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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： 微群： 微博：t.qq.com/ValueInvestMail：Buffettism@126.com 传播大师思想 引领价值投资 目 录 TotheShareholdersofBerkshireHathawayInc.:致伯克希尔哈撒韦有限公司的股东： .................................................................. 3 TheYearatBerkshire今年的伯克希尔 .................................................................................................... 5 IntrinsicBusinessValue内在价值 ............................................................................................................. 15 Insurance保险业务 ............................................................................................................. 16 Egulated,Capital-IntensiveBusinesses受管制的、资本密集型业务 ............................................................................... 27 Manufacturing,ServiceandRetailingOperations制造、服务和零售业务 ....................................................................................... 33 FinanceandFinancialProducts金融和金融产品 .................................................................................................. 39 Investments投资 ..................................................................................................................... 41 SomeThoughtsAboutInvesting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TotheShareholdersofBerkshireHathawayInc.: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%。1On 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 S&P 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 years, and we urge new and prospective shareholders to read them.) 封面上是我们的业绩衡量标准：每年伯克希尔每股账面价值的变动和标普500指数的比较。当然真正有意义的是每股内在价值。但内在价值是一个主观的数字，每股账面价值则是内在价值一个有用的参考。（关于内在价值，更详细的讨论请参考我们的股东手册103‐108页。30多年来，这些原则一直印在我们的股东手册上，我们希 1All per‐share figures used in this report apply to Berkshire’s A shares. Figures for the B shares are 1/1500th of A。 报告中的每股数据均指A类股票的数据。每股B类股票的数据是每股A类股票的1/1500。 传播大师思想 引领价值投资望新加入的以及有兴趣成为股东的投资者都阅读这部分内容。）As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years. That’s why our 2012 decision to authorize the repurchase of shares at 120% of book value made sense. Purchases at that level benefit continuing shareholders because per‐share intrinsic value exceeds that percentage of book value by a meaningful amount. We did not purchase shares during 2013, however, because the stock price did not descend to the 120% level. If it does, we will be aggressive. 我已经说过，伯克希尔的内在价值远超账面价值。并且两者之间的差距近年来显著扩大。这也是我们在2012年以账面价值120%的价格回购公司股票的原因。在这个价位回购股票有利于继续持有的股东，因为公司的每股内在价值超过了账面价值一大截。2013年我们没有回购股票，原因是股价一直没有掉到账面价值120%的价位。要不然我们会积极回购的。Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short, though, in years when the market is strong – as we did in 2013. We have underperformed in ten of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%. 公司的副董事长，我的合伙人，查理·芒格和我都相信，在市场下跌或者上涨缓慢的年份，伯克希尔的账面价值和内在价值增速都会战胜标普指数。在市场强势上涨的年份——比如刚刚过去的2013年，我们一般会暂时落后。过去49年里，我们曾有10年跑输市场，其中只有一次标普指数上涨不到15%。Over the stock market cycle between year ends 2007 and 2013, we overperformed the S&P. Through full cycles in future years, we expect to do that again. If we fail to do so, we will not have earned our pay. After all, you could always own an index fund and be assured of