巴菲特致股东的信2001.pdf

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 2001 年 Buffetts Letters To Berkshire Shareholders 2001 Berkshire’s loss in net worth during 2001 was 本公司 2001 年的净值减少了 37.7 亿 $3.77 billion, which decreased the per-share 美元，每股 A 股或 B 股的帐面净值减 book value of both our Class A and Class B stock 少了 6.2%，累计过去 37 年以来，也 by 6.2%. Over the last 37 years (that is, since 就是自从现有经营阶层接手之后，每 present management took over) per-share book 股净值由当初的 19 元成长到现在的 value has grown from $19 to $37,920, a rate of 37,920 美元，年复合成长率约为 22.6% compounded annually.* 22.6%*。 *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。 Per-share intrinsic grew somewhat faster than 过去 37 年以来，每股实质价值成长的 book value during these 37 years, and in 2001 it 速度一直高于帐面净值增加的幅度， probably decreased a bit less. We explain 不过时至 2001 年情况可能有所改变， intrinsic value in our Owner’s Manual, which 有关实质价值的说明请参见 62 页的 begins on page 62. I urge new shareholders to read 股东手册，我建议新加入的股东多看 this manual to become familiar with Berkshire’s 看这本手册，如此方能对伯克希尔的 key economic principles. 一些主要经营原则有所了解。 Two years ago, reporting on 1999, I said that we 两年前，在 1999 年的报告中，我曾提 had experienced both the worst absolute and 到当时”我们经历了有史以来最惨烈 relative performance in our history. I added that 的表现，不论是从绝对或相对的角度 relative results are what concern us, a 来看”，我还说”我们比较重视相对 viewpoint I’ve had since forming my first 的结果”，这个观念从我在 1956 年 investment partnership on May 5, 1956. Meeting 5/5 成立第一个投资合伙事业时就已 with my seven founding limited partners that 成形，犹记得当天晚上，我与 7 位有 evening, I gave them a