【正文】 )英文原版Berkshire’s Corporate Performance vs. 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 ........................................................ () 1982 ........................................................ 1983 ........................................................ 1984 ........................................................ 1985 ........................................................ 1986 ........................................................ 1987 ........................................................ 1988 ........................................................ 1989 ........................................................ 1990 ........................................................ () 1991 ........................................................ 1992 ........................................................ 1993 ........................................................ 1994 ........................................................ 1995 ........................................................ 1996 ........................................................ 1997 ........................................................ 1998 ........................................................ 1999 ........................................................ ()2000 ........................................................ () 2001 ........................................................ () () 2002 ........................................................ () 2003 ........................................................ ()2004 ........................................................ ()2005 ........................................................ 2006 ........................................................ 2007 ........................................................ 2008 ........................................................ () () 2009 ........................................................ ()2010 ........................................................ ()2011 ........................................................ 2012 ........................................................ ()Compounded Annual Gain–19652012 ........................... % % Overall Gain–19642012 ....................................... 586,817% 7,433%Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30。P 500 numbers are pretax whereas the Berkshire numbers are aftertax. If a corporation such as Berkshire were simply to have owned the Samp。P 500 in years when that index showed a positive return, but would have exceeded the Samp。P’s percentage gain (a calculation that includes dividends as well as price appreciation). In eight of those nine years, it should be noted, the Samp。P over such a stretch. (The record is on page 103.) But the Samp。P. If we do so, Berkshire’s share price, though unpredictable from year to year, will itself outpace the Samp。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。 Charlie and I have again donned our safari outfits and resumed our search for elephants.Now to some good news from 2012:. Last year I told you that BNSF, Iscar, Lubrizol, Marmon Group and MidAmerican Energy – our five most profitable noninsurance panies – were likely to earn more than $10 billion pretax in 2012. They delivered. Despite tepid . growth and weakening economies throughout much of the world, our “powerhouse five” had aggregate earnings of $ billion, about $600 million more than in 2011.Of this group, only MidAmerican, then earning $393 million pretax, was owned by Berkshire eight years ago. Subsequently, we purchased another three of the five on an allcash basis. In acquiring the fifth, BNSF, we paid about 70% of the cost in cash, and for the remainder, issued shares that increased the amount outstanding by %. Consequently, the $ billion gain in annual earnings delivered Berkshire by the five panies has been acpanied by only minor dilution. That satisfies our goal of not simply growing, but rather increasing pershare results.Unless the . economy tanks – which we don’t expect – our powerhouse five should again deliver higher earnings in 2013. The five outstanding CEOs who run them will see to that.. Though I failed to land a major acquisition in 2012, the managers of our subsidiaries did far better. We had a record year for “bolton” purchases, spending about $ billion for 26 panies that were melded into our existing businesses. These transactions were pleted without Berkshire issuing any shares.Charlie and I love these acquisitions: Usually they are lowrisk, burden headquarters not at all, and expand the scope of our proven managers.. Our insurance oper