巴菲特致合伙人的信（1961年）⑥关于规模

The Question of Size

Aside from the question as to what happens upon my death (which with a metaphysical twist, is a subject of keen interest to me), I am probably asked most often: "What affect is the rapid growth of partnership funds going to have upon performance?”

关于规模

合伙人问我最多的有两个问题，一个是我死了怎么办（我觉得这东西很玄，我也经常想），另一个就是“合伙人资金迅速增长，会对业绩产生什么影响？”

Larger funds tug in two directions. From the standpoint of "passive" investments, where we do not attempt by the size of our investment to influence corporate policies, larger sums hurt results. For the mutual fund or trust department investing in securities with very broad markets, the effect of large sums should be to penalize results only very slightly. Buying 10,000 shares of General Motors is only slightly more costly (on the basis of mathematical expectancy) than buying 1,000 or 100 shares.

资金规模增长有利有弊。就“被动型”投资而言，我们不打算通过大量持股来影响公司决策，资金规模增长会降低我们的收益率。基金或信托公司投资大盘股，庞大的资金规模对收益率的影响很小。买入10,000股通用汽车(General Motors)的成本（按数学预期值计算）只比买入1,000股或100股略高。

In some of the securities in which we deal (but not all by any means) buying 10,000 shares is much more difficult than buying 100 and is sometimes impossible. Therefore, for a portion of our portfolio, larger sums are definitely disadvantageous. For a larger portion of the portfolio, I would say increased sums are only slightly disadvantageous. This category includes most of our work-outs and some generals.

在我们买的股票里，有些股票（不是所有股票）买入10,000股比买入100股难多了，甚至根本买不到。因此，对我们的一部分投资来说，资金规模增长肯定是不利的。我认为，对我们更大的一部分投资来说，资金增长产生的不利影响很小，包括大部分套利类和一些低估类。

However, in the case of control situations increased funds are a definite advantage. A "Sanborn Map" cannot be accomplished without the wherewithal. My definite belief is that the opportunities increase in this field as the funds increase. This is due to the sharp fall-off in competition as the ante mounts plus the important positive correlation that exists between increased size of company and lack of concentrated ownership of that company's stock.

但是，就控制类投资而言，资金规模增加绝对是有利的。没足够的资金实力，我们不可能做成“桑伯恩地图”这笔投资。我深信，随着资金规模增长，控制类投资机会也更多。原因有两点：第一，需要的资金量越大，就会有更多竞争对手被拒之门外；第二，公司规模越大，股权越分散。

Which is more important -- the decreasing prospects of profitability in passive investments or the increasing prospects in control investments? I can't give a definite answer to this since to a great extent it depends on the type of market in which we are operating. My present opinion is that there is no reason to think these should not be offsetting factors; if my opinion should change, you will be told. I can say, most assuredly, that our results in 1960 and 1961 would not have been better if we had been operating with the much smaller sums of 1956 and 1957.

被动型投资获利减少，控制类投资获利增加，哪个更重要呢？这个问题，我无法明确回答，因为这主要取决于我们处于什么样的市场中。我现在的想法是，这两方面肯定会此消彼长。如果以后我有新想法，会再和大家说。有一点我是非常肯定的，1960年和1961年，如果不是因为我们的规模比1956和1957年大了，业绩不会有这么高。

The Question of Size Aside from the question as to what happens upon my death (which with a metaphysical twist, is a subject of keen interest to me), I am probably asked most often: "What affect is the rapid growth of partnership funds going to have upon performance?”

The Question of Size

Aside from the question as to what happens upon my death (which with a metaphysical twist, is a subject of keen interest to me), I am probably asked most often: "What affect is the rapid growth of partnership funds going to have upon performance?”