PDF《Research Center for Buffettism》

P 500,就 长期而言,Berkshire 额外负担的税负成本将使得中间的差异日益扩大. 巴菲特思想研究中心Research Center for Buffettism http://www.buffettism.com 第4页共56 页[email protected] BERKSHIRE HATHAWAY INC. 波克夏海瑟崴股份有限公司 To the Shareholders of Berkshire Hathaway Inc.: 致Berkshire 公司全体股东: Our gain in net worth during

2004 was $8.3 billion, which increased the per-share book value of both our Class A and Class B stock by 10.5%. Over the last

40 years (that is, since present management took over) book value has grown from $19 to $55,824, a rate of 21.9% compounded annually.* 经结算本公司

2004 年的净值增加

83 亿美元, A 股或 B 股每股的帐面净值 增加 10.5%,累计自现有经营阶层接手之后的

40 年以来,每股净值由当 初的

19 元成长到目前的 55,824 美元,年复合成长率约为 21.9%*. It'

s per-share intrinsic value that counts, however, not book value. Here, the news is good: Between

1964 and 2004, Berkshire morphed from a struggling northern textile business whose intrinsic value was less than book into a diversified enterprise worth far more than book. Our 40-year gain in intrinsic value has therefore somewhat exceeded our 21.9% gain in book. (For an explanation of intrinsic value and the economic principles that guide Charlie Munger, my partner and Berkshire'

s vice-chairman, and me in running Berkshire, please read our Owner'

s Manual, beginning on page 73.) 真正重要的是实质价值, 而不是帐面净值, 而好消息是, 在1964 年到

2004 年期间,Berkshire 已经从一家原本摇摇欲坠的北方纺织公司,蜕变成一 个跨足各个产业的大型集团, 其实质价值大幅超越帐面净值, 可以这样说,

40 年来实质价值的成长率甚至远超过帐面净值 21.9%的成长率,(想要对 实质价值以及本人与查理孟格经营 Berkshire 的原则有更多的了解的人, 我建议大家阅读

73 页的股东手册).. Despite their shortcomings, yearly calculations of book value are useful at Berkshire as a slightly understated gauge for measuring the long-term rate of increase in our intrinsic value. The calculations are less relevant, however, than they once were in rating any single year'

s performance versus the S&

P

500 index (a comparison we display on the facing page). Our equity holdings (including convertible preferreds) have fallen considerably as a percentage of our net worth, from an average of 114% in the 1980s, for example, to less than 50% in recent years. Therefore, yearly movements in the stock market now affect a much smaller portion of our net worth than was once the case, a fact that will normally cause us to 巴菲特思想研究中心Research Center for Buffettism http://www.buffettism.com 第5页共56 页[email protected] underperform in years when stocks rise substantially and overperform in years when they fall. 虽然帐面净值并非完美,但仍不失为衡量实质价值长期成长率的有效工 具, 当然单一年度净值的表现与 S&

P

500 指数的比较(相关比较参阅首页), 其意义已不若以往,主要原因在于我们股票投资部位,(含可转换特别股 在内),占我们净值的比重已大幅下降,从1980 年代早期的 114%,到近 年50%不到,也因此股市波动对于我们净值影响的程度也大不如前. However the yearly comparisons work out, Berkshire'

s long-term performance versus the S&

P remains all-important. Our shareholders can buy the S&