{
 "as_of": "2026-08-18T13:06:51Z",
 "report_year": 2025,
 "source_url": "https://www.berkshirehathaway.com/letters/2025ltr.pdf",
 "source": "Berkshire Hathaway Inc., Annual Report — Berkshire's Performance vs. the S&P 500",
 "column_definitions": {
  "berkshire_pct": "Annual Percentage Change in Per-Share Market Value of Berkshire",
  "sp500_pct": "Annual Percentage Change in S&P 500 with Dividends Included",
  "note_official": "Data are for calendar years with these exceptions: 1965 and 1966, year ended 9/30; 1967, 15 months ended 12/31.",
  "tax_caveat": "2018 年以前官方註明 S&P 500 為稅前、Berkshire 為稅後；2019 年起該註腳被移除，但口徑不對等本身未改變。"
 },
 "compounded_annual_gain": {
  "from": 1965,
  "to": 2025,
  "berkshire_pct": 19.7,
  "sp500_pct": 10.5
 },
 "overall_gain": {
  "from": 1964,
  "to": 2025,
  "berkshire_pct": 6099294.0,
  "sp500_pct": 46061.0
 },
 "self_check": {
  "recomputed_overall_pct": {
   "berkshire": 6088796.0,
   "sp500": 45369.0
  },
  "deviation": {
   "berkshire": 0.0017,
   "sp500": 0.015
  }
 },
 "years": [
  {
   "year": 1965,
   "berkshire_pct": 49.5,
   "sp500_pct": 10.0
  },
  {
   "year": 1966,
   "berkshire_pct": -3.4,
   "sp500_pct": -11.7
  },
  {
   "year": 1967,
   "berkshire_pct": 13.3,
   "sp500_pct": 30.9
  },
  {
   "year": 1968,
   "berkshire_pct": 77.8,
   "sp500_pct": 11.0
  },
  {
   "year": 1969,
   "berkshire_pct": 19.4,
   "sp500_pct": -8.4
  },
  {
   "year": 1970,
   "berkshire_pct": -4.6,
   "sp500_pct": 3.9
  },
  {
   "year": 1971,
   "berkshire_pct": 80.5,
   "sp500_pct": 14.6
  },
  {
   "year": 1972,
   "berkshire_pct": 8.1,
   "sp500_pct": 18.9
  },
  {
   "year": 1973,
   "berkshire_pct": -2.5,
   "sp500_pct": -14.8
  },
  {
   "year": 1974,
   "berkshire_pct": -48.7,
   "sp500_pct": -26.4
  },
  {
   "year": 1975,
   "berkshire_pct": 2.5,
   "sp500_pct": 37.2
  },
  {
   "year": 1976,
   "berkshire_pct": 129.3,
   "sp500_pct": 23.6
  },
  {
   "year": 1977,
   "berkshire_pct": 46.8,
   "sp500_pct": -7.4
  },
  {
   "year": 1978,
   "berkshire_pct": 14.5,
   "sp500_pct": 6.4
  },
  {
   "year": 1979,
   "berkshire_pct": 102.5,
   "sp500_pct": 18.2
  },
  {
   "year": 1980,
   "berkshire_pct": 32.8,
   "sp500_pct": 32.3
  },
  {
   "year": 1981,
   "berkshire_pct": 31.8,
   "sp500_pct": -5.0
  },
  {
   "year": 1982,
   "berkshire_pct": 38.4,
   "sp500_pct": 21.4
  },
  {
   "year": 1983,
   "berkshire_pct": 69.0,
   "sp500_pct": 22.4
  },
  {
   "year": 1984,
   "berkshire_pct": -2.7,
   "sp500_pct": 6.1
  },
  {
   "year": 1985,
   "berkshire_pct": 93.7,
   "sp500_pct": 31.6
  },
  {
   "year": 1986,
   "berkshire_pct": 14.2,
   "sp500_pct": 18.6
  },
  {
   "year": 1987,
   "berkshire_pct": 4.6,
   "sp500_pct": 5.1
  },
  {
   "year": 1988,
   "berkshire_pct": 59.3,
   "sp500_pct": 16.6
  },
  {
   "year": 1989,
   "berkshire_pct": 84.6,
   "sp500_pct": 31.7
  },
  {
   "year": 1990,
   "berkshire_pct": -23.1,
   "sp500_pct": -3.1
  },
  {
   "year": 1991,
   "berkshire_pct": 35.6,
   "sp500_pct": 30.5
  },
  {
   "year": 1992,
   "berkshire_pct": 29.8,
   "sp500_pct": 7.6
  },
  {
   "year": 1993,
   "berkshire_pct": 38.9,
   "sp500_pct": 10.1
  },
  {
   "year": 1994,
   "berkshire_pct": 25.0,
   "sp500_pct": 1.3
  },
  {
   "year": 1995,
   "berkshire_pct": 57.4,
   "sp500_pct": 37.6
  },
  {
   "year": 1996,
   "berkshire_pct": 6.2,
   "sp500_pct": 23.0
  },
  {
   "year": 1997,
   "berkshire_pct": 34.9,
   "sp500_pct": 33.4
  },
  {
   "year": 1998,
   "berkshire_pct": 52.2,
   "sp500_pct": 28.6
  },
  {
   "year": 1999,
   "berkshire_pct": -19.9,
   "sp500_pct": 21.0
  },
  {
   "year": 2000,
   "berkshire_pct": 26.6,
   "sp500_pct": -9.1
  },
  {
   "year": 2001,
   "berkshire_pct": 6.5,
   "sp500_pct": -11.9
  },
  {
   "year": 2002,
   "berkshire_pct": -3.8,
   "sp500_pct": -22.1
  },
  {
   "year": 2003,
   "berkshire_pct": 15.8,
   "sp500_pct": 28.7
  },
  {
   "year": 2004,
   "berkshire_pct": 4.3,
   "sp500_pct": 10.9
  },
  {
   "year": 2005,
   "berkshire_pct": 0.8,
   "sp500_pct": 4.9
  },
  {
   "year": 2006,
   "berkshire_pct": 24.1,
   "sp500_pct": 15.8
  },
  {
   "year": 2007,
   "berkshire_pct": 28.7,
   "sp500_pct": 5.5
  },
  {
   "year": 2008,
   "berkshire_pct": -31.8,
   "sp500_pct": -37.0
  },
  {
   "year": 2009,
   "berkshire_pct": 2.7,
   "sp500_pct": 26.5
  },
  {
   "year": 2010,
   "berkshire_pct": 21.4,
   "sp500_pct": 15.1
  },
  {
   "year": 2011,
   "berkshire_pct": -4.7,
   "sp500_pct": 2.1
  },
  {
   "year": 2012,
   "berkshire_pct": 16.8,
   "sp500_pct": 16.0
  },
  {
   "year": 2013,
   "berkshire_pct": 32.7,
   "sp500_pct": 32.4
  },
  {
   "year": 2014,
   "berkshire_pct": 27.0,
   "sp500_pct": 13.7
  },
  {
   "year": 2015,
   "berkshire_pct": -12.5,
   "sp500_pct": 1.4
  },
  {
   "year": 2016,
   "berkshire_pct": 23.4,
   "sp500_pct": 12.0
  },
  {
   "year": 2017,
   "berkshire_pct": 21.9,
   "sp500_pct": 21.8
  },
  {
   "year": 2018,
   "berkshire_pct": 2.8,
   "sp500_pct": -4.4
  },
  {
   "year": 2019,
   "berkshire_pct": 11.0,
   "sp500_pct": 31.5
  },
  {
   "year": 2020,
   "berkshire_pct": 2.4,
   "sp500_pct": 18.4
  },
  {
   "year": 2021,
   "berkshire_pct": 29.6,
   "sp500_pct": 28.7
  },
  {
   "year": 2022,
   "berkshire_pct": 4.0,
   "sp500_pct": -18.1
  },
  {
   "year": 2023,
   "berkshire_pct": 15.8,
   "sp500_pct": 26.3
  },
  {
   "year": 2024,
   "berkshire_pct": 25.5,
   "sp500_pct": 25.0
  },
  {
   "year": 2025,
   "berkshire_pct": 10.9,
   "sp500_pct": 17.9
  }
 ]
}