巴菲特致股东的信（2014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：

Berkshire’s gain in net worth during 2014 was $18.3 billion, which increased the per-share book value of both our Class A and Class B stock by 8.3%. Over the last 50 years (that is, since present management took over), per-share book value has grown from $19 to $146,186, a rate of 19.4% compounded annually.*

2014 年伯克希尔的账面价值增长了183 亿美元，A/B 股每股账面价值增长8.3%(标普13.7%)。自现任管理层接手的50 年来，每股账面价值已从19 美元增至146,186 美元，年均复合增长率约为19.4%。

* 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.

本报告使用的所有每股数据均适用于伯克希尔的A股。B股数据为A股所示数据的1/1500。

During our tenure, we have consistently compared the yearly performance of the S&P 500 to the change in Berkshire’s per-share book value. We’ve done that because book value has been a crude, but useful, tracking device for the number that really counts: intrinsic business value.

在我们任期内，我们始终将标普500 指数的年度表现与伯克希尔每股账面价值的变化进行比较，我们之所以这么做，是因为账面价值是一种粗略但有效的跟踪指标，可以用来追踪真正重要的数字：内在商业价值。

In our early decades, the relationship between book value and intrinsic value was much closer than it is now. That was true because Berkshire’s assets were then largely securities whose values were continuously restated to reflect their current market prices. In Wall Street parlance, most of the assets involved in the calculation of book value were “marked to market.”

在我们最初的几十年里，公司账面价值与内在价值之间的关系比现在要密切得多。这是事实，因为当年伯克希尔的资产主要是可随时反应其当前市值的有价证券。按华尔街的话说，计算账面价值的大多数资产都是"按市值计价的"。

Today, our emphasis has shifted in a major way to owning and operating large businesses. Many of these are worth far more than their cost-based carrying value. But that amount is never revalued upward no matter how much the value of these companies has increased. Consequently, the gap between Berkshire’s intrinsic value and its book value has materially widened.

如今我们的重点已转向拥有和经营大型企业上。其中许多资产的价值远超基于成本的账面价值。但不论这些企业的价值增加了多少，这个数字都不会上调。因此伯克希尔的内在价值和账面价值之间的差距日渐扩大。

With that in mind, we have added a new set of data – the historical record of Berkshire’s stock price – to the performance table on the facing page. Market prices, let me stress, have their limitations in the short term. Monthly or yearly movements of stocks are often erratic and not indicative of changes in intrinsic value. Over time, however, stock prices and intrinsic value almost invariably converge. Charlie Munger, Berkshire Vice Chairman and my partner, and I believe that has been true at Berkshire: In our view, the increase in Berkshire’s per-share intrinsic value over the past 50 years is roughly equal to the 1,826,163% gain in market price of the company’s shares.

鉴于此，我们在首页中的业绩表现表中增列了一组新的数据，即伯克希尔股价的历史变动记录。让我强调一下，市场价格在短期内有其缺陷。股价的月度或年度变动往往是非理性的，因此无法衡量企业内在价值的变化。然而长期来看，股价和内在价值总是趋于吻合。伯克希尔的副主席兼我的合伙人查理·芒格以及我本人均对此深信不疑：在我们看来，伯克希尔每股内在价值在过去50 年的增长大致相当于公司股价1826163%涨幅。