巴菲特致股东的信（2019年）⑨其他事项

Short Subjects

其他事项

In past reports, we’ve discussed both the sense and nonsense of stock repurchases. Our thinking, boiled down: Berkshire will buy back its stock only if a) Charlie and I believe that it is selling for less than it is worth and b) the company, upon completing the repurchase, is left with ample cash.

在过去的报告中，我们讨论过有意义的和无意义的股票回购。我们的想法归结起来就是：只有在以下情况下伯克希尔才会回购股票——a) 查理和我认为股价低于其价值，以及b) 完成回购后公司仍拥有充裕的现金。

Calculations of intrinsic value are far from precise. Consequently, neither of us feels any urgency to buy an estimated $1 of value for a very real 95 cents. In 2019, the Berkshire price/value equation was modestly favorable at times, and we spent $5 billion in repurchasing about 1% of the company.

内在价值的计算远谈不上精确。因此，以货真价实的95美分去买估计值1美元的资产，我们两人都不觉得有什么紧迫性。2019年，伯克希尔的价格/价值等式有时呈现适度有利的状态，我们花了50亿美元回购了公司约1%的股份。

Over time, we want Berkshire’s share count to go down. If the price-to-value discount (as we estimate it) widens, we will likely become more aggressive in purchasing shares. We will not, however, prop the stock at any level.

随着时间的推移，我们希望伯克希尔的流通股数量下降。如果价格相对于价值的折扣（按我们的估算）扩大，我们可能会更加积极地购买股票。但我们不会在任何水平上托市。

Shareholders having at least $20 million in value of A or B shares and an inclination to sell shares to Berkshire may wish to have their broker contact Berkshire’s Mark Millard at 402-346-1400. We request that you phone Mark between 8:00-8:30 a.m. or 3:00-3:30 p.m. Central Time, calling only if you are ready to sell.

持有价值至少2,000万美元A或B类股票、且有意向伯克希尔出售的股东，可让经纪人联系伯克希尔的马克·米拉德 (Mark Millard)，电话402-346-1400。请在美国中部时间上午8:00-8:30或下午3:00-3:30之间来电，而且只有在你已经决定要卖的情况下才打。

In 2019, Berkshire sent $3.6 billion to the U.S. Treasury to pay its current income tax. The U.S. government collected $243 billion from corporate income tax payments during the same period. From these statistics, you can take pride that your company delivered 11⁄2% of the federal income taxes paid by all of corporate America.

2019年，伯克希尔向美国财政部汇出了36亿美元当期所得税。同期，美国政府从企业所得税中征收了2,430亿美元。从这些数据中，你们可以自豪地说，你们的公司贡献了全美企业缴纳的联邦所得税的1.5%。

Fifty-five years ago, when Berkshire entered its current incarnation, the company paid nothing in federal income tax. (For good reason, too: Over the previous decade, the struggling business had recorded a net loss.) Since then, as Berkshire retained nearly all of its earnings, the beneficiaries of that policy became not only the company’s shareholders but also the federal government. In most future years, we both hope and expect to send far larger sums to the Treasury.

55年前，当伯克希尔进入目前的形态时，公司一分钱联邦所得税都不用交。（理由也很充分：此前十年，这家艰难度日的公司录得了净亏损。）从那以后，由于伯克希尔保留了几乎全部的收益，这项政策的受益者不仅是公司股东，还有联邦政府。在未来的大多数年份里，我们都希望并期待着向财政部缴纳多得多的税款。

On pages A-2 – A-3, you will find details about our annual meeting, which will be held on May 2, 2020. Yahoo, as usual, will be streaming the event worldwide. There will be one important change, however, in our format: I’ve had suggestions from shareholders, media and board members that Ajit Jain and Greg Abel – our two key operating managers – be given more exposure at the meeting. That change makes great sense. They are outstanding individuals, both as managers and as human beings, and you should hear more from them.

年会将于2020年5月2日举行，详细信息请参阅年报A-2至A-3页。雅虎 (Yahoo) 将一如既往地在全球直播这一活动。不过，在形式上会有一个重要变化：我收到了来自股东、媒体和董事会成员的建议，希望让我们的两位关键运营经理——阿吉特·贾恩 (Ajit Jain) 和格雷格·阿贝尔 (Greg Abel)——在年会上有更多的曝光机会。这个变化非常有道理。无论是作为管理者还是作为人，他们都是杰出的个体，你们应该听到他们更多的声音。

Shareholders who this year send a question to be asked by our three long-serving journalists may specify that it be posed to Ajit or Greg. They, like Charlie and me, will not have even a hint of what the questions will be.

今年向我们三位资深记者提交问题的股东，可以指定将问题交给阿吉特或格雷格回答。他们和查理及我一样，事先不会收到任何关于问题内容的提示。

The journalists will alternate questions with those from the audience, who also can direct questions to any of the four of us. So polish up your zingers.

记者和现场观众将交替提问，观众同样可以将问题指向我们四个人中的任何一位。所以，准备好你们的犀利问题吧。

On May 2nd, come to Omaha. Meet your fellow capitalists. Buy some Berkshire products. Have fun. Charlie and I – along with the entire Berkshire gang – are looking forward to seeing you.

5月2日，来奥马哈吧。结识你们的同道资本家。买些伯克希尔的产品。尽情享受。查理和我，还有整个伯克希尔大家庭，都期待着与你们相见。

February 22, 2020 Warren E. Buffett Chairman of the Board

2020年2月22日沃伦·E·巴菲特董事会主席