巴菲特致股东的信1992.pdf

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信1992 年 Buffett’s Letters To Berkshire Shareholders 1992 Our per-share book value increased 20.3% during 1992. Over the 1992 年本公司的净值成长了20.3% ， last 28 years (that is, since present management took over) book 总计过去28 年以来，也就是自从现有 value has grown from $19 to $7,745, or at a rate of 23.6% 经营阶层接手之后，每股净值由当初 compounded annually. 的19 元成长到现在的7,745 美元，年 复合成长率约为23.6% 。 During the year, Berkshires net worth increased by $1.52 回顾过去一年，伯克希尔的净值增加 billion. More than 98% of this gain came from earnings and 了15.2 亿美元，其中98%系来自于盈 appreciation of portfolio securities, with the remainder coming 余与投资组合的增值，剩下的 2%则 from the issuance of new stock. These shares were issued as a 是因为发行新股的缘故，这些股份是 result of our calling our convertible debentures for redemption 因为我们赎回在1993 年1 月4 日所发 on January 4, 1993, and of some holders electing to receive 行的可转换特别股，其中有部份持有 common shares rather than the cash that was their alternative. 人不要现金而选择领取本公司的普通 Most holders of the debentures who converted into common 股，大部分的持有人选择在 1 月进行 waited until January to do it, but a few made the move in 转换，另外有一小部份则在去年 12 December and therefore received shares in 1992. To sum up 月就径行转换，总计当初我们发行总 what happened to the $476 million of bonds we had outstanding: 值4.76 亿美元的债券中，4,600 万在 $25 million were converted into shares before yearend; $46 一月转换，另外4.05 亿美元则以现金 million were converted in January; and $405 million were 赎回，转换价订为11,719 美元一股， redeemed for cash. The conversions were made at $11,719 per 换算下来一共发行了6,106 股。 share,