巴菲特致股东信1998年.PDF

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1998 年 Buffett’s Letters To Berkshire Shareholders 1998 Our gain in net worth during 1998 was $25.9 1998年本公司的净值增加了259亿美 billion, whicincreased the per-share book value 元，每股帐面净值不管是 A 级股或 B of both our Class A and Class B stock by 48.3%. 级股皆成长了 48.3%，总计过去 34 年 Over the last 34 years (that is, since present 以来，也就是自从现有经营阶层接手 management took over) per-share book value has 之后，每股净值由当初的 19 元成长到 grown from $19 to $37,801, a rate of 24.7% 现在的 37,801 美元，年复合成长率约 compounded annually.* 为 24.7%*。 * All figures used in this report apply to *1在年报中所谓的每股数字系以A级 Berkshires A shares, the successor to the only 普通股约当数为基础，这是本公司在 stock that the company had outstanding before 1996 年以前流通在外唯一的一种股 1996. The B shares have an economic interest 份，B 级普通股则拥有 A 级普通股三 equal to 1/30th that of the A. 十分之一的权利。 Normally, a gain of 48.3% would call for 通常当公司的净值一年能够成长 handsprings -- but nothis year. Remember Wagner, 48.3%时，大家应该要高兴的手舞足 whose music has been described as better than it 蹈，不过今年却不行，还记得德国音 sounds? Well, Berkshires progress in 1998 -- 乐天才华格纳吗? 他的音乐曾被形容 though more than satisfactory -- was not as good 为没有想象中好听，嗯! 我想伯克希 as it looks. Thats because most of that 48.3% 尔在 1998 年的进展，虽然已经相当令 gain came from our issuing shares in 人满意了，但还是没有表面上看起来 acquisitions. 那么好，主要的原因在于在增加的 48.3%净值当中，有绝大部份系来自于 因购并交易所发行的新股。 To explain: Our stock sells at a large premium 再进一步说明，由于我们公司目前的 over book valuewhich means that any issuing of 股价远高于帐面价值，这意思代表每 shares we do -- whether for cash or as 当我们发行新股，不管是现金增资或 consideration in a merger -- instantly increases 者是合并发行新股，都会立即大幅拉 our