巴菲特致股东的信2012-全文中英对照

巴菲特致伯克希尔股东的信(1957-2015)(中缺少2012,因为PDF无法加入),免费赠送。

To the Shareholders of Berkshire Hathaway Inc.: 致伯克希尔·哈撒韦公司股东：

The per-share book value of both our Class A and Class B stock increased by 4.6% in 2011. Over thelast 47 years (that is, since present management took over), book value has grown from $19 to $99,860, a rate of 19.8% compounded annually.*1

2011年，我们公司的A股和B股的每股账面净值都增长了4.6%。过去47年期间（也就是说从现在的管理层接管公司开始至今），每股账面净值从19美元增长到了99,860美元，每年复合增长率为19.8%。*

Charlie Munger, Berkshire’s Vice Chairman and my partner, and I feel good about the company’s progress during 2011. Here are the highlights:

我和我的合作伙伴伯克希尔公司的副董事长查理·芒格，对公司2011年的业务发展感到相当满意。其中作为突出亮点的好消息包括：

The primary job of a Board of Directors is to see that the right people are running the business and to be sure that the next generation of leaders is identified and ready to take over tomorrow. I have been on 19 corporate boards, and Berkshire’s directors are at the top of the list in the time and diligence they have devoted to succession planning. What’s more, their efforts have paid off.

董事会成员最主要的工作，一是现在由正确的领导人在经营管理企业业务，二是确保已经选定下一代接班的领导人而且已经准备好明天就能接任。我本人曾经加入过19家公司的董事会，我认为，在接班人选计划上付出的时间和精力上，伯克希尔公司的董事会肯定排名前列。更可喜的是，他们的努力已经得到了回报。 As 2011 started, Todd Combs joined us as an investment manager, and shortly after yearend Ted Weschler came aboard. Both of these men have outstanding investment skills and a deep commitment to Berkshire. Each will be handling a few billion dollars in 2012, but they have the brains, judgment and character to manage our entire portfolio when Charlie and I are no longer running Berkshire.

2011年初，托德·康布斯（Todd Combs）作为投资经理人加入我们公司，2012年初泰德随时韦斯切勒（Ted Weschler）也加入公司。他们两位都具有杰出的投资技巧， 而且愿意全心全意为伯克希尔公司服务。2012年他们俩人将会管理几十亿美元的投资，但是，当我和芒格不同管理伯克希尔公司的时候，他们俩人具备的头脑、判断和性格完全能够管理伯克希尔公司的整个投资组合。

Your Board is equally enthusiastic about my successor as CEO, an inpidual to whom they have had a great deal of exposure and whose managerial and human qualities they admire. (We have two superb back-up candidates as well.) When a transfer of responsibility is required, it will be seamless, and Berkshire’s prospects will remain bright. More than 98% of my net worth is in Berkshire stock, all of which will go to various philanthropies. Being so heavily concentrated in one stock defies conventional wisdom. But I’m fine with this arrangement, knowing both the quality and persity of the businesses we own and the caliber of the people who manage them. With these assets, my successor will enjoy a running start. Do not, however, infer from this discussion that Charlie and I are going anywhere; we * All per-share figures used in this report apply to Berkshire’s A shares. Figures for the B shares are 1/1500th of those shown for A.

本信中所有的每股数据都是基于A股，B股的数据相当于A股的1500分之1。

巴菲特致伯克希尔股东的信(1957-2015)(中缺少2012,因为PDF无法加入),免费赠送。

continue to be in excellent health, and we love what we do.

公司董事会对作为我的接班人担任公司未来CEO职位的经理人也同样充满信心，他们对他已经非常了解，对于此人的管理能力和个人品德也非常敬仰。（我们同时还有两位超一流的后备人选）。未来需要移交管理职责的时候，一切将会是平滑过渡无缝连接，伯克希尔公司的发展前景仍将是一片光明。我的个人财富98%以上都在伯克希尔公司的股票上，所有这些持股将会捐赠给几家不同的慈善组织。如此高度集中投资于一只股票完全违背传统的投资智慧。但是，由于我本人非常了解伯克希尔公司拥有的各家企业的品质有多么优秀，多元化程度有多么分散，以及管理这些企业的经理人的才干有多么出色，所以我对这种安排非常满意。能够拥有如此优质的资产，我的接班人将会拥有一个很好的起点。可是，千万不要根据我的这些说法，就推断我和芒格很快将会离开公司管理岗位，我们仍然非常健康，而且我们非常热爱我们的工作。

On September 16th we acquired Lubrizol, a worldwide producer of additives and other specialty chemicals. The company has had an outstanding record since James Hambrick became CEO in 2004, with pre-tax profits increasing from $147 million to $1,085 million. Lubrizol will have many opportunities for “bolt-on” acquisitions in the specialty chemical field. Indeed, we’ve already agreed to three, costing $493 million. James is a disciplined buyer and a superb operator. Charlie and I are eager to expand his managerial domain. 2011年9月16日，我们收购了Lubrizol公司，这是一家全球性的添加剂及其它特殊化学品生产企业。从2004年James Hambrick担任CEO以来，这家公司创出了杰出的业绩记录，税前利润从1.47亿增长到10.85亿美元。Lubrizol公司在特殊化学品领域将会拥有很多并购企业的机会。实际上，我们已经谈成了三起收购，投入资金4.93亿美元。James Hambrick既是一个纪律性非常强的收购者，又是一个超一流的经营者。我和芒格急切盼望能够扩大他的管理范围。

Our major businesses did well last year. In fact, each of our five largest non-insurance companies – BNSF, Iscar, Lubrizol, Marmon Group and MidAmerican Energy – delivered record operating earnings. In aggregate these businesses earned more than $9 billion pre-tax in 2011. Contrast that to seven years ago, when we owned only one of the five, MidAmerican, whose pre-tax earnings were $393 million. Unless the economy weakens in 2012, each of our fabulous five should again set a record, with aggregate earnings comfortably topping $10 billion. 我们下属的主要企业2011年表现都很出色。事实上，我们旗下最大的5家非保险企业——BNSF, Iscar, Lubrizol, Marmon集团和中美能源的营业利润都创出了历史最高记录。2011年这些企业的税前利润累计超过90亿美元。和七年前相比，我们只持有这5个公司中的一个即中美能源，它的税前收益为3.93亿美元。而在七 …… 此处隐藏：36743字，全部文档内容请下载后查看。喜欢就下载吧 ……