巴菲特致股东的信（2014年）③企业内在价值

Intrinsic Business Value

企业内在价值

As much as Charlie and I talk about intrinsic business value, we cannot tell you precisely what that number is for Berkshire shares (nor, in fact, for any other stock). In our 2010 annual report, however, we laid out the three elements – one of them qualitative – that we believe are the keys to a sensible estimate of Berkshire’s intrinsic value. That discussion is reproduced in full on pages 123-124.

虽然查理和我经常提到内在商业价值，我们却无法准确地告诉你伯克希尔股票的内在价值是多少(事实上任何其他股票都是如此)。不过，在2010 年的年度报告中，我们提出了内在价值的三大要素，其中之一是定性的，另两个是定量的。我们认为这三大要素是合理估算伯克希尔内在价值的关键。

Here is an update of the two quantitative factors: In 2014 our per-share investments increased 8.4% to $140,123, and our earnings from businesses other than insurance and investments increased 19% to $10,847 per share.

两个定量要素的最新数据：2014 年我们的每股投资增长8.4%至140123 美元，除保险和投资之外的业务税前收益增长19%至每股10847 美元。

Since 1970, our per-share investments have increased at a rate of 19% compounded annually, and our earnings figure has grown at a 20.6% clip. It is no coincidence that the price of Berkshire stock over the ensuing 44 years has increased at a rate very similar to that of our two measures of value. Charlie and I like to see gains in both sectors, but our main focus is to build operating earnings. That’s why we were pleased to exchange our Phillips 66 and Graham Holdings stock for operating businesses last year and to contract with Procter and Gamble to acquire Duracell by means of a similar exchange set to close in 2015.

自1970 年以来，我们的每股投资年复合率增长为19%，我们的税前收益年复合增长率为20.6%。在随后的44 年中，伯克希尔股价以与两个价值衡量标准类似的速度增长绝非巧合。查理和我都希望看到这两部分都能够增长，但我们主要的精力放在提升经营收益上面。这就是为什么去年我们选择用Phillips66 和GrahamHoldings 的股票来换取经营业务，并通过类似的交易从宝洁手中收购金霸王(Duracell)，交易将在2015 年完成交易。

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Now, let’s examine the four major sectors of our operations. Each has vastly different balance sheet and income characteristics from the others. So we’ll present them as four separate businesses, which is how Charlie and I view them (though there are important and enduring advantages to having them all under one roof). Our goal is to provide you with the information we would wish to have if our positions were reversed, with you being the reporting manager and we the absentee shareholders. (But don’t get any ideas!)

现在，让我们来看看我们运营的四个主要板块。它们彼此之间的资产负债表和收入特征都存在巨大差异。因此我们将它们作为四个独立业务分别呈现，这也是查理和我看待它们的方式。(虽然它们共处伯克希尔一个屋檐下拥有极其重要和持久不衰的优势。) 我们的目标是假设我们角色互换，你是作报告的管理层而我们是股东，提供给我们想要知道的信息。