2014年巴菲特致股东的信中英对照完整版.docVIP

理解价值投资的最佳读物 巴 菲 特 致 股 东 的 信 （2014 年度中英对照完整版） 网站：www.B 微群：微博：/ValueInvest Mail：Buffettism@126.com 传播大师思想 引领价值投资 目 录 To the Shareholders of Berkshire Hathaway Inc.: 致伯克希尔哈撒韦有限公司的股东：3 The Year at Berkshire 今年的伯克希尔5 Intrinsic Business Value 内在价值 15 Insurance 保险业务 16 Egulated, Capital-Intensive Businesses 受管制的、资本密集型业务27 Manufacturing, Service and Retailing Operations 制造、服务和零售业务33 Finance and Financial Products 金融和金融产品39 Investments 投资41 Some Thoughts About Investing 关于投资的一些思考44 The Annual Meeting 年会57 传播大师思想 引领价值投资 鸣 谢 此信主要由网友ArKiller翻译，少部分由网友天马 行空（qq：619591471）翻译，正是他们的努力让我能 够更加方便、轻松地阅读巴菲特的智慧。让我们对他们 的付出表示诚挚的感恩！ 巴菲特思想网 分享智慧会增您强智慧的力量，请您读完此信后及时转发给自己的朋友。 阅读其他历年巴菲特致股东信及巴菲特公开发表的文章，请访问巴菲特思想网 传播大师思想 引领价值投资 BERKSHIRE HATHAWAY INC. 伯克希尔哈撒韦有限公司 To the Shareholders of Berkshire Hathaway Inc.: 致伯克希尔哈撒韦有限公司的股东： Berkshire’s gain in net worth during 2013 was $34.2 billion. That gain was after our deducting $1.8 billion of charges – meaningless economically, as I will explain later – that arose from our purchase of the minority interests in Marmon and Iscar. After those charges, the per‐share book value of both our Class A and Class B stock increased by 18.2%. Over the last 49 years (that is, since present management took over), book value has grown from $19 to $134,973, a rate of 19.7% compounded annually.* 2013年，伯克希尔的净值增长了342亿美元。这是抵消了18亿美元的账面冲销后的 数据，账面冲销源于我们购买Marmon和Iscar的少数股权——这些冲销没有实质上的 经济意义，我后面会解释。扣除上述摊销费用后，伯克希尔的A级和B级股票每股账 面价值增长了18.2%。过去的49年（即从现任的管理层接手以来），我们的每股账 面价值从19美元增长到134,973美元，复合增长率19.7%。 1 On the facing page, we show our long‐standing performance measurement: The yearly change in Berkshire’s per‐share book value versus the market performance of the SP 500. What counts, of course, is per share intrinsic value. But that’s a subjective figure, and book value is useful as a rough tracking indicator. (An extended discussion of intrinsic value is included in our Owner‐Related Business Principles on pages 103 ‐ 108. Those principles have been included in our reports for 30