巴菲特致股东的信（2021年）②你们拥有什么

What You Own

你们拥有什么

Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S. equities and participate in several joint ventures or other collaborative activities.

伯克希尔旗下有各种各样的生意，有些是100%控股的，有些只持有部分股权。第二类资产主要由我们持有的美国大型上市公司的普通股构成。此外，我们还持有少量非美国股票，并参与了若干合资企业或其他合作项目。

Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.

无论持有的形式如何，我们的目标始终是对那些既拥有持久经济优势、又拥有一流CEO的企业进行有意义的投资。请特别注意，我们持有股票是基于对公司长期经营表现的预期，而非将其视为随时买卖的交易工具。这一点至关重要：查理和我不是股票买手，我们是生意买手。

I make many mistakes. Consequently, our extensive collection of businesses includes some enterprises that have truly extraordinary economics, many others that enjoy good economic characteristics, and a few that are marginal. One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.

我犯过很多错误。因此，我们庞大的生意组合中，既有一些经济效益真正卓越的企业，也有许多具备良好经济特征的企业，还有少数表现平平的企业。我们持有普通股的一大优势在于——偶尔，你能以极好的价格买到优秀公司的一部分股权。这种"瓮中捉鳖"式的体验，在谈判收购中极为罕见，更不可能批量出现。而且，当你在公开市场上犯了错，纠正起来也容易得多。