page 106 for details), up 17,604 from last year. Our headquarters crew, however, remained unchanged at 24. No sense going crazy.. Berkshire’s “Big Four” investments – American Express, CocaCola, IBM and Wells Fargo – all had good years. Our ownership interest in each of these panies increased during the year. We purchased additional shares of Wells Fargo (our ownership now is % versus % at yearend 2011) and IBM (% versus %). Meanwhile, stock repurchases at CocaCola and American Express raised our percentage ownership. Our equity in CocaCola grew from % to % and our interest at American Express from % to %.Berkshire’s ownership interest in all four panies is likely to increase in the future. Mae West had it right: “Too much of a good thing can be wonderful.”The four panies possess marvelous businesses and are run by managers who are both talented and shareholderoriented. At Berkshire we much prefer owning a noncontrolling but substantial portion of a wonderful business to owning 100% of a soso business. Our flexibility in capital allocation gives us a significant advantage over panies that limit themselves only to acquisitions they can operate.Going by our yearend share count, our portion of the “Big Four’s” 2012 earnings amounted to $ billion. In the earnings we report to you, however, we include only the dividends we receive – about $ billion. But make no mistake: The $ billion of earnings we do not report is every bit as valuable to us as what we record.The earnings that the four panies retain are often used for repurchases – which enhance our share of future earnings – and also for funding business opportunities that are usually advantageous. Over time we expect substantially greater earnings from these four investees. If we are correct, dividends to Berkshire will increase and, even more important, so will our unrealized capital gains (which, for the four, totaled $ billion at yearend).. There was a lot of handwringing last year among CEOs who cried “uncertainty” when faced with capitalallocation decisions (despite many of their businesses having enjoyed record levels of both earnings and cash). At Berkshire, we didn’t share their fears, instead spending a record $ billion on plant and equipment in 2012, about 88% of it in the United States. That’s 19% more than we spent in 2011, our previous high. Charlie and I love investing large sums in worthwhile projects, whatever the pundits are saying. We instead heed the words from Gary Allan’s new country song, “Every Storm Runs Out of Rain.”We will keep our foot to the floor and will almost certainly set still another record for capital expenditures in 2013. Opportunities abound in America.************A thought for my fellow CEOs: Of course, the immediate future is uncertain。P returns by buying a lowcost index fund.Charlie and I believe the gain in Berkshire’s intrinsic value will over time likely surpass the Samp。P over such a stretch. (The record is on page 103.) But the Samp。P 500 in years when that index showed a positive return, but would have exceeded the Samp。P500BookValueof with Dividends RelativeBerkshire Inclued ResultsYear (1) (2) (1)(2)1965 ........................................................ 1966 ........................................................ () 1967 ........................................................ ()1968 ........................................................ 1969 ........................................................ () 1970 ........................................................ 1971 ........................................................ 1972 ........................................................ 1973 ........................................................ () 1974 ........................................................ () 1975 ........................................................ ()1976 ........................................................ 1977 ........................................................ () 1978 ........................................................ 1979 ........................................................ 1980 ........................................................ ()1981 ........................................................ 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() 1991 ........................................................ 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ........................................................ 1999 .....................................................