巴菲特致股东的信1995.pdf

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信1995 年 Buffett’s Letters To Berkshire Shareholders 1995 Our gain in net worth during 1995 was $5.3 billion, or 1995 年本公司的净值成长了 45 %约 45.0%. Per-share book value grew by a little less, 53 亿美元，但由于去年以发行股份的 43.1%, because we paid stock for two acquisitions, 方式并购了两家公司，使得发行在外 increasing our shares outstanding by 1.3%. Over the last 股份增加了 1.3%，所以每股净值仅成 31 years (that is, since present management took over) 长了 43.1%，而总计过去 31 年以来， per-share book value has grown from $19 to $14,426, or 也就是自从现有经营阶层接手之后， at a rate of 23.6% compounded annually. 每股净值由当初的 19 元成长到现在 的 14,426 美元，年复合成长率约为 23.6%。 Theres no reason to do handsprings over 1995s gains. 对于 1995 年能够有这样的成果并没 This was a year in which any fool could make a bundle 有什么值得好高兴的，因为在去年那 in the stock market. And we did. To paraphrase President 样的股票市场状况，任何一个笨蛋都 Kennedy, a rising tide lifts all yachts. 可以很轻易在市场上有所斩获，我们 当然也不例外，套句甘乃迪总统说过 的一句话，只要一波大浪来就可以撑 起所有的船只。 Putting aside the financial results, there was plenty 先不管亮丽的财务数字，去年对伯克 of good news at Berkshire last year: We negotiated three 希尔来说，有许多令人振奋的好消息， acquisitions of exactly the type we desire. Two of 我们总共谈成了三件我们渴望已久的 these, Helzbergs Diamond Shops and R.C. Willey Home 公司购并交易，其中两家-Helzberg Furnishings, are included in our 1995 financial 钻石店与 R.C. Willey 家具店，将可 statements, while our largest transaction, the purchase 列入伯克希尔 1995 年的财务报表之 of GEICO, closed immediately after the end of the year. 中，而另外一项更大的交易-买进 (Ill tell you more about all three acquisitions later GEI