巴菲特致股东的信（2022年）①概述

To the Shareholders of Berkshire Hathaway Inc.:

致伯克希尔·哈撒韦公司所有股东：

Charlie Munger, my long-time partner, and I have the job of managing the savings of a great number of individuals. We are grateful for their enduring trust, a relationship that often spans much of their adult lifetime. It is those dedicated savers that are forefront in my mind as I write this letter.

查理·芒格 (Charlie Munger) 是我的长期搭档，我们俩的工作就是管理一大批个人投资者的积蓄。我们对他们长久以来的信任深怀感激，这种关系往往贯穿了他们成年后的大半人生。在写这封信的时候，我脑海里首先浮现的就是这些矢志不渝的储蓄者。

A common belief is that people choose to save when young, expecting thereby to maintain their living standards after retirement. Any assets that remain at death, this theory says, will usually be left to their families or, possibly, to friends and philanthropy.

有一种普遍的看法认为，人们年轻时选择存钱，指望退休后能维持生活水平。按这个理论，去世时剩下的资产通常留给家人，也许会留给朋友或慈善机构。

Our experience has differed. We believe Berkshire’s individual holders largely to be of the once-a-saver, always-a-saver variety. Though these people live well, they eventually dispense most of their funds to philanthropic organizations. These, in turn, redistribute the funds by expenditures intended to improve the lives of a great many people who are unrelated to the original benefactor. Sometimes, the results have been spectacular.

我们的经历却不太一样。我们认为，伯克希尔的个人股东大多属于"一日储蓄者，终身储蓄者"那种人。虽然他们的生活过得不错，但最终会把大部分资金捐给慈善组织。这些组织再把钱花出去，去改善与原始捐赠人毫无关系的无数人的生活。有时候，成果是惊人的。

The disposition of money unmasks humans. Charlie and I watch with pleasure the vast flow of Berkshire-generated funds to public needs and, alongside, the infrequency with which our shareholders opt for look-at-me assets and dynasty-building. Who wouldn’t enjoy working for shareholders like ours?

金钱的去向暴露了人的品性。查理和我欣喜地看到，伯克希尔产生的大量资金源源不断地流向公共事业，与此同时，我们的股东很少去追逐炫富型资产或打造家族王朝。 谁不乐意为这样的股东效力呢？

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〔译文源于芒格书院整理的巴菲特致股东的信〕

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