巴菲特致股东的信（2024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：

This letter comes to you as part of Berkshire’s annual report. As a public company, we are required to periodically tell you many specific facts and figures.

这封信是伯克希尔年度报告的一部分。作为一家上市公司，我们被要求定期向你们披露大量具体的事实和数据。

“Report,” however, implies a greater responsibility. In addition to the mandated data, we believe we owe you additional commentary about what you own and how we think. Our goal is to communicate with you in a manner that we would wish you to use if our positions were reversed – that is, if you were Berkshire’s CEO while I and my family were passive investors, trusting you with our savings.

然而，"报告"这两个字意味着更大的责任。除了法律规定的数据之外，我们认为还应该向你们补充说明你们拥有的是什么，以及我们是怎么想的。我们的目标是以一种换位思考的方式与你们沟通——也就是说，假如你们是伯克希尔的CEO，而我和我的家人是信赖你们管理我们积蓄的被动投资者——我们希望你们也能这样与我们沟通。

This approach leads us to an annual recitation of both good and bad developments at the many businesses you indirectly own through your Berkshire shares. When discussing problems at specific subsidiaries, we do, however, try to follow the advice Tom Murphy gave to me 60 years ago: “praise by name, criticize by category.”

这一理念使得我们每年都要如实向你们汇报，你们通过伯克希尔股份间接持有的众多企业中发生的好消息和坏消息。不过，在谈及具体子公司的问题时，我们会尽量遵循汤姆·墨菲 (Tom Murphy) 60年前给我的忠告："点名表扬，分类批评。"

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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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