巴菲特致股东的信（2018年）⑦投资

Investments

投资

Below we list our fifteen common stock investments that at yearend had the largest market value. We exclude our Kraft Heinz holding – 325,442,152 shares – because Berkshire is part of a control group and therefore must account for this investment on the “equity” method. On its balance sheet, Berkshire carries its Kraft Heinz holding at a GAAP figure of $13.8 billion, an amount reduced by our share of the large write-off of intangible assets taken by Kraft Heinz in 2018. At yearend, our Kraft Heinz holding had a market value of $14 billion and a cost basis of $9.8 billion.

下面我们列出年末市值最大的15只普通股投资。我们持有的卡夫亨氏——325,442,152股——不在此列，因为伯克希尔是控股集团的一部分，因此必须采用"权益法"核算这项投资。在资产负债表上，伯克希尔持有的卡夫亨氏按GAAP记录为138亿美元，这一金额已扣除了我们应分摊的卡夫亨氏2018年大额无形资产减值。截至年末，我们持有的卡夫亨氏市值为140亿美元，成本为98亿美元。

Charlie and I do not view the $172.8 billion detailed above as a collection of ticker symbols – a financial dalliance to be terminated because of downgrades by “the Street,” expected Federal Reserve actions, possible political developments, forecasts by economists or whatever else might be the subject du jour.

查理和我并不把上面列出的1728亿美元视为一堆股票代码——不是什么因为"华尔街"降级、美联储预期动作、可能的政治变局、经济学家的预测或任何其他当下热门话题而该抛弃的金融游戏。

What we see in our holdings, rather, is an assembly of companies that we partly own and that, on a weighted basis, are earning about 20% on the net tangible equity capital required to run their businesses. These companies, also, earn their profits without employing excessive levels of debt.

相反，我们看到的是我们部分持有的一群公司的集合。按加权基础计算，它们在经营所需的净有形资产上大约赚取20%的回报率。而且，这些公司在赚取利润的同时并没有过度举债。

Returns of that order by large, established and understandable businesses are remarkable under any circumstances. They are truly mind-blowing when compared against the return that many investors have accepted on bonds over the last decade – 3% or less on 30-year U.S. Treasury bonds, for example.

这种回报率，对于大型、成熟、容易理解的企业来说，在任何环境下都是了不起的。当你把它与过去十年许多投资者在债券上接受的回报率相比，更是令人瞠目——比如30年期美国国债收益率只有3%甚至更低。

On occasion, a ridiculously-high purchase price for a given stock will cause a splendid business to become a poor investment – if not permanently, at least for a painfully long period. Over time, however, investment performance converges with business performance. And, as I will next spell out, the record of American business has been extraordinary.

当然，有时候一只股票的买入价格高得离谱，就会让一家出色的企业变成一笔糟糕的投资——即便不是永久的，至少也会痛苦很长时间。但随着时间推移，投资业绩终将与经营业绩趋于一致。而且，正如我接下来要详细说的，美国企业的历史表现是非凡的。