巴菲特致股东的信（2021年）⑤投资

Investments

投资

Now let’s talk about companies we don’t control, a list that again references Apple. Below we list our fifteen largest equity holdings, several of which are selections of Berkshire’s two long-time investment managers, Todd Combs and Ted Weschler. At yearend, this valued pair had total authority in respect to $34 billion of investments, many of which do not meet the threshold value we use in the table. Also, a significant portion of the dollars that Todd and Ted manage are lodged in various pension plans of Berkshire-owned businesses, with the assets of these plans not included in this table.

现在来聊聊我们不控股的公司，名单中又一次出现了苹果。下表列出了我们最大的15只股票持仓，其中几只是伯克希尔两位长期投资经理——托德·库姆斯 (Todd Combs) 和泰德·韦施勒 (Ted Weschler)——的选择。截至年末，这对优秀搭档管理着总计340亿美元的投资，其中很多持仓的市值未达到单独列入下表的门槛。此外，托德和泰德管理的相当一部分资金存放在伯克希尔旗下企业的各类养老金计划中，这些计划的资产并未包含在下表中。

In addition to the footnoted Occidental holding and our various common-stock positions, Berkshire also owns a 26.6% interest in Kraft Heinz (accounted for on the “equity” method, not market value, and carried at $13.1 billion) and 38.6% of Pilot Corp., a leader in travel centers that had revenues last year of $45 billion.

除了脚注中提到的西方石油头寸以及我们的各项普通股持仓外，伯克希尔还持有卡夫亨氏 (Kraft Heinz) 26.6%的权益（按权益法而非市值入账，账面价值131亿美元），以及Pilot公司38.6%的股份。Pilot是旅行服务中心行业的龙头，去年营收高达450亿美元。

Since we purchased our Pilot stake in 2017, this holding has warranted “equity” accounting treatment. Early in 2023, Berkshire will purchase an additional interest in Pilot that will raise our ownership to 80% and lead to our fully consolidating Pilot’s earnings, assets and liabilities in our financial statements.

自2017年我们投资Pilot以来，这部分持股一直按权益法核算。2023年初，伯克希尔将增购Pilot的股份，使持股比例升至80%，届时我们将把Pilot的收益、资产和负债全面纳入合并财务报表。