巴菲特致股的东的信212-全文中英对照.pdf

巴 菲 特 思 想 网 www. B ． ． ． ． ． ． To the Shareholders of Berkshire Hathaway Inc.: 致伯克希尔·哈撒韦公司股东： The per-share book value of both our Class A and Class B stock increased by 4.6% in 2011. Over thelast 47 years (that is, since present management took over), book value has grown from $19 to $99,860, a rate 1 of 19.8% compounded annually.* 2011 年，我们公司的A股和B股的每股账面净值都增长了 4.6%。过去 47 年期间（也 就是说从现在的管理层接管公司开始至今），每股账面净值从 19美元增长到了 99,860 美元，每年复合增长率为 19.8%。* Charlie Munger, Berkshire’s Vice Chairman and my partner, and I feel good about the company’s progress during 2011. Here are the highlights: 我和我的合作伙伴伯克希尔公司的副董事长查理·芒格，对公司2011年的业务发展 感到相当满意。其中作为突出亮点的好消息包括： • The primary job of a Board of Directors is to see that the right people are running the business and to be sure that the next generation of leaders is identified and ready to take over tomorrow. I have been on 19 corporate boards, and Berkshire’s directors are at the top of the list in the time and diligence they have devoted to succession planning. What’s more, their efforts have paid off. • 董事会成员最主要的工作，一是现在由正确的领导人在经营管理企业业务，二是 确保已经选定下一代接班的领导人而且已经准备好明天就能接任。我本人曾经加 入过19家公司的董事会，我认为，在接班人选计划上付出的时间和精力上，伯克 希尔公司的董事会肯定排名前列。更可喜的是，他们的努力已经得到了回报。 As 2011 started, Todd Combs joined us as an investment manager, and shortly after yearend Ted Weschler came aboard. Both of these men have outstanding investment skills and a deep commitment to Berkshire. Each will be handling a few billion dollars in 2012, but they have the brains, judgment and character to manage our entire portfolio when Charlie and I are no longer running Berkshire. 2011年初，托德·康布斯（Todd Combs ）作为投资经理人加入我们公司，2012年初泰德随时韦 斯切勒（Ted Weschler ）也加入公司。他们两位都具有杰出的投资技巧， 而且愿意全心全意 为伯克希尔公司服务。2012年他们俩人将会管理几十亿美元的投资，但是，当我和芒格不同 管理伯克希尔公司的时候，他们俩人具备的头脑、判断和性格完全能够管理伯克希尔公司的 整个投资组合。 Your Board is equally enthusiastic about my s