The S&P 500 figures in Berkshire's comparison table are pre-tax, whereas Berkshire's figures are after-tax.

True: the performance-comparison table or its notes in Berkshire's 2000 annual report or shareholder letter (published around February 2001) show the S&P 500 figures as pre-tax (dividends included, no tax deducted) and Berkshire's figures as after-tax (for example, the change in book value net of corporate taxes). Mostly true: that basis is right, but there is a minor wording difference in how it is described. Mixed: only one of the two descriptions matches the report. Mostly false: the methodology largely contradicts the statement but has a related point that is true. False: the table shows both on the same tax basis, or the reverse of what is claimed.

Set before the research began.

1. E1 Berkshire Hathaway Inc. 2000 Annual Report Berkshire Hathaway Inc. · 2001 Own record

   “Over the last 36 years (that is, since present management took over) pershare book value has grown from $19 to $40,442, a gain of 23.6% compounded annually.”

The only evidence is E3, Berkshire's 2000 Annual Report. The quoted sentence gives Berkshire's growth in per-share book value ($19 to $40,442, 23.6% compounded annually), but it does not say whether that figure is after-tax. It also says nothing about the tax basis of the S&P 500 figures. No quoted table note or other source shows how the comparison handles taxes, so the criteria cannot be applied.