巴菲特致股东的信1997年.PDFVIP

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1997 年 Buffett’s Letters To Berkshire Shareholders 1997 Our gain in net worth during 1997 was $8.0 1997 年本公司的净值增加了 80 亿美 billion, which increased the per-share book 元，每股帐面净值不管是 A 级股或 B value of both our Class A and Class Bstock by 级股皆成长了 34.1%，总计过去 33 年 34.1%. Over the last 33 years (that is, since 以来，也就是自从现有经营阶层接手 present management took over) per-share book 之后，每股净值由当初的 19 元成长到 value has grown from $19 to $25,488, a rate of 现在的 25,488 美元，年复合成长率约 24.1% compounded annually.(1) 为 24.1%*。 1. 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 outstandingbefore 1996 年以前流通在外唯一的一种股 1996. The B shares have an economic interest 份，B 级普通股拥有 A 级普通股三十 equal to 1/30ththat of the A. 分之一的权利。 Given our gain of 34.1%, it is tempting to declare 看到我们高达 34.1%的超高报酬率， victory and move on. But last years performance 大家可能忍不住要高呼胜利口号，并 was no great triumph: Any investor can chalk up 勇往前进，不过若是考量去年股市的 large returns when stocks soar, as they did in 状况，任何一个投资人都能靠着股票 1997. In a bull market, one must avoid the error 的飙涨而大赚一票，面对多头的行情， of the preening duck that quacks boastfully after 大家一定要避免成为一只呱呱大叫的 a torrential rainstorm, thinking that its 骄傲鸭子，以为是自己高超的泳技让 paddling skills have caused it to rise in the 他冲上了天，殊不知面对狂风巨浪， world. A right-thinking duck would instead 小心的鸭子反而会谨慎地看看大浪过 compare its position after the downpour to that 后，其它池塘里的鸭子都到哪里去了。 of the other ducks on the pond. So whats our duck rating for 1997? The table on 那么我们这只鸭子在 1997 年的表现 the facing page shows that though we paddled 又如何呢? 报表显示虽然去年我们拼 furiously last year, passive ducks that simply 命的向前划，不过到最后我们发现其 invested in the SP Index rose almost as