巴菲特致股东的信1987.pdf

巴菲特研究中心 Research Centre for Buffettism 1987 Buffett’s Letters To Berkshire Shareholders 1987 Our gain in net worth during 1987 was $464 本公司在 1978 年的净值增加了四亿 million, or 19.5%. Over the last 23 years (that 六千四百万，较去年增加了 19.5%， is, since present management took over), our 而过去 23 年以来(自从现有经营阶层 per-share book value has grown from $19.46 to 接手后)，每股净值从 19 元成长到现 $2,477.47, or at a rate of 23.1% compounded 在的 2,477 美元，年复合成长率约为 annually. 23.1%。 What counts, of course, is the rate of gain in 真正重要的当然是企业每股实际价 per-share business value, not book value. In many 值，而非帐面价值的增加，在许多情 cases, a corporations book value and business 况下一家公司的帐面与其实际价值一 value are almost totally unrelated. For example, 点关连都没有，举例来说，LTV 与鲍 just before they went bankrupt, LTV and 德温联合公司就在宣布破产之前的会 Baldwin-United published yearend audits showing 计师签证的年度报告还显示，帐面各 their book values to be $652 million and $397 有净值六亿与四亿美金，但是另一个 million, respectively. Conversely, Belridge Oil 公司 Belridge 石油在 1979 年以 36 was sold to Shell in 1979 for $3.6 billion 亿美元高价卖给壳牌石油之时，帐面 although its book value was only $177 million. 净值却不到两亿。 At Berkshire, however, the two valuations have 不过在波克夏两者成长的趋势倒是蛮 tracked rather closely, with the growth rate in 相近的，过去十年公司的实际价值成 business value over the last decade moderately 长率略高于帐面价值成长率，很高兴 outpacing the growth rate in book value. This 这种好现象在今年也能持续维持。 good news continued in 1987. Our premium of business value to book value has 我们企业价值对帐面价值的差距，因 widened for two simple reasons: We own some 为以下二个简单的原因又扩大了一 remarkable businesses and they are run by even 点，一是我们拥有优秀的企业，一是 more remarkable managers. 这些企业皆由最优秀的经理人在管 理。 You have a right to question that second 各位有理由对第二个原因表示意见， assertion. A