巴菲特致股东的信1999.pdf

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1999 年 Buffett’s Letters To Berkshire Shareholders 1999 Our gain in net worth during 1999 was $358 本公司 1999 年的净值增加了 3.58 亿 million, which increased the per-share book 美元，每股 A 股或 B 股的帐面净值皆 value of both our Class A and Class B stock by 成长了 0.5%，累计过去 35 年以来， 0.5%.Over the last 35 years (that is, since 也就是自从现有经营阶层接手之后， present management took over) per-share book 每股净值由当初的 19 元成长到现在 value has grown from $19 to $37,987, a rate of 的 37,987 美元，年复合成长率约为 * 24.0% compounded annually. 24.0%*。 *All figures used in this report apply to *1在年报中所谓的每股数字系以A级 Berkshires A shares, the successor to the only 普通股约当数为基础，这是本公司在 stock that the company had outstanding before 1996 年以前流通在外唯一的一种股 1996. The B shares have an economic interest 份，B 级普通股则拥有 A 级普通股三 equal to 1/30th that of the A. 十分之一的权利。 The numbers on the facing page show just how poor 首页上的数字完全显示出我们 1999 our 1999 record was. We had the worst absolute 年的成绩是如何的不理想，这也是个 performance of my tenure and, compared to the 人历年来表现最差的一年，不管从绝 SP, the worst relative performance as well. 对数字或是与 SP 指数比较皆是如 Relative results are what concern us: Over time, 此，当然相对数字是我们比较在意的， bad relative numbers will produce unsatisfactory 只不过时间一久，相对较差的数字其 absolute results. 绝对数值肯定也不会理想到哪里去。 Even Inspector Clouseau could find last years 即使是顽皮豹探长也知道谁是去年真 guilty party: your Chairman. My performance 正的犯人︰没错! 就是我本人，而我 reminds me of the quarterback whose report card 个人的表现让我想起一位成绩单上满 showed four Fs and a D but who nonetheless had 是 F 跟一个 D 的四分卫，偏偏又遇到 an understanding coach. Son, he drawled, I 一个体谅人的教练轻声说到： “孩子， think youre spending too much time on that one 我想你把太多的时间摆在单一的科目 subject.