Transcription of Berkshire’s Corporate Performance vs. the S&P 500
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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) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )( ) ( ) ( ) ( ) ( )( ) ( ) ( ) ( ) ( )Compounded Annual Gain Gain ,518%9,841%Notes:Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended12/31. Starting in 1979, accounting rules required insurance companies to value the equity securities they hold atmarket rather than at the lower of cost or market, which was previously the requirement. In this table, Berkshire sresults through 1978 have been restated to conform to the changed rules.
Berkshire is the financing partner. In that role, we purchased $8 billion of Heinz preferred stock that carries a 9% coupon but also possesses other features that should increase the preferred’s annual return to
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