巴菲特致股东的信2002.pdf

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 2002 年 Buffetts Letters To Berkshire Shareholders 2002 Our gain in net worth during 2002 was $6.1 本公司 2002 年的净值增加了 61 亿美 billion, which increased the per-share book 元，每股 A 股或 B 股的帐面净值增加 value of both our Class A and Class B stock by 了 10.0%，累计过去 38 年以来，也就 10.0%. Over the last 38 years (that is, since 是自从现有经营阶层接手之后，每股 present management took over) per-share book 净值由当初的 19 元成长到现在的 value has grown from $19 to $41,727, a rate of 41,727 美元，年复合成长率约为 22.2% compounded annually.* 22.2%*。 *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。 In all respects 2002 was a banner year. I’ll 从任何角度来看，2002年无异是丰收 provide details later, but here’s a summary: 的一年，后面我会再详加说明，以下 是几点总结： ‧Our various non-insurance operations performed ‧尽管外界景气低迷，但伯克希尔旗下 exceptionally well, despite a sluggish economy. 所有非保险事业的表现都异常优异， A decade ago Berkshire’s annual pre-tax 十年前，我们非保险事业的税前盈余 earnings from our non-insurance businesses was 为 2.72 亿美元，但时至今日，在持续 $272 million. Now, from our ever-expanding 大举扩张零售、制造、服务以及金融 collection of manufacturing, retailing, service 事业版图之后，这数字约当我们一个 and finance businesses, we earn that sum monthly. 月的获利。 ‧Our insurance group increased its float to $41.2 ‧2002 年我们旗下保险事业的浮存金 billion, a hefty gain of $5.7 billion. Better 大幅增加了 57 亿美元，累积达到 412 yet, the use of these funds in 2002 cost us only 亿美元，更棒的是，运用这些资金的 1%.Getting back to low-cost float feels good, 成本仅为 1%，能够回到以往低成本浮 particularly after our poor results during