巴菲特致股东的信（2010年）①概述

To the Shareholders of Berkshire Hathaway Inc.:

致伯克希尔·哈撒韦公司所有股东：

The per-share book value of both our Class A and Class B stock increased by 13% in 2010. Over the last 46 years (that is, since present management took over), book value has grown from $19 to $95,453, a rate of 20.2% compounded annually.*

2010年，我们A类和B类股票的每股账面价值都增长了13%。自现任管理层接手的 46 年以来，每股账面价值由当初的 19 美元成长到目前的 95453 美元，年复合成长率约为 20.2%。

* All per-share figures used in this report apply to Berkshire’s A shares. Figures for the B shares are 1/1500th of those shown for A.

*本报告中使用的所有每股数字均适用于伯克希尔的A股。B股的数字是A股的1/1500。(2010 年 1 月为收购 BNSF，伯克希尔每 1 股 B 股拆分为 50 股，拆分后每 1 股 A 股可兑换 1500 股 B 股)

The highlight of 2010 was our acquisition of Burlington Northern Santa Fe, a purchase that’s working out even better than I expected. It now appears that owning this railroad will increase Berkshire’s “normal” earning power by nearly 40% pre-tax and by well over 30% after-tax. Making this purchase increased our share count by 6% and used $22 billion of cash. Since we’ve quickly replenished the cash, the economics of this transaction have turned out very well.

2010 年的亮点是公司收购了 BNSF 铁路公司(BurlingtonNorthernSantaFe)，该项收购比我预期的要顺利。现在看来，收购这条铁路将使伯克希尔"常规"盈利能力税前增长 40%，税后增长超过 30%。这起收购让我们的股票数量增加 6%，花费了 220 亿美元的现金。由于我们迅速补充了现金，该项交易的经济效益最终表现非常好。

A “normal year,” of course, is not something that either Charlie Munger, Vice Chairman of Berkshire and my partner, or I can define with anything like precision. But for the purpose of estimating our current earning power, we are envisioning a year free of a mega-catastrophe in insurance and possessing a general business climate somewhat better than that of 2010 but weaker than that of 2005 or 2006. Using these assumptions, and several others that I will explain in the “Investment” section, I can estimate that the normal earning power of the assets we currently own is about $17 billion pre-tax and $12 billion after-tax, excluding any capital gains or losses. Every day Charlie and I think about how we can build on this base.

当然，我的合伙人、伯克希尔的副董事长查理·芒格也是我的合伙人，或者我本人，都很难精确定义到底什么才是"一个正常年份"。但是，为了估算我们现有的盈利能力，我们对于正常年份的设想是，在保险生意方面不存在巨大灾难，总体经济环境好于 2010 年，但却弱于 2005 年或 2006 年。按照这样的假设和其他我在"投资"部分阐述的其他几个假设，我估计公司目前所拥有资产的正常盈利能力为，税前 170 亿美元或税后 120 亿美元，不包括任何资本损益。查理和我每天都在思考如何增强公司的盈利能力。

Both of us are enthusiastic about BNSF’s future because railroads have major cost and environmental advantages over trucking, their main competitor. Last year BNSF moved each ton of freight it carried a record 500 miles on a single gallon of diesel fuel. That’s three times more fuel-efficient than trucking is, which means our railroad owns an important advantage in operating costs. Concurrently, our country gains because of reduced greenhouse emissions and a much smaller need for imported oil. When traffic travels by rail, society benefits.

我们两人都对 BNSF 的前景持乐观的态度，因为与其主要的竞争对手卡车运输相比，铁路存在巨大的成本和环境优势。在 2010 年，BNSF 每吨货物运输的成本为 1 加仑柴油/500 英里，比卡车运输省油三倍，这意味着公司的铁路运输拥有巨大的运营成本优势。同时，降低温室气体排放量，减少对进口石油的需求量，将使得我们的国家受益。铁路运输使整个社会受益。

Over time, the movement of goods in the United States will increase, and BNSF should get its full share of the gain. The railroad will need to invest massively to bring about this growth, but no one is better situated than Berkshire to supply the funds required. However slow the economy, or chaotic the markets, our checks will clear.

随着时间的推移，美国境内的货物运输将会增加，BNSF 将会实现其全部收益。为了实现这种收益，需要对铁路进行巨额投资，伯克希尔是最佳的资金供给者。不管经济增长多么缓慢，市场如何动荡，我们的支票都将兑付。

Last year – in the face of widespread pessimism about our economy – we demonstrated our enthusiasm for capital investment at Berkshire by spending $6 billion on property and equipment. Of this amount, $5.4 billion – or 90% of the total – was spent in the United States. Certainly our businesses will expand abroad in the future, but an overwhelming part of their future investments will be at home. In 2011, we will set a new record for capital spending – $8 billion – and spend all of the $2 billion increase in the United States.

2010 年，在大家都不看好美国经济的情况下，伯克希尔显示了对资本投资的热情，花费了 60 亿美元进行不动产和设备投资，其中 90%约 54 亿美元投资在美国境内。当然，公司的业务在将来将会扩张，但是绝大多数投资还将位于美国境内。在 2011 年，我们将创造 80 亿美元资本支出的新记录，所增加的 20 亿美元将全部投资于美国境内。

Money will always flow toward opportunity, and there is an abundance of that in America. Commentators today often talk of “great uncertainty.” But think back, for example, to December 6, 1941, October 18, 1987 and September 10, 2001. No matter how serene today may be, tomorrow is always uncertain.

资本总是在追逐机会，而美国存在大量的机会。现在的评论员总会说美国有"巨大的不确定性"。但是回想一下 1941 年 12 月 6 日，1987 年 10 月 18 日，2001 年 9 月 10 日。无论今天如何平静，未来总是存在不确定性。

Don’t let that reality spook you. Throughout my lifetime, politicians and pundits have constantly moaned about terrifying problems facing America. Yet our citizens now live an astonishing six times better than when I was born. The prophets of doom have overlooked the all-important factor that is certain: Human potential is far from exhausted, and the American system for unleashing that potential – a system that has worked wonders for over two centuries despite frequent interruptions for recessions and even a Civil War – remains alive and effective.

不要让那样的现实吓坏了你。在我的整个一生中，政客和学者们一直都抱怨和夸大美国面临的可怕问题。然而，与我出生之时相比，美国民众的生活水平惊人的提高了 6 倍。那些悲观论者忽视了一个至关重要的因素：人类的潜能是取之不尽用之不竭的，尽管时不时受到经济衰退甚至内战的干扰，但用来释放这种潜能的美国制度依然充满活力和效率。

We are not natively smarter than we were when our country was founded nor do we work harder. But look around you and see a world beyond the dreams of any colonial citizen. Now, as in 1776, 1861, 1932 and 1941, America’s best days lie ahead.

我们并没有比建国时更加聪慧，工作更加努力。但是，环顾四周你会看到，世界已经超越了殖民时代民众的梦想。现在，正如 1776、1861、1932 和 1941 年一样，美国人的好日子还在前头。