BerkshireHathawayLetterstoShareholders,2.epub

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 2016 10.7 23.4 12.0 2017 23.0 21.9 21.8 Compounded annual gain (1965-2017) 19.1% 20.9% 9.9% Overall gain 1,088,029% 2,404,748% 15,508% 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 . If a corporation such as Berkshire were simply to have owned the S&P ......