巴菲特致股东的信（1988年）⑨纽约证券交易所挂牌

New York Stock Exchange Listing

Berkshire’s shares were listed on the New York Stock Exchange on November 29, 1988. On pages 50-51 we reproduce the letter we sent to shareholders concerning the listing.

纽约证券交易所挂牌

伯克希尔的股份于 1988 年 11 月 29 日正式在纽交所挂牌，后面附有我们写给股东有关挂牌的正式声明。

Let me clarify one point not dealt with in the letter: Though our round lot for trading on the NYSE is ten shares, any number of shares from one on up can be bought or sold.

除了那封信之外，我个人还有一点要说明，虽然我们在交易所的基本交易单位是 10 股，但只要是 1 股以上还是一样可以进行买卖。

As the letter explains, our primary goal in listing was to reduce transaction costs, and we believe this goal is being achieved. Generally, the spread between the bid and asked price on the NYSE has been well below the spread that prevailed in the over-the-counter market.

另外如同信中所提到的，我们之所以决定挂牌的主要目的是要降低交易成本，而我相信这目的也已经达到，一般来说，在纽交所买卖之间的价差会比在柜台买卖要来得小的多。

Henderson Brothers, Inc., the specialist in our shares, is the oldest continuing specialist firm on the Exchange; its progenitor, William Thomas Henderson, bought his seat for $500 on September 8, 1861. (Recently, seats were selling for about $625,000.) Among the 54 firms acting as specialists, HBI ranks second in number of stocks assigned, with 83. We were pleased when Berkshire was allocated to HBI, and have been delighted with the firm’s performance. Jim Maguire, Chairman of HBI, personally manages the trading in Berkshire, and we could not be in better hands.

负责买卖伯克希尔股份的是亨德森兄弟公司(Henderson)，交易所中一家老牌专家，它的前身威廉·托马斯·亨德森(William Thomas Henderson)，是在 1861 年以 500 块美金买下一个交易所的席位(最近一个席位的成交价大约是 62.5 万美金)，在所有 54 家交易公司当中，HBI 共被分配到第二多的 83 种股票，我们很高兴伯克希尔能够被分配给 HBI 负责交易，到目前为止对于他们的服务感到相当满意，该公司负责人 Jim Maguire 亲自负责伯克希尔的交易，他是我们可以找到的最佳人选。

In two respects our goals probably differ somewhat from those of most listed companies. First, we do not want to maximize the price at which Berkshire shares trade. We wish instead for them to trade in a narrow range centered at intrinsic business value (which we hope increases at a reasonable - or, better yet, unreasonable - rate). Charlie and I are bothered as much by significant overvaluation as significant undervaluation. Both extremes will inevitably produce results for many shareholders that will differ sharply from Berkshire’s business results. If our stock price instead consistently mirrors business value, each of our shareholders will receive an investment result that roughly parallels the business results of Berkshire during his holding period.

有两点是我们与其它上市公司最大不同的地方，第一，我们不希望伯克希尔的股价过高，相反，我们希望它能够在内在价值为中心的窄幅范围内交易(当然我们希望内在价值能够以合理的速度增加，当然能够不合理的增加更好)，查理跟我都不希望，股价被过分高估或是被过分低估，两者都会使伯克希尔的股东的获利与公司本身经营获利状况不相当，所以，如果伯克希尔的股价持续地反应企业内在价值，则我们可以确定每个股东在他持有公司股份的期间所获得的收益，都能与公司本身营运的获利成正比。

Second, we wish for very little trading activity. If we ran a private business with a few passive partners, we would be disappointed if those partners, and their replacements, frequently wanted to leave the partnership. Running a public company, we feel the same way.

第二，我们希望交易量越少越好，如果我们经营的是一家只有几位合伙人的私人企业，我们也不希望合伙人时常进进出出合伙企业，经营一家公开上市公司也是同样的道理。

Our goal is to attract long-term owners who, at the time of purchase, have no timetable or price target for sale but plan instead to stay with us indefinitely. We don’t understand the CEO who wants lots of stock activity, for that can be achieved only if many of his owners are constantly exiting. At what other organization - school, club, church, etc. - do leaders cheer when members leave? (However, if there were a broker whose livelihood depended upon the membership turnover in such organizations, you could be sure that there would be at least one proponent of activity, as in: “There hasn’t been much going on in Christianity for a while; maybe we should switch to Buddhism next week.“)

我们的目标是吸引长期的股东，在买进股份时，抱着打算与我们永远同在，而不是订有卖出价格的时间表，我们实在不能理解为何有公司的 CEO 希望自己公司的股份交易量越多越好，这代表公司的股东会来来去去，在其它如学校、俱乐部、教堂等社会机构当中，没有领导人希望自己的组织成员离开的，(然而，偏偏就有营业员就是要靠着说服成员离开组织来维生，你有没有听过有人劝你：反正最近基督教也没有什么搞头，不如下礼拜大家改信佛教试一试)。

Of course, some Berkshire owners will need or want to sell from time to time, and we wish for good replacements who will pay them a fair price. Therefore we try, through our policies, performance, and communications, to attract new shareholders who understand our operations, share our time horizons, and measure us as we measure ourselves. If we can continue to attract this sort of shareholder - and, just as important, can continue to be uninteresting to those with short-term or unrealistic expectations - Berkshire shares should consistently sell at prices reasonably related to business value.

当然还是有些伯克希尔股东需要或是想要偶尔把他持有的股份卖掉，而我们希望能够找到合适的人以适当的价格来接手，因此我们试着通过我们的政策、表现与沟通，吸引真正了解我们营运、认同我们理念并用同样的方式来对待我们的新股东，如果我们能够持续地吸引这种类型的股东，同时很重要的，让那些短视近利的投资人远离我们，相信伯克希尔一定能够持续地以合理的价格交易买卖。

New York Stock Exchange Listing Berkshire’s shares were listed on the New York Stock Exchange on November 29, 1988. On pages 50-51 we reproduce the letter we sent to shareholders concerning the listing.

Let me clarify one point not dealt with in the letter: Though our round lot for trading on the NYSE is ten shares, any number of shares from one on up can be bought or sold.

As the letter explains, our primary goal in listing was to reduce transaction costs, and we believe this goal is being achieved. Generally, the spread between the bid and asked price on the NYSE has been well below the spread that prevailed in the over-the-counter market.

Second, we wish for very little trading activity. If we ran a private business with a few passive partners, we would be disappointed if those partners, and their replacements, frequently wanted to leave the partnership. Running a public company, we feel the same way.

New York Stock Exchange Listing

Berkshire’s shares were listed on the New York Stock Exchange on November 29, 1988. On pages 50-51 we reproduce the letter we sent to shareholders concerning the listing.