PDF《Research Center for Buffettism》

P through an index fund at very low cost. Unless we achieve gains in per-share intrinsic value in the future that outdo the S&

P, Charlie and I will be adding nothing to what you can accomplish on your own. 不过即便如此,Berkshire 相对于 S&

P 长期的表现还是顶重要的,因为股 东们现在可以非常低的手续费买到指数型基金, 间接投资 S&

P, 因此除非 在往后我们能够以高于 S&

P 的速度累积每股实质价值,否则查理跟我就 没有存在的价值. Last year, Berkshire'

s book-value gain of 10.5% fell short of the index'

s 10.9% return. Our lackluster performance was not due to any stumbles by the CEOs of our operating businesses: As always, they pulled more than their share of the load. My message to them is simple: Run your business as if it were the only asset your family will own over the next hundred years. Almost invariably they do just that and, after taking care of the needs of their business, send excess cash to Omaha for me to deploy. 去年 Berkshire 的帐面净值仅增加了 10.5%, 略低于 S&

P 10.9%的报酬率, 这种平庸的表现与我们旗下经理人完全无关,一如往常,他们已分担了许 多重担,我给他们的指示相当简单明确,以继承自家百年老店的心来经营 事业,而他........