1、巴菲特致伯克希爾公司股東的信 Note: Thhe ffolllowiing tabble apppearrs iin tthe priinteed AAnnuual Repportt onn thhe ffaciing pagge oof tthe Chaairmmans LLettter注：以下表表格出現(xiàn)現(xiàn)在伯克克希爾印印刷年度度報(bào)告中中董事長(zhǎng)長(zhǎng)致股東東的信的的封面上上。Berksshirress Coorpooratte PPerfformmancce vvs. thee S&P 5500伯克希爾公公司與標(biāo)標(biāo)準(zhǔn)普爾爾5000指數(shù)業(yè)業(yè)績(jī)比較較 AAnnuual Perrcenntagge

2、CChannge年年度變化化百分比比(1)inn Peer-SSharre BBookk Vaaluee off Beerksshirre iin (2)S&P 5500 witth DDiviidennds Inccludded (1)-(2)RRelaativve RResuultssYear (11) (22) (1)-(2)1965 23.8 110.00 133.81966 20.3 (111.77) 332.001967 11.0 300.9 (119.99)1968 19.0 111.0 88.01969 16.2 (88.4) 224.661970 12.0 33.9 88.1

3、1971 16.4 144.6 11.81972 21.7 188.9 22.81973 4.77 (114.88) 119.551974 5.55 (226.44) 331.991975 21.9 377.2 (115.33)1976 59.3 233.6 335.771977 31.9 (77.4) 39.31978 24.0 66.4 117.661979 35.7 188.2 117.551980 19.3 322.3 (13.0)1981 31.4 (55.0) 36.41982 40.0 211.4 118.661983 32.3 222.4 9.991984 13.6 6.1 7

4、.551985 48.2 311.6 16.61986 26.1 188.6 7.551987 19.5 5.1 14.41988 20.1 166.6 3.551989 44.4 311.7 12.71990 7.44 (33.1) 100.51991 39.6 300.5 9.111992 20.3 7.6 12.71993 14.3 100.1 4.221994 13.9 1.3 12.61995 43.1 377.6 5.551996 31.8 233.0 8.881997 34.1 333.4 0 .71998 48.3 288.6 19.71999 0.55 211.0 (200.

5、5)2000 6.55 (99.1) 155.62001 (6.2) (111.9) 5.772002 10.0 (22.1) 332.112003 21.0 28.7 (77.7)2004 10.5 10.9 (00.4)2005 6.44 4.9 1.5Averaage Annnuall Gaain 119655-20005 21.5 110.33 111.2Overaall Gaiin 19964-20005 3305,1344 5,5833年份 年度變化化百分比比 伯克希爾每股凈資產(chǎn)產(chǎn)(1) 包括紅利利在內(nèi)的的標(biāo)準(zhǔn)普爾5500指指數(shù)(22) 相對(duì)業(yè)績(jī)績(jī)(1)-(2) 1965 23.8

6、80 10.000 13.880 1966 20.330 -11.70 32.000 1967 11.000 30.990 -19.90 1968 19.000 11.000 8.000 1969 16.220 -8.440 24.660 1970 12.000 3.900 8.100 1971 16.440 14.660 1.800 1972 21.770 18.990 2.800 1973 4.700 -14.80 19.550 1974 5.500 -26.40 31.990 1975 21.990 37.220 -15.30 1976 59.330 23.660 35.770 1977

7、 31.990 -7.440 39.330 1978 24.000 6.400 17.660 1979 35.770 18.220 17.550 1980 19.330 32.330 -13.00 1981 31.440 -5.000 36.440 1982 40.000 21.440 18.660 1983 32.330 22.440 9.900 1984 13.660 6.100 7.500 1985 48.220 31.660 16.660 1986 26.110 18.660 7.500 1987 19.550 5.100 14.440 1988 20.110 16.660 3.500

8、 1989 44.440 31.770 12.770 1990 7.400 -3.110 10.550 1991 39.660 30.550 9.100 1992 20.330 7.600 12.770 1993 14.330 10.110 4.200 1994 13.990 1.300 12.660 1995 43.110 37.660 5.500 1996 31.880 23.000 8.800 1997 34.110 33.440 0.700 1998 48.330 28.660 19.770 1999 0.500 21.000 -20.50 2000 6.500 -9.110 15.6

9、60 2001 -6.220 -11.90 5.700 2002 10.000 -22.10 32.110 2003 21.000 28.770 -7.770 2004 10.550 10.990 -0.440 2005 6.400 4.900 1.500 1965-20005年均均收益率率 21.550 10.330 11.220 1965-20005總收收益率 3051134 55833 Notees: 注：Data aree foor ccaleendaar yyearrs wwithh thhesee exxcepptioons: 19965 andd 19966, yeear end

10、ded 9/330; 19667, 15 monnthss enndedd 122/311.日期為公歷歷年份，其其中例外外如下：19665和19666年會(huì)會(huì)計(jì)年度度結(jié)束于于9月30日。19967年年包括115個(gè)月月份，會(huì)會(huì)計(jì)年度度結(jié)束于于12月31日。Starttingg inn 19979, acccouuntiing rulles reqquirred inssuraancee coompaaniees tto vvaluue tthe equuityy seecurritiies theey hholdd att maarkeet rrathher thaan aat tthe loww

11、er of cosst oor mmarkket, whhichh waas pprevviouuslyy thhe rrequuireemennt. In thiis ttablle, Berrkshhirees ressultts tthrooughh 19978 havve bbeenn reestaatedd too coonfoorm to thee chhangged rulles. Inn alll ootheer rresppectts, thee reesullts aree caalcuulatted usiing thee nuumbeers oriiginnallly

12、rrepoorteed.從19799年開(kāi)始始，會(huì)計(jì)計(jì)規(guī)則要要求保險(xiǎn)險(xiǎn)公司按按照市價(jià)價(jià)對(duì)所持持有的權(quán)權(quán)益類(lèi)證證券投資資進(jìn)行計(jì)計(jì)價(jià)，而而不是根根據(jù)以前前所要求求的成本本與市價(jià)價(jià)孰低進(jìn)進(jìn)行計(jì)價(jià)價(jià)。在這這張表中中，伯克克希爾119788年的業(yè)業(yè)績(jī)已經(jīng)經(jīng)根據(jù)變變化后的的規(guī)則重重新編報(bào)報(bào)。在所所有其它它方面，業(yè)業(yè)績(jī)根據(jù)據(jù)最初報(bào)報(bào)告的數(shù)數(shù)據(jù)進(jìn)行行計(jì)算。The SS&P 5000 nuumbeers aree prre-ttax wheereaas tthe Berrkshhiree nuumbeers aree affterr-taax. If a ccorpporaatioon ssuchh ass Be

13、erksshirre wweree siimplly tto hhavee owwnedd thhe SS&P 5000 annd aaccrruedd thhe aapprroprriatte ttaxees, itss reesullts wouuld havve llaggged thee S&P 5500in yeearss whhen thaat iindeex sshowwed a pposiitivve rretuurn, buut wwoulld hhavee exxceeededd thhe SS&P 5000 inn yeearss whhen thee inndexx s

14、hhoweed aa neegattivee reeturrn. Oveer tthe yeaars, thhe ttax cossts wouuld havve ccaussed thee agggreegatte llag to be subbstaantiial.標(biāo)準(zhǔn)普爾5500指指數(shù)的數(shù)數(shù)據(jù)為稅稅前收益益，而伯伯克希爾爾的數(shù)據(jù)據(jù)為稅后后收益。如如果類(lèi)似似于伯克克希爾的的一家公公司只是是簡(jiǎn)單地地持有標(biāo)標(biāo)準(zhǔn)普爾爾5000指數(shù)，并并相應(yīng)計(jì)計(jì)算應(yīng)付付稅款，如如果指數(shù)數(shù)呈現(xiàn)正正的收益益那么這這家公司司數(shù)年之之后的業(yè)業(yè)績(jī)將會(huì)會(huì)落后于于標(biāo)準(zhǔn)普普爾5000指數(shù)數(shù)。如果果指數(shù)呈呈現(xiàn)負(fù)的的收益那那么這家家

15、公司數(shù)數(shù)年之后后的業(yè)績(jī)績(jī)將會(huì)領(lǐng)領(lǐng)先于標(biāo)標(biāo)準(zhǔn)普爾爾5000指數(shù)。經(jīng)經(jīng)過(guò)數(shù)年年之后，納納稅成本本將會(huì)導(dǎo)導(dǎo)致公司司的業(yè)績(jī)績(jī)顯著落落后于如如果指數(shù)數(shù)呈現(xiàn)正正的收益益那么這這家公司司數(shù)年之之后的業(yè)業(yè)績(jī)將會(huì)會(huì)落后于于標(biāo)準(zhǔn)普普爾5000指數(shù)數(shù)。 BERKSSHIRRE HHATHHAWAAY IINC. 伯克克希爾哈撒韋韋公司To thhe SSharrehooldeers of Berrkshhiree Haathaawayy Innc.:致伯克希爾爾哈撒撒韋公司司股東：Our ggainn inn neet wwortth dduriing 20005 wwas $5.6 bbilllionn, wwh

16、icch iincrreassed thee peer-ssharre bbookk vaaluee off booth ourr Cllasss A andd Cllasss B stoock by 6.44%. Oveer tthe lasst 441 yyearrs (thaat iis, sinnce preesennt mmanaagemmentt toook oveer) boook vvaluue hhas groown froom $19 to $599,3777, a rratee off 211.5% coompooundded annnuallly.*112005年年伯克

17、希希爾公司司的凈利利潤(rùn)為556億美美元，每每股A種股票票和B股股票票賬面價(jià)價(jià)值增長(zhǎng)長(zhǎng)了6.4%。在在過(guò)去的的41年間間，也就就是說(shuō)從從目前的的管理層層接手以以來(lái)，每每股賬面面價(jià)值從從19美元元增長(zhǎng)到到593377美美元，年年復(fù)合增增長(zhǎng)率為為21.5%。Berksshirre hhad a ddeceent yeaar iin 220055. WWe iinittiatted fivve aacquuisiitioons (twwo oof wwhicch hhavee yeet tto cclosse) andd moost of ourr opperaatinng ssubssidiiari

18、ies proospeeredd. EEvenn ouur iinsuurannce bussineess in itss enntirretyy diid wwelll, tthouugh Hurrriccanee Kaatriina infflicctedd reecorrd llossses on botth BBerkkshiire andd thhe iinduustrry. We esttimaate ourr looss froom KKatrrinaa att $22.5 billlioon annd hher uglly ssistterss, RRitaa annd WWi

19、lmma, cosst uus aan aaddiitioonall $.9 bbilllionn.2005年年伯克希希爾表現(xiàn)現(xiàn)得相當(dāng)當(dāng)不錯(cuò)。我我們發(fā)起起了5起并購(gòu)購(gòu)，其中中2起并購(gòu)購(gòu)已經(jīng)完完成，而而且我們們下屬的的大多數(shù)數(shù)業(yè)務(wù)經(jīng)經(jīng)營(yíng)良好好。盡管管卡特里里娜颶風(fēng)風(fēng)(Huurriicanne KKatrrinaa)讓伯伯克希爾爾公司和和整個(gè)保保險(xiǎn)行業(yè)業(yè)遭受了了創(chuàng)記錄錄的巨大大損失。我我們估計(jì)計(jì)卡特里里娜颶風(fēng)風(fēng)給我們們?cè)斐傻牡膿p失高高達(dá)255億美元元，她的的那些同同樣可惡惡的兩個(gè)個(gè)妹妹麗麗塔(RRitaa )和和威爾瑪瑪( WWilmma)颶颶風(fēng)又讓讓我們進(jìn)進(jìn)一步損損失了99億美元元。Credii

20、t GGEICCO annd iits briilliiantt CEEO, Tonny NNiceely ffor ourr sttelllar inssuraancee reesullts in a ddisaasteerriiddeen yyearr. OOne staatissticc sttandds oout: Inn juust twoo yeearss, GGEICCO iimprroveed iits prooducctivvityy byy 322%. Remmarkkablly, empployymennt ffelll byy 4% evven as pollicyy

21、coountt grrew by 26% andd moore gaiins aree inn sttoree. WWhenn wee drrivee unnit cossts dowwn iin ssuchh a draamattic mannnerr, wwe ccan offfer eveer-ggreaaterr vaaluee too ouur ccusttomeers. Thhe ppayooff: Laast yeaar, GEIICO gaiinedd maarkeet-ssharre, earrnedd coommeendaablee prrofiits andd sttre

22、nngthheneed iits braand. Iff yoou hhavee a neww soon oor ggranndsoon iin 220066, nnamee hiim TTonyy.在20055年這個(gè)個(gè)巨災(zāi)之之年我們們的保險(xiǎn)險(xiǎn)業(yè)務(wù)能能夠取得得如此輝輝煌的業(yè)業(yè)績(jī)，應(yīng)應(yīng)該歸功功GEIICO及及其杰出出的首席席執(zhí)行官官Tonny NNiceely。統(tǒng)統(tǒng)計(jì)數(shù)據(jù)據(jù)清楚地地表明：在過(guò)去去僅僅兩兩年間，GEICO經(jīng)營(yíng)效率提高了32%。非常引人注目的是，保單數(shù)量增長(zhǎng)了26%，收益大幅增長(zhǎng)，而與此同時(shí)公司員工數(shù)量減少了4%。由于我們能夠如此顯著地降低單位成本，所以我們能為客戶(hù)創(chuàng)造更多的價(jià)值。這

23、樣的結(jié)果如何呢？去年GEICO贏得了更多的市場(chǎng)份額，獲得了令人稱(chēng)羨的盈利，并進(jìn)一步提高了品牌的影響力。如果你2006年喜得龍子龍孫的話(huà)，建議你給他起名為T(mén)ony。* * * * * * * * * * * *My gooal in wriitinng tthiss reeporrt iis tto ggivee yoou tthe infformmatiion youu neeed to esttimaate Berrkshhirees inttrinnsicc vaaluee. II saay “eestiimatte” beccausse ccalcculaatioons of inttr

24、innsicc vaaluee, tthouugh alll-immporrtannt, aree neecesssarrilyy immpreecisse aand oftten serriouuslyy wrrongg. TThe morre uunceertaain thee fuuturre oof aa buusinnesss, tthe morre pposssibiilitty ttherre iis tthatt thhe ccalcculaatioon wwilll bee wiildlly ooff-basse. (Foor aan eexpllanaatioon oof

25、iintrrinssic vallue, seee ppagees 777 788.) Herre BBerkkshiire hass soome advvanttagees: a wwidee vaarieety of rellatiivelly-sstabble earrninngs strreamms, commbinned witth ggreaat lliquuidiity andd miinimmum debbt. Theese facctorrs mmeann thhat Berrkshhirees inttrinnsicc vaaluee caan bbe mmoree prr

26、eciiselly ccalcculaatedd thhan cann thhe iintrrinssic vallue of mosst ccomppaniies.我寫(xiě)這份報(bào)報(bào)告的目目的是為為股東們們估計(jì)伯伯克希爾爾的內(nèi)在在價(jià)值提提供相應(yīng)應(yīng)的信息息。我之之所以說(shuō)說(shuō)是估計(jì)計(jì)，是因因?yàn)楸M管管計(jì)算內(nèi)內(nèi)在價(jià)值值在投資資中為重重中之重重，但往往往并不不精確，且且常常嚴(yán)嚴(yán)重錯(cuò)誤誤。公司司業(yè)務(wù)的的前景越越是不確確定，內(nèi)內(nèi)在價(jià)值值計(jì)算就就越是可可能謬之千里里。(關(guān)于內(nèi)內(nèi)在價(jià)值值的有關(guān)關(guān)解釋?zhuān)?qǐng)請(qǐng)參見(jiàn)公公司年報(bào)報(bào)的777-788頁(yè)。)不過(guò)伯伯克希爾爾公司具具有以下下有利因因素：種種類(lèi)眾多多的相對(duì)對(duì)穩(wěn)定的的收入

27、流流，同時(shí)時(shí)擁有巨巨大的流流動(dòng)性和和很少的的債務(wù)。這這些因素素使伯克克希爾公公司內(nèi)在在價(jià)值能能夠比其其它絕大大多數(shù)公公司更為為準(zhǔn)確的的進(jìn)行估估計(jì)。Yet iif ppreccisiion is aidded by Berrkshhirees finnancciall chharaacteerissticcs, thee joob oof ccalcculaatinng iintrrinssic vallue hass beeen madde mmoree coompllex by thee meere preesennce of so manny eearnninggs sstreeamss.

28、 BBackk inn 19965, whhen we ownned onlly aa smmalll teextiile opeerattionn, tthe tassk oof ccalcculaatinng iintrrinssic vallue wass a snaap. Noww wee owwn 668 ddisttincct bbusiinesssess wiith widdelyy diispaaratte ooperratiing andd fiinannciaal ccharractteriistiics. Thhis arrray of unrrelaatedd ennt

29、errpriisess, ccouppledd wiith ourr maassiive invvesttmennt hholddinggs, makkes it impposssiblle ffor youu too siimplly eexamminee ouur cconssoliidatted finnancciall sttateemennts andd arrrivve aat aan iinfoormeed eestiimatte oof iintrrinssic vallue.盡管伯克希希爾的財(cái)財(cái)務(wù)特征征有助于于提高估估值的準(zhǔn)準(zhǔn)確程度度，但計(jì)計(jì)算內(nèi)在在價(jià)值的的工作由由于有如如此

30、之多多的收入入流而變變得更加加復(fù)雜。早早在19965年年時(shí)，我我們只有有一個(gè)小小小的紡紡織廠，估估值不過(guò)過(guò)是小菜菜一碟。如如今我們們擁有668種經(jīng)經(jīng)營(yíng)特性性和財(cái)務(wù)務(wù)特性相相差很大大的業(yè)務(wù)務(wù)。這些些各不相相關(guān)的眾眾多業(yè)務(wù)務(wù)，加上上我們巨巨大的投投資規(guī)模模，使你你根本不不可能簡(jiǎn)簡(jiǎn)單地看看看我們們的合并并報(bào)表就就能對(duì)公公司內(nèi)在在價(jià)值進(jìn)進(jìn)行合理理的估計(jì)計(jì)。We haave atttempptedd too eaase thiis pprobblemm byy cllustteriing ourr buusinnessses intto ffourr loogiccal grooupss, eeachh

31、 off whhichh wee diiscuuss latter in thiis rrepoort. Inn thhesee diiscuussiionss, wwe wwilll prroviide thee keey ffiguuress foor bbothh thhe ggrouup aand itss immporrtannt ccompponeentss. OOf ccourrse, thhe vvaluue oof BBerkkshiire mayy bee eiitheer ggreaaterr orr leess thaan tthe summ off thhesee f

32、oour parrts. Thhe ooutccomee deepennds on wheetheer oour manny uunitts ffuncctioon bbettter or worrse by beiing parrt oof aa laargeer eenteerprrisee annd wwhettherr caapittal alllocaatioon iimprrovees oor ddeteerioorattes wheen iit iis uuderr thhe ddireectiion of a hholddingg coompaany. Inn ottherr

33、woordss, ddoess Beerksshirre oowneershhip briing anyythiing to thee paartyy, oor wwoulld oour shaarehholdderss bee beetteer ooff if theey ddireectlly oowneed ssharres in eacch oof oour 68 bussineessees? Theese aree immporrtannt qquesstioons butt onnes thaat yyou willl hhavee too annsweer ffor youurs

34、eelf. 為更好地解解決這一一難題，我我們將我我們的業(yè)業(yè)務(wù)合理理地分為為四類(lèi)，并并在以下下報(bào)告內(nèi)內(nèi)容中詳詳細(xì)分析析每一類(lèi)類(lèi)業(yè)務(wù)。在在討論中中我們會(huì)會(huì)提供每每類(lèi)業(yè)務(wù)務(wù)及其主主要企業(yè)業(yè)的關(guān)鍵鍵數(shù)據(jù)。當(dāng)當(dāng)然，伯伯克希爾爾的總體體價(jià)值可可能會(huì)高高于或低低于四類(lèi)類(lèi)業(yè)務(wù)價(jià)價(jià)值之和和。最終終結(jié)果取取決于兩兩個(gè)因素素，一是是我們下下屬的眾眾多部門(mén)門(mén)作為一一個(gè)更大大企業(yè)的的組成部部分與母母體相比比運(yùn)作得得更好更更是更差差，二是是在母公公司的管管理下資資本配置置進(jìn)一步步改善還還是進(jìn)一一步惡化化。簡(jiǎn)而而言之，伯伯克希爾爾做為所有有人為下下屬各個(gè)個(gè)企業(yè)帶帶來(lái)了什什么好處處，是不不是伯克克希爾公公司的股股東們直直接持

35、股股而非通通過(guò)伯克克希爾間間接持股股能夠更更加有利利？這是是一個(gè)至至關(guān)重要要的問(wèn)題題，但各各位股東東必須自自己尋找找答案。Beforre wwe llookk att ouur iindiividduall buusinnessses, hoowevver, leetss reevieew ttwo setts oof ffiguuress thhat shoow wwherre wwevve ccomee frrom andd whheree wee arre nnow. Thhe ffirsst sset is thee ammounnt oof iinveestmmentts (incc

36、luddingg caash andd caash-equuivaalennts) wee owwn oon aa peer-ssharre bbasiis. In makkingg thhis callcullatiion, wee exxcluude invvesttmennts helld iin oour finnancce ooperratiion beccausse tthesse aare larrgelly ooffsset by borrrowwinggs:在我們討論論下屬各各個(gè)企業(yè)業(yè)之前，讓讓我們先先看看兩兩組數(shù)據(jù)據(jù)，以弄弄清我們們起點(diǎn)如如何及現(xiàn)現(xiàn)狀如何何。第一一組數(shù)據(jù)據(jù)是

37、每股股投資額額(包括現(xiàn)現(xiàn)金及現(xiàn)現(xiàn)金等價(jià)價(jià)物)。在進(jìn)進(jìn)行計(jì)算算時(shí)，我我們將我我們的金金融企業(yè)業(yè)持有的的投資排排除不計(jì)計(jì)，因?yàn)闉檫@些投投資大部部分為債債務(wù)所抵抵消。Year 年度度 PPer-Shaare Invvesttmennts*每股投投資額(美元)1965 $ 41975 15591985 2,40771995 211,81172005 $774,1129Compooundd Grrowtth RRatee 19965-20005 288.0%1965-20005復(fù)合合增長(zhǎng)率率Compooundd Grrowtth RRatee 19995-20005 13.0%1995-20005復(fù)合合

38、增長(zhǎng)率率*Net of minnoriity inttereestss(扣除除少數(shù)股股東權(quán)益益)除了有價(jià)證證券以外外，除了了我們下下屬保險(xiǎn)險(xiǎn)企業(yè)持持股少數(shù)數(shù)例外，我我們持有有種類(lèi)廣廣泛的非非保險(xiǎn)企企業(yè)。 以下是是這些企企業(yè)在扣扣除商譽(yù)譽(yù)攤銷(xiāo)后后的每股股稅前利利潤(rùn)。In adddittionn too thhesee maarkeetabble seccuriitiees, whiich witth mminoor eexceeptiionss arre hheldd inn ouur iinsuurannce commpanniess, wwe oown a wwidee vaarieety

39、of nonn-innsurrancce bbusiinesssess. BBeloow, we shoow tthe pree-taax eearnninggs (exccluddingg gooodwwilll ammorttizaatioon) of theese bussineessees, agaain on a pper-shaare bassis:Year年年度 Peer-SSharre EEarnninggs*每每股利潤(rùn)潤(rùn)1965 $ 41975 41985 5221995 17752005 $22,4441Compooundd Grrowtth RRatee 19965-20

40、005 177.2%1965-20005復(fù)合合增長(zhǎng)率率Compooundd Grrowtth RRatee 19995-20005.復(fù)復(fù)合增長(zhǎng)長(zhǎng)率 30.2%1995-20005復(fù)合合增長(zhǎng)率率*Pre-taxx annd nnet of minnoriity inttereestss稅前且扣除除少數(shù)股股東權(quán)益益When groowthh raatess arre uundeer ddisccusssionn, iit wwilll paay yyou to be susspicciouus aas tto wwhy thee beeginnninng aand terrminnal yeaar

41、s havve bbeenn seelecctedd. IIf eeithher yeaar wwas abeerraatioonall, aany callcullatiion of groowthh wiill be disstorrtedd. IIn ppartticuularr, aa baase yeaar iin wwhicch eearnninggs wweree pooor cann prroduuce a bbreaathttakiing, buut mmeanningglesss, groowthh raate. Inn thhe ttablle aabovve, howw

42、eveer, thee baase yeaar oof 119655 waas aabnoormaallyy goood; Beerksshirre eearnned morre mmoneey iin tthatt yeear thaan iit ddid in alll buut oone of thee prreviiouss teen.在討論增長(zhǎng)長(zhǎng)率時(shí)，你你非常有有必要留留心基期期與終期期年度的的選擇。開(kāi)開(kāi)始與結(jié)結(jié)束的年年度二者者只要有有一個(gè)選選擇不當(dāng)當(dāng)，那么么無(wú)論如如何計(jì)算算出來(lái)的的增長(zhǎng)率率都會(huì)被被歪曲。尤尤其是當(dāng)當(dāng)基期年年度盈利利很少時(shí)時(shí)，計(jì)算算出來(lái)的的增長(zhǎng)率率會(huì)高得得驚人卻卻毫無(wú)

43、實(shí)實(shí)際意義義。在上上面這張張表中，作作為基期期的19965年年度的盈盈利卻是是異乎尋尋常地好好，伯克克希爾公公司19965年年的盈利利高于此此前100年中的的9個(gè)年度度盈利水水平。As yoou ccan seee frrom thee twwo ttablles, thhe ccompparaativve ggrowwth rattes of Berrkshhirees twoo ellemeentss off vaaluee haave chaangeed iin tthe lasst ddecaade, a ressultt reefleectiing ourr evver-inccre

44、aasinng eemphhasiis oon bbusiinesss aacquuisiitioons. Neeverrtheelesss, Chaarliie MMungger, Beerksshirress Viice Chaairmman andd myy paartnner, annd II waant to inccreaase thee fiigurres in botth ttablles. Inn thhis ambbitiion, wee hoope mmetaaphooriccallly too avvoidd thhe ffatee off thhe eeldeerly

45、y coouplle wwho hadd beeen rommantticaallyy chhalllengged forr soome timme. As theey ffiniisheed ddinnner on theeir 50tth aanniiverrsarry, howweveer, thee wiife sstimmulaatedd byy sooft mussic, wiine andd caandlleliightt fellt aa loong-abssentt tiicklle aand demmureely sugggesstedd too heer hhusbban

46、dd thhat theey ggo uupsttairrs aand makke llovee. HHe aagonnizeed ffor a mmomeent andd thhen repplieed, “I cann doo onne oor tthe othher, buut nnot botth.”從這兩張表表中你可可以看出出，伯克克希爾的的每股投投資額與與每股收收益的復(fù)復(fù)合增長(zhǎng)長(zhǎng)率相對(duì)對(duì)而言在在最后一一個(gè)100年期間間發(fā)生了了很大的的變化，其其原因是是我們的的經(jīng)營(yíng)重重心日益益向企業(yè)業(yè)并購(gòu)傾傾斜。Acquiisittionns并購(gòu)購(gòu)Over thee yeearss, oour cu

47、rrrennt bbusiinesssess, iin aaggrregaate, shhoulld ddeliiverr moodesst ggrowwth in opeerattingg eaarniingss. BBut theey wwilll noot iin tthemmsellvess prroduuce truuly sattisffacttoryy gaainss. WWe wwilll neeed majjor acqquissitiionss too geet tthatt joob ddonee. IIn tthiss quuestt, 220055 waas eenc

48、oouraaginng. We agrreedd too fiive purrchaasess: ttwo thaat wweree coomplleteed llastt yeear, onne tthatt clloseed aafteer yyearrendd annd ttwo othherss thhat we exppectt too cllosee sooon. Noone of thee deealss innvollve thee isssuaancee off Beerksshirre ssharres. Thhats aa crruciial, buut oofteen

49、iignooredd, ppoinnt: Wheen aa maanaggemeent prooudlly aacquuirees aanottherr coompaany forr sttockk, tthe shaarehholdderss off thhe aacquuireer aare conncurrrenntlyy seelliing parrt oof ttheiir iinteeresst iin eeverrythhingg thhey ownn. IIvee maade thiis kkindd off deeal a ffew timmes mysselff andd,

50、 oon bbalaancee, mmy aactiionss haave cosst yyou monney.未來(lái)幾年，我我們目前前的業(yè)務(wù)務(wù)總體上上應(yīng)該在在經(jīng)營(yíng)利利潤(rùn)上表表現(xiàn)出一一定的增增長(zhǎng)。但但只是這這些業(yè)務(wù)務(wù)并不能能產(chǎn)生出出令人滿(mǎn)滿(mǎn)意的盈盈利，要要想如此此，我們們必須進(jìn)進(jìn)行大型型的并購(gòu)購(gòu)。過(guò)去去的20005年年，我們們的大型型并購(gòu)活活動(dòng)令人人鼓舞。我我們達(dá)成成了5項(xiàng)并購(gòu)購(gòu)協(xié)議：其中22項(xiàng)在20005年年內(nèi)完成成，其它它1項(xiàng)在20006年年初完成成，其它它2個(gè)預(yù)計(jì)計(jì)會(huì)很快快完成。這這些并購(gòu)購(gòu)協(xié)議無(wú)無(wú)一涉及及到伯克克希爾發(fā)發(fā)行新股股。這一一點(diǎn)非常常關(guān)鍵，卻卻常常被被忽略：當(dāng)一家家公司管管理層

51、驕驕傲地宣宣布以股股票收購(gòu)購(gòu)另一家家公司時(shí)時(shí)，做為為收購(gòu)方方公司的的股東們們不得不不為此犧犧牲他們們的一部部分股東東權(quán)益。我我也做過(guò)過(guò)幾次類(lèi)類(lèi)似的并并購(gòu)交易易，當(dāng)然然伯克希希爾的股股東們?yōu)闉槲业呐e舉動(dòng)付出出的相應(yīng)應(yīng)的代價(jià)價(jià)。Here aree laast yeaarss puurchhasees:以上逐一討討論我們們?nèi)ツ甑牡牟①?gòu)： On Junne 330 wwe bbougght Meddicaal PProttecttivee Coompaany (“MMedPPro”), aa 1006-yyearr-olld mmediicall maalprractticee innsurrer b

52、assed in Forrt WWaynne. Mallpraactiice inssuraancee iss tooughh too unnderrwriite andd haas pprovved to be a ggravveyaard forr maany inssureers. MeedPrro nneveerthheleess shoouldd doo weell. Itt wiill havve tthe atttituudinnal advvanttagee thhat alll Beerksshirre iinsuurerrs ssharre, wheereiin uunde

53、erwrritiing disscipplinne ttrummps alll ottherr gooalss. AAddiitioonallly, ass paart of Berrkshhiree, MMedPPro hass fiinannciaal sstreengtth ffar excceeddingg thhat of itss coompeetittorss, aa quualiity asssuriing docctorrs tthatt loong-to-setttlee cllaimms wwilll noot eend up bacck oon ttheiir ddoo

54、rrsteep bbecaausee thheirr innsurrer faiiledd. FFinaallyy, tthe commpanny hhas a ssmarrt aand eneergeeticc CEEO, Timm Keenessey, whho iinsttincctivvelyy thhinkks llikee a Berrkshhiree maanagger.2005年年6月30日，我我們收購(gòu)購(gòu)了醫(yī)療療保護(hù)保保險(xiǎn)公司司(Meediccal Prootecctivve CComppanyy，MeddProo)，這這是一個(gè)個(gè)位于FFortt Waaynee的有著著1066

55、經(jīng)營(yíng)歷歷史的醫(yī)醫(yī)療事故故保險(xiǎn)公公司。醫(yī)醫(yī)療事故故保險(xiǎn)一一種十分分難以承承保的險(xiǎn)險(xiǎn)種，一一度成為為許多保保險(xiǎn)公司司的夢(mèng)魘魘之地。然然而MeedPrro卻由由于以下下原因?qū)?huì)經(jīng)營(yíng)營(yíng)良好。首首先，MMedPPro將將和伯克克希爾其其它下屬屬其它保保險(xiǎn)公司司一樣在在態(tài)度上上領(lǐng)先一一籌，那那就是承承保紀(jì)律律重于其其它一切切經(jīng)營(yíng)目目標(biāo)。其其次，做做為伯克克希爾公公司的一一個(gè)組成成部分，MedPro擁有遠(yuǎn)遠(yuǎn)超過(guò)其競(jìng)爭(zhēng)對(duì)手的財(cái)務(wù)實(shí)力，這足以向醫(yī)生們保證那些需要長(zhǎng)期訴訟決不會(huì)由于他們所投保的保險(xiǎn)公司的失敗而無(wú)法終止。最后，這家公司擁有一個(gè)聰明能干的首席執(zhí)行官Tim Kenesey，他本能地和其他伯克希爾經(jīng)理人

56、遵循同樣的思考模式。 Forrestt Riiverr, oour seccondd accquiisittionn, cclossed on Auggustt 311. AA coouplle oof mmontths earrlieer, on Junne 221, I rreceeiveed aa twwo-ppagee faax ttelllingg mee poiint by poiint wwhy Forrestt Riiverr meet tthe acqquissitiion criiterria we sett foorthh onn paage 25 of thiis rr

57、epoort. I hadd noot bbefoore heaard of thee coompaany, a reccreaatioonall veehiccle mannufaactuurerr wiith $1.6 bbilllionn off saaless, nnor of Pette LLieggl, itss owwnerr annd mmanaagerr. BBut thee faax mmadee seensee, aand I iimmeediaatelly aaskeed ffor morre ffiguuress. TThesse ccamee thhe nnextt

58、 moorniing, annd tthatt affterrnooon II maade Pette aan ooffeer. On Junne 228, we shoook hannds on a ddeall. PPetee iss a remmarkkablle eentrreprreneeur. Soome yeaars bacck, he solld hhis bussineess, thhen farr smmalller thaan ttodaay, to an LBOO opperaatorr whho pprommptlly bbegaan ttelllingg hiim

59、hhow to runn thhe pplacce. Befforee loong, Peete lefft, andd thhe bbusiinesss ssoonn suunk intto bbankkrupptcyy. PPetee thhen reppurcchassed it. Yoou ccan be surre tthatt I wonnt be telllinng PPetee hoow tto mmanaage hiss opperaatioon.我們的第第二起并并購(gòu)是森森林之河河(Fooresst RRiveer)，已已經(jīng)于220055年8月31日完完成。22個(gè)月之之前的7

60、7月21日，我我收到一一份只有有兩頁(yè)紙紙的傳真真，上面面逐一說(shuō)說(shuō)明森林林之河完完全符合合我們?cè)?jīng)在年年報(bào)上披披露的收收購(gòu)標(biāo)準(zhǔn)準(zhǔn)(參見(jiàn)本本年年報(bào)報(bào)第255頁(yè))。在此此之前我我從未聽(tīng)聽(tīng)說(shuō)過(guò)這這年銷(xiāo)售售額166億美元元的周末末旅游汽汽車(chē)制造造商及其其所有人人兼總經(jīng)經(jīng)理Peete Lieegl。但但這份傳傳真讓我我動(dòng)心，于于是我馬馬上要求求對(duì)方提提供更多多的相關(guān)關(guān)數(shù)據(jù)。我我第二天天一早就就拿到了了這些數(shù)數(shù)據(jù)，于于是就在在這天上上午我就就向Peete Lieegl提提出了收收購(gòu)建議議。7月28日，我我們倆握握手成交交。Peete Lieegl是是一個(gè)杰杰出的企企業(yè)家。幾幾年之前前，他的的企業(yè)遠(yuǎn)遠(yuǎn)遠(yuǎn)比現(xiàn)