巴菲特致合伙人的信（1970年2月25日）⑤可赎回债券

Callable Bonds

We will not buy bonds where the issuer of the bonds has a right to call (retire) the bonds on a basis which substantially loads the contract in his favor. It is amazing to me to see people buy bonds which are due in forty years, but where the issuer has the right to call the bonds at a tiny premium in five or ten years. Such a contract essentially means that you have made a forty year deal if it is advantageous to the issuer (and disadvantageous to you) and a five year deal if the initial contract turns out to be advantageous to you (and disadvantageous to the issuer). Such contracts are really outrageous and exist because bond investors can't think through the implications of such a contract form and bond dealers don't insist on better terms for their customers. One extremely interesting fact is that bonds with very unattractive call features sell at virtually the same yield as otherwise identical bonds which are noncallable.

可赎回债券

有的债券发行人有权将债券赎回，赎回条款对债券发行人非常有利，我们不买这样的债券。有的债券是40年后到期的，但是发行人有权在5或10年后以微小的溢价赎回，怎么能有人买这样的债券呢？这样的条款其实是这个意思：签订最初的合同之后，根据将来的情况变化，如果对发行人有利（对你不利），那就是40年的期限；如果对你有利（对发行人不利），那就是5年期限。这样的合同条款太不合理了。怎么能有这样的合同条款呢？因为债券投资者不明白这里面的状况，债券交易商也不会主动为客户争取权益。市场上有这样一种现象：两只完全相同的债券，一只具有非常不公平的赎回条款，另一只是不可赎回的，但收益率竟然一样，实在是让人难以理解。

It should be pointed out that most Nebraska bonds carry highly unfair call provisions. Despite this severe contractual disadvantage, they do not offer higher yields than bonds with more equitable terms.

其实，内布拉斯加州的大多数债券都具有非常不公平的赎回条款。可赎回条款对持有人不公平，而且收益率还和不可赎回债券差不多。

One way to avoid this problem is to buy bonds which are totally noncallable. Another way is to buy discount bonds where the right of the issuer to call the bond is at a price so far above your cost as to render the possible call inconsequential. If you buy a bond at 60 which is callable at 103, the effective cost to you of granting the issuer the right to prematurely terminate the contract (which is a right you never have) is insignificant. But to buy a bond of the Los Angeles Department of Water and Power at 100 to come due at 100 in 1999 or to come due at 104 in 1974, depending on which is to the advantage of the issuer and to your disadvantage, is the height of foolishness when comparable yields are available on similar credits without such an unfair contract.

要避免这种不公平的条款，有两个办法：一个办法是买入完全不可赎回的债券；另一个办法是在买入价远远低于发行人的赎回价时，买入折价的债券，这就不怕赎回了。举个例子，一只债券的赎回价是103，你在60的时候买，虽然发行人有提前终止合约的权利（你却没这个权利），你也可以毫不在乎。洛杉矶水电局有一只债券，可以1999年到期，按100美元赎回，也可以1974年到期，按104美元赎回，发行人可以按对自己有利、但对持有人不利的情况选择何时赎回。本来有别的信用差不多的债券，而且不存在这种不公平的条款，收益率也差不多，有人还买洛杉矶水电局的这只债券，真是傻到家了。

Nevertheless, just such a bond was issued in October, 1969 and similar bonds continue to be issued every day. I only write at such length about an obvious point, since it is apparent from the continual sale of such bonds that many investors haven't the faintest notion how this loads the dice against them and many bond salesmen aren't about to tell them.

尽管如此，1969年10月，市场上就发行了这样一只债券，类似的债券每天都在发行。这个事是明摆着的，但我还是花了这么多篇幅写，因为这种债券还是一直在发售。显然许多投资者根本就不明白这种债券对自己多不公平，许多债券推销员也不想告诉他们。