巴菲特21的1年致股东的信中英文.pdf

巴菲特2011年致股东的信(中英文） To the Shareholders of Berkshire Hathaway Inc.: Theper-share book value of bothour Class A and Class Bstock increased by 13%in 2010. Over the last 46 years (that is, since present management took over), book value has grown from $19 to $95,453, a rate of 20.2% compounded annually.* The highlight of 2010 was our acquisition of Burlington Northern Santa Fe, a purchase that’s working outeven betterthan I expected. Itnow appears that owning thisrailroadwill increase Berkshire’s “normal” earningpowerbynearly40%pre-taxandbywellover30%after-tax.Makingthispurchase increased our share count by 6% and used $22 billion of cash. Since we’ve quickly replenished the cash, the economics of this transaction have turned out very well. A“normalyear,”ofcourse,isnotsomethingthateitherCharlieMunger,ViceChairman of Berkshire and my partner, or I can define with anything like precision. But for the purpose of estimating our current earning power,weareenvisioningayearfreeofamega-catastropheininsuranceandpossessing a general business climate somewhat better than that of 2010 but weaker than that of 2005 or 2006. Using these assumptions, and several others that I will explain in the “Investment” section, I can estimate that the normal earning power of the assets we currently own is about $17 billion pre-tax and $12 billion after-tax, excluding any capital gains or losses. Every day Charlie and I think about how we can build on this base. Both of us are enthusiastic about BNSF’s future because railroads have major cost and environmental advantages over trucking, their main competitor. Last year BNSF moved each ton of freight it carried a record 500 miles on a single gallon of diesel fuel. That’s three times more fuel-efficient than trucking is, which means ourrailroad owns animportant advantage in operating costs.Concurrently, our country gains because of reduced greenhouse emissions and a much smaller need for imported oil. When traffi