Berkshire Hathaway 2015 Annual Report Download - page 4

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Berkshire’s Performance vs. the S&P 500
Annual Percentage Change
Year
in Per-Share
Book Value of
Berkshire
in Per-Share
Market Value of
Berkshire
in S&P 500
with Dividends
Included
1965 .................................................. 23.8 49.5 10.0
1966 .................................................. 20.3 (3.4) (11.7)
1967 .................................................. 11.0 13.3 30.9
1968 .................................................. 19.0 77.8 11.0
1969 .................................................. 16.2 19.4 (8.4)
1970 .................................................. 12.0 (4.6) 3.9
1971 .................................................. 16.4 80.5 14.6
1972 .................................................. 21.7 8.1 18.9
1973 .................................................. 4.7 (2.5) (14.8)
1974 .................................................. 5.5 (48.7) (26.4)
1975 .................................................. 21.9 2.5 37.2
1976 .................................................. 59.3 129.3 23.6
1977 .................................................. 31.9 46.8 (7.4)
1978 .................................................. 24.0 14.5 6.4
1979 .................................................. 35.7 102.5 18.2
1980 .................................................. 19.3 32.8 32.3
1981 .................................................. 31.4 31.8 (5.0)
1982 .................................................. 40.0 38.4 21.4
1983 .................................................. 32.3 69.0 22.4
1984 .................................................. 13.6 (2.7) 6.1
1985 .................................................. 48.2 93.7 31.6
1986 .................................................. 26.1 14.2 18.6
1987 .................................................. 19.5 4.6 5.1
1988 .................................................. 20.1 59.3 16.6
1989 .................................................. 44.4 84.6 31.7
1990 .................................................. 7.4 (23.1) (3.1)
1991 .................................................. 39.6 35.6 30.5
1992 .................................................. 20.3 29.8 7.6
1993 .................................................. 14.3 38.9 10.1
1994 .................................................. 13.9 25.0 1.3
1995 .................................................. 43.1 57.4 37.6
1996 .................................................. 31.8 6.2 23.0
1997 .................................................. 34.1 34.9 33.4
1998 .................................................. 48.3 52.2 28.6
1999 .................................................. 0.5 (19.9) 21.0
2000 .................................................. 6.5 26.6 (9.1)
2001 .................................................. (6.2) 6.5 (11.9)
2002 .................................................. 10.0 (3.8) (22.1)
2003 .................................................. 21.0 15.8 28.7
2004 .................................................. 10.5 4.3 10.9
2005 .................................................. 6.4 0.8 4.9
2006 .................................................. 18.4 24.1 15.8
2007 .................................................. 11.0 28.7 5.5
2008 .................................................. (9.6) (31.8) (37.0)
2009 .................................................. 19.8 2.7 26.5
2010 .................................................. 13.0 21.4 15.1
2011 .................................................. 4.6 (4.7) 2.1
2012 .................................................. 14.4 16.8 16.0
2013 .................................................. 18.2 32.7 32.4
2014 .................................................. 8.3 27.0 13.7
2015 .................................................. 6.4 (12.5) 1.4
Compounded Annual Gain – 1965-2015 ...................... 19.2% 20.8% 9.7%
Overall Gain – 1964-2015 ................................. 798,981% 1,598,284% 11,355%
Notes: Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31. Starting in 1979,
accounting rules required insurance companies to value the equity securities they hold at market rather than at the lower of cost or market, which was
previously the requirement. In this table, Berkshire’s results through 1978 have been restated to conform to the changed rules. In all other respects,
the results are calculated using the numbers originally reported. The S&P 500 numbers are pre-tax whereas the Berkshire numbers are after-tax.Ifa
corporation such as Berkshire were simply to have owned the S&P 500 and accrued the appropriate taxes, its results would have lagged the S&P 500
in years when that index showed a positive return, but would have exceeded the S&P 500 in years when the index showed a negative return. Over the
years, the tax costs would have caused the aggregate lag to be substantial.
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