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1、InJune1996,Berkshire’sChairman,WarrenE.Buffett,issuedabookletentitled“AnOwner’sManual”toBerkshire’sClassAandClassBshareholders.ThepurposeofthemanualwastoexplainBerkshire’sbroadeconomicprinciplesofoperation.Anupdatedversionisreproducedonthisandthefollowingfivepages.___________________
2、_________________________________________________OWNER-RELATEDBUSINESSPRINCIPLESAtthetimeoftheBlueChipmergerin1983,Isetdown13owner-relatedbusinessprinciplesthatIthoughtwouldhelpnewshareholdersunderstandourmanagerialapproach.Asisappropriatefor“principles,”all13remainaliveandwelltoday,
3、andtheyarestatedhereinitalics.1.Althoughourformiscorporate,ourattitudeispartnership.CharlieMungerandIthinkofourshareholdersasowner-partners,andofourselvesasmanagingpartners.(Becauseofthesizeofourshareholdingswearealso,forbetterorworse,controllingpartners.)Wedonotviewthecompanyitselfa
4、stheultimateownerofourbusinessassetsbutinsteadviewthecompanyasaconduitthroughwhichourshareholdersowntheassets.CharlieandIhopethatyoudonotthinkofyourselfasmerelyowningapieceofpaperwhosepricewigglesarounddailyandthatisacandidateforsalewhensomeeconomicorpoliticaleventmakesyounervous.Weh
5、opeyouinsteadvisualizeyourselfasapartownerofabusinessthatyouexpecttostaywithindefinitely,muchasyoumightifyouownedafarmorapartmenthouseinpartnershipwithmembersofyourfamily.Forourpart,wedonotviewBerkshireshareholdersasfacelessmembersofanever-shiftingcrowd,butratherasco-venturerswhohave
6、entrustedtheirfundstousforwhatmaywellturnouttobetheremainderoftheirlives.TheevidencesuggeststhatmostBerkshireshareholdershaveindeedembracedthislong-termpartnershipconcept.TheannualpercentageturnoverinBerkshire’ssharesisasmallfractionofthatoccurringinthestocksofothermajorAmericancorpo
7、rations,evenwhenthesharesIownareexcludedfromthecalculation.Ineffect,ourshareholdersbehaveinrespecttotheirBerkshirestockmuchasBerkshireitselfbehavesinrespecttocompaniesinwhichithasaninvestment.Asownersof,say,Coca-ColaorGilletteshares,wethinkofBerkshireasbeinganon-managingpartnerintwoe
8、xtraordinary