巴菲特致股东的信（2014年）附录一：伯克希尔·哈撒韦的收购标准

BERKSHIRE HATHAWAY INC. ACQUISITION CRITERIA

伯克希尔·哈撒韦的收购标准

We are eager to hear from principals or their representatives about businesses that meet all of the following criteria:

我们渴望从企业负责人或者其代理人那里，听到有关符合我们所有如下标准的企业：

(1) Large purchases (at least $75 million of pre-tax earnings unless the business will fit into one of our existing units), (2) Demonstrated consistent earning power (future projections are of no interest to us, nor are “turnaround” situations), (3) Businesses earning good returns on equity while employing little or no debt, (4) Management in place (we can’t supply it), (5) Simple businesses (if there’s lots of technology, we won’t understand it), (6) An offering price (we don’t want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown).

1，大型收购(至少7500 万美元的税前利润，除非该业务可纳入我们现有的一个业务之中)。2，表现出可持续的盈利能力(我们对未来的预测不感兴趣，对"经营好转"也不感兴趣)。3，在很少或几乎没有债务的情况下，企业拥有良好的股本回报率。4，管理到位(我们无法提供)。 5，简单的生意(如果包含许多技术因素，我们无法理解)。6，一个报价(我们不想在价格未知的情况下，浪费双方的时间去谈论交易，即使只是初步地讨论)。

The larger the company, the greater will be our interest: We would like to make an acquisition in the $5-20 billion range. We are not interested, however, in receiving suggestions about purchases we might make in the general stock market.

公司规模越大，我们的兴趣就越大：我们希望收购的企业规模在50-200 亿美元之间。然而，我们对于收到关于我们可以在一般股市中进行购买的建议不感兴趣。

We will not engage in unfriendly takeovers. We can promise complete confidentiality and a very fast answer – customarily within five minutes – as to whether we’re interested. We prefer to buy for cash, but will consider issuing stock when we receive as much in intrinsic business value as we give. We don’t participate in auctions.

我们不会参与恶意收购。我们可以承诺完全保密，并快速回复(通常是五分钟内)我们是否感兴趣。我们更喜欢现金收购，但是当我们所收到的内在商业价值，和我们所付出的一样多的时候，我们会考虑发行股票。我们不参与拍卖交易。

Charlie and I frequently get approached about acquisitions that don’t come close to meeting our tests: We’ve found that if you advertise an interest in buying collies, a lot of people will call hoping to sell you their cocker spaniels. A line from a country song expresses our feeling about new ventures, turnarounds, or auction-like sales: “When the phone don’t ring, you’ll know it’s me.”

查理和我经常接触到那些不符合我们测试标准的收购：我们发现，如果你刊登广告说有兴趣购买collie 牧羊犬，许多人会打电话打算卖给你他们的cocker 猎犬。一首乡村歌曲的一句歌词表达了我们对于新创企业，经营好转，或拍卖式销售的企业的感受："当电话挂断的时候，你就会知道那是我。"