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巴菲特致股东的封(2020)4/5

巴菲特致股东的封(2020)4/5


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Each company was started by a young man who had graduated from the University of Tennessee and stayed put in Knoxville. Neither had a meaningful amount of capital nor wealthy parents.

每个公司都是由一个从田纳西大学毕业并留在诺克斯维尔的年轻人创立的。他们既没有可观的资本额,也没有富裕的父母。


But, so what? Today, Clayton and Pilot each have annual pre-tax earnings of more than $1 billion. Together they employ about 47,000 men and women.

但是,那又如何呢?如今,ClaytonPilot的年税前收益均超过10亿美元。他们一共雇用了大约47,000名男女。


Jim Clayton, after several other business ventures, founded Clayton Homes on a shoestring in 1956, and “Big Jim” Haslam started what became Pilot Travel Centers in 1958 by purchasing a service station for $6,000. Each of the men later brought into the business a son with the same passion, values and brains as his father. Sometimes there is a magic to genes.

吉姆·克莱顿(Jim Clayton)在经历了数次其他商业冒险之后,于1956年凭空成立了克莱顿之家(Clayton Homes),大吉姆”·哈斯拉姆(Big JimHaslam1958年以6,000美元的价格购买了加油站,开办了飞行员旅行中心。后来,每个人都把一个与父亲一样具有激情,价值观和智慧的儿子带入了企业。有时候基因有魔力。


“Big Jim” Haslam, now 90, has recently authored an inspirational book in which he relates how Jim Clayton’s son, Kevin, encouraged the Haslams to sell a large portion of Pilot to Berkshire. Every retailer knows that satisfied customers are a store’s best salespeople. That’s true when businesses are changing hands as well.

现年90岁的大吉姆哈斯拉姆最近写了一本鼓舞人心的书,他在书中讲述了吉姆·克莱顿的儿子凯文如何鼓励哈斯拉姆人将飞行员的大部分出售给伯克希尔。每个零售商都知道,满意的顾客是商店的最佳推销员。当企业也在易手时也是如此。


* * * * * * * * * * * *

=When you next fly over Knoxville or Omaha, tip your hat to the Claytons, Haslams and Blumkins as well as to the army of successful entrepreneurs who populate every part of our country. These builders needed America’s framework for prosperity – a unique experiment when it was crafted in 1789 – to achieve their potential. In turn, America needed citizens like Jim C., Jim H., Mrs. B and Louie to accomplish the miracles our founding fathers sought.

当您下次飞越诺克斯维尔或奥马哈时,向克莱顿一家,哈斯拉姆一家和布鲁姆金斯一家以及遍布全国各地的成功企业家大部队致敬。这些建筑商需要美国的繁荣框架(这是1789年精心打造的一次独特实验)才能发挥其潜力。反过来,美国需要像吉姆C.,吉姆H.B太太和路易丝这样的公民来实现我们开国元勋所追求的奇迹。


Today, many people forge similar miracles throughout the world, creating a spread of prosperity that benefits all of humanity. In its brief 232 years of existence, however, there has been no incubator for unleashing human potential like America. Despite some severe interruptions, our country’s economic progress has been breathtaking.

今天,许多人在世界各地伪造类似的奇迹,创造了使全人类受益的繁荣繁荣。然而,在其短暂的232年历史中,还没有孵化器能够像美国那样释放人类的潜能。尽管出现了严重的中断,但我国的经济发展却令人叹为观止。


Beyond that, we retain our constitutional aspiration of becoming “a more perfect union.” Progress on that front has been slow, uneven and often discouraging. We have, however, moved forward and will continue to do so.

除此之外,我们保留着成为更完美的联盟的宪政愿望。在这方面的进展缓慢,参差不齐,常常令人沮丧。但是,我们已经向前迈进,并将继续这样做。


Our unwavering conclusion: Never bet against America.

我们坚定不移的结论:永远不要对美国下注。

 

The Berkshire Partnership

伯克希尔伙伴关系


Berkshire is a Delaware corporation, and our directors must follow the state’s laws. Among them is a requirement that board members must act in the best interest of the corporation and its stockholders. Our directors embrace that doctrine.

伯克希尔是特拉华州的一家公司,我们的董事必须遵守该州的法律。其中一项要求是,董事会成员必须为公司及其股东的最佳利益行事。我们的董事信奉该学说。


In addition, of course, Berkshire directors want the company to delight its customers, to develop and reward the talents of its 360,000 associates, to behave honorably with lenders and to be regarded as a good citizen of the many cities and states in which we operate. We value these four important constituencies.

此外,当然,伯克希尔哈撒韦公司董事希望该公司取悦客户,发展和奖励其360,000名员工的才干,与放贷人保持良好的行为举止,并被视为我们经营所在的许多城市和州的良好公民。 。我们重视这四个重要选区。


None of these groups, however, have a vote in determining such matters as dividends, strategic direction, CEO selection, or acquisitions and divestitures. Responsibilities like those fall solely on Berkshire’s directors, who must faithfully represent the long-term interests of the corporation and its owners.

但是,这些集团都没有投票权来决定诸如股息,战略方向,CEO的选择,收购或资产剥离等事项。像这样的责任完全落在伯克希尔·哈撒韦的董事身上,他们必须忠实地代表公司及其所有者的长期利益。


Beyond legal requirements, Charlie and I feel a special obligation to the many individual shareholders of Berkshire. A bit of personal history may help you to understand our unusual attachment and how it shapes our behavior.

除了法律要求之外,我和查理还对伯克希尔哈撒韦的许多个人股东负有特殊义务。一点个人经历可能会帮助您了解我们不寻常的依恋关系以及它如何影响我们的行为。


* * * * * * * * * * * *

Before my Berkshire years, I managed money for many individuals through a series of partnerships, the first three of those formed in 1956. As time passed, the use of multiple entities became unwieldy and, in 1962, we amalgamated 12 partnerships into a single unit, Buffett Partnership Ltd. (“BPL”).

在我伯克希尔任职之前,我通过一系列合伙关系为许多个人管理资金,最早的三个合伙人于1956年成立。随着时间的流逝,使用多个实体变得笨拙,1962年,我们将12个合伙关系合并为一个单位巴菲特合伙企业有限公司(“ BPL”)。


By that year, virtually all of my own money, and that of my wife as well, had become invested alongside the funds of my many limited partners. I received no salary or fees. Instead, as the general partner, I was compensated by my limited partners only after they secured returns above an annual threshold of 6%. If returns failed to meet that level, the shortfall was to be carried forward against my share of future profits. (Fortunately, that never happened: Partnership returns always exceeded the 6% “bogey.”) As the years went by, a large part of the resources of my parents, siblings, aunts, uncles, cousins and in-laws became invested in the partnership.

到那年,几乎所有我自己的钱,以及我妻子的所有钱,都与我许多有限合伙人的资金一起投入了。我没有收到薪水或费用。相反,作为普通合伙人,只有在我的有限合伙人获得了高于6%的年度门槛的回报之后,我才能获得报酬。如果收益未能达到该水平,则应将我应得的未来利润中的差额结转。 (幸运的是,这从未发生过:合伙企业的回报率总是超过6%的柏忌。)随着岁月的流逝,我父母,兄弟姐妹,阿姨,叔叔,堂兄弟和姻亲的大部分资源都投入了合伙。


Charlie formed his partnership in 1962 and operated much as I did. Neither of us had any institutional investors, and very few of our partners were financially sophisticated. The people who joined our ventures simply trusted us to treat their money as we treated our own. These individuals – either intuitively or by relying on the advice of friends – correctly concluded that Charlie and I had an extreme aversion to permanent loss of capital and that we would not have accepted their money unless we expected to do reasonably well with it.

查理(Charlie)于1962年成立了他的合伙公司,并且运作得像我一样。我们俩都没有机构投资者,而且我们的合作伙伴在财务上也很少。加入我们的企业的人只是相信我们会像对待自己的钱一样对待他们的钱。这些人(无论是凭直觉还是依靠朋友的建议)正确地得出结论,查理和我对永久性资本损失极度厌恶,除非我们期望自己做得很好,否则我们不会接受他们的钱。


I stumbled into business management after BPL acquired control of Berkshire in 1965. Later still, in 1969, we decided to dissolve BPL. After yearend, the partnership distributed, pro-rata, all of its cash along with three stocks, the largest by value being BPL’s 70.5% interest in Berkshire.

1965BPL取得伯克希尔哈撒韦的控制权后,我偶然涉足业务管理。后来,在1969年,我们决定解散BPL。年底后,合伙企业按比例分配了其所有现金以及三只股票,按价值计算,最大的一笔交易是BPLBerkshire70.5%的权益。


Charlie, meanwhile, wound up his operation in 1977. Among the assets he distributed to partners was a major interest in Blue Chip Stamps, a company his partnership, Berkshire and I jointly controlled. Blue Chip was also among the three stocks my partnership had distributed upon its dissolution.

同时,查理(Charlie)在1977年结束了业务。他分配给合作伙伴的资产中包括对蓝筹邮票(Blue Chip Stamps)的主要兴趣,该公司是他与合伙人,伯克希尔和我共同控制的公司。蓝筹股也是我合伙解散后分配的三只股票之一。


In 1983, Berkshire and Blue Chip merged, thereby expanding Berkshire’s base of registered shareholders from 1,900 to 2,900. Charlie and I wanted everyone – old, new and prospective shareholders – to be on the same page.

1983年,伯克希尔与Blue Chip合并,从而将伯克希尔的注册股东基础从1900名扩大到了2900名。查理和我希望所有人,包括新老股东和潜在股东,都在同一页面上。


Therefore, the 1983 annual report – up front – laid out Berkshire’s “major business principles.” The first principle began: “Although our form is corporate, our attitude is partnership.” That defined our relationship in 1983; it defines it today. Charlie and I – and our directors as well – believe this dictum will serve Berkshire well for many decades to come.

因此,1983年的年度报告(前期)列出了伯克希尔的主要业务原则。第一条原则开始了:尽管我们的形式是公司,但我们的态度是伙伴关系。” 1983年,这定义了我们的关系。它今天定义了它。查理和我-以及我们的董事们-相信这一格言将在未来数十年中为伯克希尔公司提供良好的服务。


* * * * * * * * * * * *

Ownership of Berkshire now resides in five large “buckets,” one occupied by me as a “founder” of sorts.

伯克希尔哈撒韦的所有权现在位于五个大型中,其中一个由我以某种创始人的身份占领。


That bucket is certain to empty as the shares I own are annually distributed to various philanthropies.

由于我每年拥有的股份分配给各种慈善事业,因此这个水桶肯定是空的。


Two of the remaining four buckets are filled by institutional investors, each handling other people’s money. That, however, is where the similarity between those buckets ends: Their investing procedures could not be more different.

剩下的四个桶中的两个由机构投资者填补,每个人处理别人的钱。然而,这就是这些桶之间相似之处的终结:他们的投资程序再无不同。


In one institutional bucket are index funds, a large and mushrooming segment of the investment world. These funds simply mimic the index that they track. The favorite of index investors is the S&P 500, of which Berkshire is a component. Index funds, it should be emphasized, own Berkshire shares simply because they are required to do so. They are on automatic pilot, buying and selling only for “weighting” purposes.

指数基金仅占一个机构类别,它是投资界中一个庞大且蓬勃发展的部分。这些资金只是模仿他们追踪的指数。指数投资者最喜欢的是SP 500,伯克希尔是其中的一员。应该强调的是,指数基金拥有伯克希尔股票的原因仅仅是因为它们必须这样做。他们处于自动驾驶状态,仅出于加权目的进行买卖。


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