巴菲特致股东的信（2013年）⑥投资业务

Investments

投资业务

“Our stock portfolio . . . was worth approximately $17 million less than its carrying value [cost] . . . it is our belief that, over a period of years, the overall portfolio will prove to be worth more than its cost.” — 1974 Annual Report

1974 年年报："我们的股票投资组合……大约比账面价值(投资成本)要低 1700 万美元…… 但我们相信，几年以后，整个组合的价值将会远超投资成本。"

Below we list our fifteen common stock investments that at yearend had the largest market value.

下面列出了我们年末市值最大的 15 项普通股投资：

Berkshire has one major equity position that is not included in the table: We can buy 700 million shares of Bank of America at any time prior to September 2021 for $5 billion. At yearend these shares were worth $10.9 billion. We are likely to purchase the shares just before expiration of our option. In the meantime, it is important for you to realize that Bank of America is, in effect, our fifth largest equity investment and one we value highly.

伯克希尔有一项重要的股票投资没有列在表上：在 2021 年 9 月前的任何时候，我们都可以以 50 亿美元的价格购买美国银行 7 亿股股票。截至年底，这些股票价值 109 亿。我们倾向于在购买权到期前行权购买。大家应该了解，实际上美国银行是我们的第五大股票投资，并且我们非常看好。

In addition to our equity holdings, we also invest substantial sums in bonds. Usually, we’ve done well in these. But not always.

除了股票以外，我们也会大额投资债券。通常我们业绩都不错。但也并非时时如此。

Most of you have never heard of Energy Future Holdings. Consider yourselves lucky; I certainly wish I hadn’t. The company was formed in 2007 to effect a giant leveraged buyout of electric utility assets in Texas. The equity owners put up $8 billion and borrowed a massive amount in addition. About $2 billion of the debt was purchased by Berkshire, pursuant to a decision I made without consulting with Charlie. That was a big mistake.

大家应该没有听说过 Energy Future Holdings 这家公司。你们应该感到幸运；因为我也宁愿没听到过这家公司。它是 2007 年为杠杆收购一家德克萨斯的电力公司而成立的。权益投资者投入 80 亿美元同时借入大量债务完成收购。伯克希尔购买了大约 20 亿美元的债务，我是在没有咨询查理的情况下做的决定。这真是个巨大的错误。

Unless natural gas prices soar, EFH will almost certainly file for bankruptcy in 2014. Last year, we sold our holdings for $259 million. While owning the bonds, we received $837 million in cash interest. Overall, therefore, we suffered a pre-tax loss of $873 million. Next time I’ll call Charlie.

除非天然气价格飙升，EFH 几乎注定要在 2014 年申请破产。去年我们以 2.59 亿卖出了我们的债权。持有债权期间，我们收到了 8.37 亿现金利息。所以我们税前一共亏了 8.73 亿。下次我一定会先给查理打电话。

A few of our subsidiaries – primarily electric and gas utilities – use derivatives in their operations. Otherwise, we have not entered into any derivative contracts for some years, and our existing positions continue to run off. The contracts that have expired have delivered large profits as well as several billion dollars of medium- term float. Though there are no guarantees, we expect a similar result from those remaining on our books.

我们的一些子公司(主要是电力和天然气公用事业公司)，在经营中会使用衍生品对冲工具。此外，我们近年来都没有投资衍生品，原有的头寸也逐步到期。已经到期的衍生品给我们带来了巨额利润和数十亿美元的中等期限的浮存金。虽然不是百分之百确定，我们预计账面上剩余的衍生品也会得到类似的结果。