伯克希尔哈撒韦公司的股东手册
作者：沃伦·巴菲特
译者：李茂平
翻译时间：2013/4/27~2013/6/12
资料来源：伯克希尔哈撒韦公司2012年年报97页
资料网址：/reports.html
In June1996,Berkshire’s Chairman,Warren E.Buffett,issued a booklet entitled “An Owner’s Manual*”to Berkshire’s Class A and Class B shareholders. The purpo of the manual was to explain Berkshire’s broad economic principles of operation.An updated version is reproduced on this and the following pages.
一九九六年六月，伯克希尔哈撒韦公司的董事长，沃伦-巴菲特，发表了名为“股东手册”的小册子给伯克希尔哈撒韦A类和B类股的股东。本手册的目的是为了说明伯克希尔重要的经营原则。以下是最新版本：
皋埠怎么读OWNER-RELATED BUSINESS PRINCIPLES读书手抄报简单
“股东一家亲”企业原则
At the time of the Blue Chip merger in1983,I t down13owner-related business principles that I thought would help new shareholders understand our managerial approach.As is appropriate for“principles,”all13remain alive and well today,and they are stated here in italics.
1983年并购蓝齿公司时，我写下了13条“股东一家亲”企业原则。我想，这有助于新股东理解我们的管理方法。今天，这13条原则仍然适用。以斜体陈述如下：
江米团子1.Although our form is corporate,our attitude is partnership.Charlie Munger and I think of our shareholders as owner-partners,and of ourlves as managing partners.(Becau of the size of our shareholdings we are also,for better or wor,controlling partners.)We do not view the company itlf as the
ultimate owner of our business asts but instead view the company as a conduit through which our shareholders own the asts.
1.尽管我们的组织形式是公司制，但在我们看来是合伙制。查理芒格和我认为股东是“所有者合伙人”，
而我们是“管理者合伙人”。（因为持股比例不同，我们是控股合伙人）。我们对公司的看法是，它不是众多商业资产的超级所有者，而是我们和股东共同拥有这些资产的一个管道。
Charlie and I hope that you do not think of yourlf as merely owning a piece of paper who price wiggles around daily and that is a candidate for sale when some economic or political event makes you nervous.We hope you instead visualize yourlf as a part owner of a business that you expect to stay with indefinitely,much as you might if you owned a farm or apartment hou in partnership with members of your family.For our part,we do not view Berkshire shareholders as faceless members of an ever-shifting crowd,but rather as co-venturers who have entrusted their funds to us for what may well turn out to be the remainder of their lives.
查理和我希望你不要把自己当作价格每日不断波动的证券的拥有者，当出现使你紧张的经济或政治事件时也不要总想着卖出。我们希望你设想自己是无期限的公司合伙人，就像你和家庭成员共同拥有一个农场或公寓。我们不把股东视作反复变动且很少露面的大众，而是视作把资金交给我们并期待良好的回报的合营者。
The evidence suggests that most Berkshire shareholders have indeed embraced this long-term partnership concept.The annual percentage turn over in Berkshire’s shares is a fraction of that occur
ring in the stocks of other major American corporations,even when the shares I own are excluded from the calculation.
有证据表明，大多数伯克希尔的股东已经接受了这种长期合伙人的概念。相对于其他美国大公司，我们公司股票的换手率很低，即使减去我持有的股份来计算的话。
In effect,our shareholders behave in respect to their Berkshire stock much as Berkshire itlf behaves in respect to companies in which it has an investment. As owners of,say,Coca-Cola or American Express shares,we think of Berkshire as being a non-managing partner in two extraordinary business,in which we
measure our success by the long-term progress of the companies rather than by the month-to-month movements of their stocks.In fact,we would not care in the least if veral years went by in which there was no trading,or quotation of prices,in the stocks of tho companies.If we have good long-term expectations,short-term price changes are meaningless for us except to the extent they offer us an opportunity to increa our ownership at an attractive price.
实际上，我们的股东对待伯克希尔公司股票的做法和伯克希尔对待他投资的公司的做法一样。比如，作为可口可乐和美国运通公司的股东，我们把伯克希尔当做两家杰出企业的“非管理合伙人”，我们根
据他们的长期进步评估我们成功与否，而不是他们股票的月度变动率。事实上，我们不在乎它在几年内是否有交易或报价。如果我们预期公司长期向好，那么短期的价格波动对我们是无意义的；除非这些波动为我们提供了在有吸引力的价格增加股份的机会。
2.In line with Berkshire’s owner-orientation,most of our directors have a major portion of their net worth invested in the company.We eat our own cooking. 2.与伯克希尔的股东取向一致，大多数董事们把主要财产投资在本公司。我们自食其力。
Charlie’s family has80%or more of its net worth in Berkshire shares;I have more than98%.In addition,many of my relatives–my sisters and cousins,for example–keep a huge portion of their net worth in Berkshire stock.
查理家族80%多的财产买了伯克希尔的股票，而我则是98%。另外，我的很多亲戚-如我的姐妹和兄弟-的大量财产都买了伯克希尔的股票。春检
Charlie and I feel totally comfortable with this eggs-in-one-basket situation becau Berkshire itlf owns a wide variety of truly extraordinary business. Indeed,we believe that Berkshire is clo to being unique in the quality and diversity of the business in which it owns either a controlling interest or a minority interest of significance.
查理和我对于鸡蛋放在一个篮子里感到很舒服，因为伯克希尔拥有各种各样真正非凡的企业。的确，通过控股或做为少数股东，伯克希尔集高品质的多样化公司于一身。
Charlie and I cannot promi you results.But we can guarantee that your financial fortunes will move in lockstep with ours for whatever period of time you elect to be our partner.We have no interest in large salaries or options or other means of gaining an“edge”over you.We want to make money only when our partners do and in exactly the same proportion.Moreover,when I do something dumb,I want you to be able to derive some solace from the fact that my financial suffering is proportional to yours.
查理和我无法向你承诺投资成果。但我们可以保证，只要你是我们的合伙人，无论何时，你的金融资产和我们自己的资产将完全保持一致。我们对高薪，期权，或者其他什么从你们身上挣钱的事毫无兴趣。我们只希望和我们的合伙人一起，以相同的比例挣钱。甚至，当我做了一些错误事的时候，你能有一丝安慰，因为我和你同样遭受到了损失。
3.Our long-term economic goal(subject to some qualifications mentioned later)is to maximize Berkshire’s average annual rate of gain in intrinsic business value on a per-share basis.We do not measure the economic significance or performance of Berkshire by its size;we measure by per-shar
初级中学英语e progress.We are certain that the rate of per-share progress will diminish in the future–a greatly enlarged capital ba will e to that.But we will be disappointed if our rate does not exceed that of the average large American corporation.
卡字笔顺3.我们的长期目标是使伯克希尔的每股内在价值保持最大的年平均增速。我们以每股增速而不以公司规模衡量伯克希尔的成就和表现。未来，随着股东权益的大幅增加，每股增速会下降；但只有当我们的增速低于美国大公司的平均增速时，我们才会失望。
4.Our preference would be to reach our goal by directly owning a diversified group of business that generate cash and consistently earn above-average returns on capital.Our cond choice is to own parts of similar business, attained primarily through purchas of marketable common stocks by our insurance subsidiaries.The price and availability of business and the need for insurance capital determine any given year’s capital allocation.
多重人格
4.为实现目标，我们偏爱完全持有那些能产生充足现金且资本回报率一贯超过平均数的公司。我们第二选择是够买该类公司的一部分上市股票，这主要由保险分部来投资。投资与否由目标公司的价格，发展潜力和保险公司资本的数量来决定。
In recent years we have made a number of acquisitions.Though there will be dry years,we expect to
make many more in the decades to come,and our hope is that they will be large.If the purchas approach the quality of tho we have made in the past,Berkshire will be well rved.
近年来，我们已进行了大量并购，未来，我们想更多的并购。最好是并购大公司，如果并购公司的的质量和过去我们收购的一样，那就更好了。
The challenge for us is to generate ideas as rapidly as we generate cash.In this respect,a depresd stock market is likely to prent us with significant advantages.For one thing,it tends to reduce the prices at which entire companies become available for purcha.Second,a depresd market makes it easier for our insurance companies to buy small pieces of wonderful business–including additional pieces of business we already own–at attractive prices.And third,some of tho same wonderful business,such as Coca-Cola,are consistent buyers of their own shares,which means that they, and we,gain from the cheaper prices at which they can buy.
我们的挑战是产生想法的速度能否像我们产生现金一样快。从某种意义上说，一个下跌的市场是赠送给我们的礼物。
首先，下跌市场降低了股票价格，使并购整个公司成为可能。
第二，下跌市场使我们的保险公司有机会以迷人的价格购买或增持完美公司的一部分。第三，一些完美公司如可口可乐会回购股票，这意味着他们和我们在更便宜的价格获得了更多的收益。
父亲的责任Overall,Berkshire and its long-term shareholders benefit from a sinking stock market much as a regular purchar of food benefits from declining food prices. So when the market plummets–as it will from time to time–neither panic nor mourn.It’s good news for Berkshire.
总的来说，伯克希尔及其长期股东受益于下跌的股票市场；就像一个定期的食品购买者受益于食品价格下落一样。所以当市场未来发生断崖式下跌时，既不要恐慌也不要难过，对伯克希尔来说这真是好消息。
5.Becau of our two-pronged approach to business ownership and becau of the limitations of conventional accounting,consolidated reported earnings
