巴菲特致股东的信（1998年）④管理哲学

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You may think that one commercial in this section is enough. But I have another to present, this one directed at managers of publicly-owned companies.

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在这段我还有一个广告要打，这广告主要是要写给上市公司的经理人看的。

At Berkshire we feel that telling outstanding CEOs, such as Tony, how to run their companies would be the height of foolishness. Most of our managers wouldn't work for us if they got a lot of backseat driving. (Generally, they don't have to work for anyone, since 75% or so are independently wealthy.) Besides, they are the Mark McGwires of the business world and need no advice from us as to how to hold the bat or when to swing.

在伯克希尔我们一直认为要教像 Tony 这样杰出的经理人如何经营公司是一件相当愚蠢的事，事实上要是我们一直在背后指指点点的话，大部分的经理人可能早就干不下去了(坦白说他们大多根本就可以不必要再靠工作过活，75%以上的人都已经财务自由了)，他们可以说是商场上的强打者马克·麦奎尔(Mark McGwires,棒球明星)，根本就不需要我们去指导他如何拿棒子或何时挥棒。

Nevertheless, Berkshire's ownership may make even the best of managers more effective. First, we eliminate all of the ritualistic and nonproductive activities that normally go with the job of CEO. Our managers are totally in charge of their personal schedules. Second, we give each a simple mission: Just run your business as if: 1) you own 100% of it; 2) it is the only asset in the world that you and your family have or will ever have; and 3) you can't sell or merge it for at least a century. As a corollary, we tell them they should not let any of their decisions be affected even slightly by accounting considerations. We want our managers to think about what counts, not how it will be counted.

尽管如此，由伯克希尔掌控企业所有权，甚至可能让这些经理人有更好的发挥。首先，我们去掉所有 CEO 必须面对的一般繁文缛节和没有生产力的活动，我们的经理人可以全心全意的安排自己个人的行程，第二，我们给予相当明确简单的任务指示，那就是一、像自己拥有公司一样的心态来经营，二、把它当作是你跟你家人在全世界仅有的资产来看待，第三、在有生之年内，你没办法将它卖掉或是让别人给买走。我们告诉他们完全不要被会计帐面方面的考量来影响到其实际经营上的决策，我们希望经理人了解什么才是最关键紧要的事。

Very few CEOs of public companies operate under a similar mandate, mainly because they have owners who focus on short-term prospects and reported earnings. Berkshire, however, has a shareholder base -- which it will have for decades to come -- that has the longest investment horizon to be found in the public-company universe. Indeed, a majority of our shares are held by investors who expect to die still holding them. We can therefore ask our CEOs to manage for maximum long-term value, rather than for next quarter's earnings. We certainly don't ignore the current results of our businesses -- in most cases, they are of great importance -- but we never want them to be achieved at the expense of our building ever-greater competitive strengths.

很少有上市公司的经理人可以如此自在的经营公司，这是因为大部分公司背后的股东往往只着重短期的利益。然而，伯克希尔几十年来一直拥有相当稳定的股东基础，他们有其它上市公司少见的长期投资眼光，事实上，这些股东打算一直持有伯克希尔至死方休，也因此旗下的经理人可以用一辈子的时间来经营公司，而不用为了下一季的盈利情况来烦恼，当然这绝不代表我们就不关心公司经营的现况，事实上，这点也相当的重要，只是我们绝不希望为了追求短期的盈利而被迫牺牲掉公司长远发展的竞争优势。

I believe the GEICO story demonstrates the benefits of Berkshire's approach. Charlie and I haven't taught Tony a thing -- and never will -- but we have created an environment that allows him to apply all of his talents to what's important. He does not have to devote his time or energy to board meetings, press interviews, presentations by investment bankers or talks with financial analysts. Furthermore, he need never spend a moment thinking about financing, credit ratings or "Street" expectations for earnings per share. Because of our ownership structure, he also knows that this operational framework will endure for decades to come. In this environment of freedom, both Tony and his company can convert their almost limitless potential into matching achievements.

我想 GEICO 保险成功的经验再次显示出伯克希尔经营模式的优越性，查理跟我从来就没有指示 Tony 该怎么做事，我想以后也不会，我们的工作就是提供给他一个绝佳的环境，让他能够彻底发挥才能去做该做的事，他不需要把时间耗费在无意义的董事会、新闻采访或与金融分析师会谈上，此外他也不必担心公司的融资问题、信用评级或坊间对于公司盈利的预期。由于我们特殊的股权结构，他也知道这样的经营模式至少可以继续持续几十年，在这样自由的环境之下，Tony 跟他所带领的团队就可以将 100%的心思花在应付外在多变的竞争环境上。

If you are running a large, profitable business that will thrive in a GEICO-like environment, check our acquisition criteria on page 21 and give me a call. I promise a fast answer and will mention your inquiry to no one except Charlie.

所以如果你同样也在管理一家盈利稳定的大型企业，并且向往在像 GEICO 保险一样的经营环境下蓬勃发展的话，建议你先看看我们报告后段的并购标准，然后打个电话给我，我保证一定会很快可以回复，而且除了查理之外，我不会把这件事告诉其它任何人。

* * * * * * * * * * * * You may think that one commercial in this section is enough. But I have another to present, this one directed at managers of publicly-owned companies.

If you are running a large, profitable business that will thrive in a GEICO-like environment, check our acquisition criteria on page 21 and give me a call. I promise a fast answer and will mention your inquiry to no one except Charlie.

* * * * * * * * * * * *

You may think that one commercial in this section is enough. But I have another to present, this one directed at managers of publicly-owned companies.