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1、2010年巴菲特给股东的信(英文原版)2010年05月02日07:56腾讯财经我要评论(0)字号：T
2、TBERKSHIREHATHAWAYINC.TotheShareholdersofBerkshireHathawayInc.:Ourgaininnetworthduring2009was$21.8billion,whichincreasedtheper-sharebookvalueofbothourClassAandClassBstockby19.8%.Overthelast45years(thatis,sincepresentmanagementtookover)bookvalu
3、ehasgrownfrom$19to$84,487,arateof20.3%compoundedannually.*Berkshire’srecentacquisitionofBurlingtonNorthernSantaFe(BNSF)hasaddedatleast65,000shareholderstothe500,000orsoalreadyonourbooks.It’simportanttoCharlieMunger,mylong-timepartner,andmethatallofourownersunderstandBerkshire’soperations,goals
4、,limitationsandculture.Ineachannualreport,consequently,werestatetheeconomicprinciplesthatguideus.Thisyeartheseprinciplesappearonpages89-94andIurgeallofyou–butparticularlyournewshareholders–toreadthem.BerkshirehasadheredtotheseprinciplesfordecadesandwillcontinuetodosolongafterI’mgone.Inthislett
5、erwewillalsoreviewsomeofthebasicsofourbusiness,hopingtoprovidebothafreshmanorientationsessionforourBNSFnewcomersandarefreshercourseforBerkshireveterans.HowWeMeasureOurselvesOurmetricsforevaluatingourmanagerialperformancearedisplayedonthefacingpage.Fromthestart,CharlieandIhavebelievedinhavingar
6、ationalandunbendingstandardformeasuringwhatwehave–orhavenot–accomplished.Thatkeepsusfromthetemptationofseeingwherethearrowofperformancelandsandthenpaintingthebull’seyearoundit.SelectingtheS&P500asourbogeywasaneasychoicebecauseourshareholders,atvirtuallynocost,canmatchitsperformancebyholdingani
7、ndexfund.Whyshouldtheypayusformerelyduplicatingthatresult?AmoredifficultdecisionforuswashowtomeasuretheprogressofBerkshireversustheS&P.Therearegoodargumentsforsimplyusingthechangeinourstockprice.Overanextendedperiodoftime,infact,thatisthebesttest.Butyear-to-yearmarketpricescanbeextraordinarily
8、erratic.Evenevaluationscoveringaslongasadecadecanbegreatlydistortedbyfoolishlyhighorlowpricesatthebeginningorendofthemeasurementperiod.SteveBallmer,ofMicrosoft,andJeffImmelt,ofGE,cantellyouaboutthatproblem,sufferingastheydofromthenosebl
