Transcription of BERKSHIRE HATHAWAY INC.
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BERKSHIRE HATHAWAY INC.
BERKSHIRE s Corporate Performance vs. the S&P 500 Annual Percentage ChangeYearin Per-ShareBook Value ofBerkshire(1)in S&P 500with DividendsIncluded(2)RelativeResults(1)-( 2) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )( ) ( ) ( ) (.4) ( )( ) ( ) ( )Compounded Annual Gain Gain ,409%6,262%Notes:Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended12 in 1979, accounting rules required insurance companies to value the equity securities they hold at marketrather than at the lower of cost or market, which was previously the requirement. In this table, BERKSHIRE s resultsthrough 1978 have been restated to conform to the changed rules. In all other respects, the results are calculated usingthe numbers originally S&P 500 numbers arepre-taxwhereas the BERKSHIRE numbers areafter-tax. If a corporation such as Berkshirewere simply to have owned the S&P 500 and accrued the appropriate taxes, its results would have lagged the S&P 500in years when that index showed a positive return, but would have exceeded the S&P 500 in years when the indexshowed a negative return.
BERKSHIRE HATHAWAY INC. To the Shareholders of Berkshire Hathaway Inc.: The per-share book value of both our Class A and Class B stock increased by 13% in 2010.
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