Berkshire

in Per-Share Book Relative

in S&P 500 with Valor Inicial Valor Final
Value of Berkshire Results
Dividends
Included
1965 23.8% 10.0% 13.8% R$ 100.00 R$ 123.80
1966 20.3% -11.7% 32.0% R$ 123.80 R$ 148.93
1967 11.0% 30.9% -19.9% R$ 148.93 R$ 165.31
1968 19.0% 11.0% 8.0% R$ 165.31 R$ 196.72
1969 16.2% -8.4% 24.6% R$ 196.72 R$ 228.59
1970 12.0% 3.9% 8.1% R$ 228.59 R$ 256.02
1971 16.4% 14.6% 1.8% R$ 256.02 R$ 298.01
1972 21.7% 18.9% 2.8% R$ 298.01 R$ 362.68
1973 4.7% -14.8% 19.5% R$ 362.68 R$ 379.73
1974 5.5% -26.4% 31.9% R$ 379.73 R$ 400.61
1975 21.9% 37.2% -15.3% R$ 400.61 R$ 488.35
1976 59.3% 23.6% 35.7% R$ 488.35 R$ 777.93
1977 31.9% -7.4% 39.3% R$ 777.93 R$ 1,026.09
1978 24.0% 6.4% 17.6% R$ 1,026.09 R$ 1,272.36
1979 35.7% 18.2% 17.5% R$ 1,272.36 R$ 1,726.59
1980 19.3% 32.3% -13.0% R$ 1,726.59 R$ 2,059.82
1981 31.4% -5.0% 36.4% R$ 2,059.82 R$ 2,706.60
1982 40.0% 21.4% 18.6% R$ 2,706.60 R$ 3,789.25
1983 32.3% 22.4% 9.9% R$ 3,789.25 R$ 5,013.17
1984 13.6% 6.1% 7.5% R$ 5,013.17 R$ 5,694.96
1985 48.2% 31.6% 16.6% R$ 5,694.96 R$ 8,439.93
1986 26.1% 18.6% 7.5% R$ 8,439.93 R$ 10,642.76
1987 19.5% 5.1% 14.4% R$ 10,642.76 R$ 12,718.10
1988 20.1% 16.6% 3.5% R$ 12,718.10 R$ 15,274.43
1989 44.4% 31.7% 12.7% R$ 15,274.43 R$ 22,056.28
1990 7.4% -3.1% 10.5% R$ 22,056.28 R$ 23,688.45
1991 39.6% 30.5% 9.1% R$ 23,688.45 R$ 33,069.07
1992 20.3% 7.6% 12.7% R$ 33,069.07 R$ 39,782.09
1993 14.3% 10.1% 4.2% R$ 39,782.09 R$ 45,470.93
1994 13.9% 1.3% 12.6% R$ 45,470.93 R$ 51,791.39
1995 43.1% 37.6% 5.5% R$ 51,791.39 R$ 74,113.48
1996 31.8% 23.0% 8.8% R$ 74,113.48 R$ 97,681.57
1997 34.1% 33.4% 0.7% R$ 97,681.57 R$ 130,990.98
1998 48.3% 28.6% 19.7% R$ 130,990.98 R$ 194,259.62
1999 0.5% 21.0% -20.5% R$ 194,259.62 R$ 195,230.92
2000 6.5% -9.1% 15.6% R$ 195,230.92 R$ 207,920.93
2001 -6.2% -11.9% 5.7% R$ 207,920.93 R$ 195,029.83
2002 10.0% -22.1% 32.1% R$ 195,029.83 R$ 214,532.82
2003 21.0% 28.7% -7.7% R$ 214,532.82 R$ 259,584.71
2004 10.5% 10.9% -0.4% R$ 259,584.71 R$ 286,841.10
2005 6.4% 4.9% 1.5% R$ 286,841.10 R$ 305,198.93
2006 18.4% 15.8% 2.6% R$ 305,198.93 R$ 361,355.54
2007 11.0% 5.5% 5.5% R$ 361,355.54 R$ 401,104.65
2008 -9.6% -37.0% 27.4% R$ 401,104.65 R$ 362,598.60
2009 19.8% 26.5% -6.7% R$ 362,598.60 R$ 434,393.12
2010 13.0% 15.1% -2.1% R$ 434,393.12 R$ 490,864.23
2011 4.6% 2.1% 2.5% R$ 490,864.23 R$ 513,443.98
2012 14.4% 16.0% -1.6% R$ 513,443.98 R$ 587,379.92
2013 33.0% 32.4% 0.6% R$ 587,379.92 R$ 781,215.29
2014 27.0% 13.7% 13.3% R$ 781,215.29 R$ 992,143.42
2015 -12.0% 1.4% -13.4% R$ 992,143.42 R$ 873,086.21
2016 23.0% 12.0% 11.0% R$ 873,086.21 R$ 1,073,896.04
2017 22.0% 21.8% 0.2% R$ 1,073,896.04 R$ 1,310,153.17
 S&P Berkshire

Valor Inicial Valor Final Valor Inicial Tx. Adm Tx. Perf. Valor Final

R$ 100.00 R$ 110.00 R$ 100.00 R$ 2.00 2.76% R$ 119.04

R$ 110.00 R$ 97.13 R$ 119.04 R$ 2.38 6.40% R$ 133.21
R$ 97.13 R$ 127.14 R$ 133.21 R$ 2.66 0 R$ 145.19
R$ 127.14 R$ 141.13 R$ 145.19 R$ 2.90 1.60% R$ 167.55
R$ 141.13 R$ 129.27 R$ 167.55 R$ 3.35 4.92% R$ 183.10
R$ 129.27 R$ 134.32 R$ 183.10 R$ 3.66 1.62% R$ 198.45
R$ 134.32 R$ 153.93 R$ 198.45 R$ 3.97 0.36% R$ 226.31
R$ 153.93 R$ 183.02 R$ 226.31 R$ 4.53 0.56% R$ 269.62
R$ 183.02 R$ 155.93 R$ 269.62 R$ 5.39 3.90% R$ 266.39
R$ 155.93 R$ 114.77 R$ 266.39 R$ 5.33 6.38% R$ 258.72
R$ 114.77 R$ 157.46 R$ 258.72 R$ 5.17 0 R$ 310.20
R$ 157.46 R$ 194.62 R$ 310.20 R$ 6.20 7.14% R$ 465.80
R$ 194.62 R$ 180.22 R$ 465.80 R$ 9.32 7.86% R$ 568.46
R$ 180.22 R$ 191.75 R$ 568.46 R$ 11.37 3.52% R$ 673.51
R$ 191.75 R$ 226.65 R$ 673.51 R$ 13.47 3.50% R$ 876.91
R$ 226.65 R$ 299.86 R$ 876.91 R$ 17.54 0 R$ 1,028.62
R$ 299.86 R$ 284.86 R$ 1,028.62 R$ 20.57 7.28% R$ 1,256.15
R$ 284.86 R$ 345.82 R$ 1,256.15 R$ 25.12 3.72% R$ 1,686.76
R$ 345.82 R$ 423.29 R$ 1,686.76 R$ 33.74 1.98% R$ 2,164.45
R$ 423.29 R$ 449.11 R$ 2,164.45 R$ 43.29 1.50% R$ 2,383.06
R$ 449.11 R$ 591.03 R$ 2,383.06 R$ 47.66 3.32% R$ 3,404.92
R$ 591.03 R$ 700.96 R$ 3,404.92 R$ 68.10 1.50% R$ 4,174.43
R$ 700.96 R$ 736.71 R$ 4,174.43 R$ 83.49 2.88% R$ 4,784.73
R$ 736.71 R$ 859.00 R$ 4,784.73 R$ 95.69 0.70% R$ 5,617.27
R$ 859.00 R$ 1,131.31 R$ 5,617.27 R$ 112.35 2.54% R$ 7,856.32
R$ 1,131.31 R$ 1,096.24 R$ 7,856.32 R$ 157.13 2.10% R$ 8,115.58
R$ 1,096.24 R$ 1,430.59 R$ 8,115.58 R$ 162.31 1.82% R$ 11,019.33
R$ 1,430.59 R$ 1,539.31 R$ 11,019.33 R$ 220.39 2.54% R$ 12,755.97
R$ 1,539.31 R$ 1,694.78 R$ 12,755.97 R$ 255.12 0.84% R$ 14,217.81
R$ 1,694.78 R$ 1,716.81 R$ 14,217.81 R$ 284.36 2.52% R$ 15,551.44
R$ 1,716.81 R$ 2,362.34 R$ 15,551.44 R$ 311.03 1.10% R$ 21,772.01
R$ 2,362.34 R$ 2,905.67 R$ 21,772.01 R$ 435.44 1.76% R$ 27,876.89
R$ 2,905.67 R$ 3,876.17 R$ 27,876.89 R$ 557.54 0.14% R$ 36,786.34
R$ 3,876.17 R$ 4,984.75 R$ 36,786.34 R$ 735.73 3.94% R$ 52,369.04
R$ 4,984.75 R$ 6,031.55 R$ 52,369.04 R$ 1,047.38 0 R$ 51,583.50
R$ 6,031.55 R$ 5,482.68 R$ 51,583.50 R$ 1,031.67 3.12% R$ 52,295.35
R$ 5,482.68 R$ 4,830.24 R$ 52,295.35 R$ 1,045.91 1.14% R$ 47,410.97
R$ 4,830.24 R$ 3,762.76 R$ 47,410.97 R$ 948.22 6.42% R$ 48,160.06
R$ 3,762.76 R$ 4,842.67 R$ 48,160.06 R$ 963.20 0 R$ 57,310.47
R$ 4,842.67 R$ 5,370.52 R$ 57,310.47 R$ 1,146.21 0 R$ 62,181.86
R$ 5,370.52 R$ 5,633.68 R$ 62,181.86 R$ 1,243.64 0.30% R$ 64,731.32
R$ 5,633.68 R$ 6,523.80 R$ 64,731.32 R$ 1,294.63 0.52% R$ 75,010.65
R$ 6,523.80 R$ 6,882.61 R$ 75,010.65 R$ 1,500.21 1.10% R$ 80,936.49
R$ 6,882.61 R$ 4,336.04 R$ 80,936.49 R$ 1,618.73 5.48% R$ 67,112.54
R$ 4,336.04 R$ 5,485.09 R$ 67,112.54 R$ 1,342.25 0 R$ 79,058.57
R$ 5,485.09 R$ 6,313.34 R$ 79,058.57 R$ 1,581.17 0 R$ 87,755.01
R$ 6,313.34 R$ 6,445.92 R$ 87,755.01 R$ 1,755.10 0.50% R$ 89,597.87
R$ 6,445.92 R$ 7,477.27 R$ 89,597.87 R$ 1,791.96 0 R$ 100,708.00
R$ 7,477.27 R$ 9,899.16 R$ 100,708.00 R$ 2,014.16 0.12% R$ 131,804.62
R$ 9,899.16 R$ 11,254.36 R$ 131,804.62 R$ 2,636.09 2.66% R$ 161,247.14
R$ 11,254.36 R$ 11,409.67 R$ 161,247.14 R$ 3,224.94 0 R$ 138,672.54
R$ 11,409.67 R$ 12,774.26 R$ 138,672.54 R$ 2,773.45 2.21% R$ 164,731.88
R$ 12,774.26 R$ 15,562.88 R$ 164,731.88 R$ 3,294.64 0.03% R$ 197,622.25

R$ 1,310,153.17 Resultado Real do Warren Buffet desde 1965

R$ 197,622.25 Resultado caso o Warren Buffet tivesse aplica
-84.92% Diferença de Resultado
ren Buffet desde 1965
en Buffet tivesse aplicado em fundos (efeito da taxa de adm e performance no tempo)
tempo)