摘抄：巴菲特致股东信2022

Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations about their long-term business performance and not because we view them as vehicles for timely market moves. That point is crucial: Charlie and I are not stock-pickers; we are business-pickers.

无论我们拥有何种所有权形式，我们的目标都是在具有持久经济优势和一流CEO的企业中进行有意义的投资。请特别注意，我们持有股票是基于我们对它们长期业务表现的预期，而不是因为我们认为它们是适合及时市场行动的工具。这一点非常关键：查理和我不是股票择时者，我们是企业择时者。

One advantage of our common-stock segment is that – on occasion – it becomes easy to buy pieces of wonderful businesses at wonderful prices. That shooting-fish-in-a-barrel experience is very rare in negotiated transactions and never occurs en masse. It is also far easier to exit from a mistake when it has been made in the marketable arena.

我们的普通股持仓的一个优势是——有时——很容易以优惠价格分批购买优秀的企业。这种投机取巧的经历在谈判交易中是非常罕见的，而且从不会大量发生。当它在有价普通股市场上发生时，从错误中退出也容易得多。

I’m sure it was a joyous day in both Fall River (Berkshire) and New Bedford (Hathaway) when the union was consummated. After the bands stopped playing and the bankers went home, however, the shareholders reaped a disaster.

当伯克希尔的联盟和哈瑟韦的联盟合并时，无疑是佛尔河（伯克希尔）和纽贝德（哈瑟韦）两地的欢乐日。然而，在乐队停止演奏和银行家回家之后，股东们获得了一场灾难。

We want your company to be financially impregnable and never dependent on the kindness of strangers (or even that of friends). Both of us like to sleep soundly, and we want our creditors, insurance claimants and you to do so as well

我们希望伯克希尔在财务上坚不可摧，并永远不会依赖于陌生人（甚至是朋友）的好意。我们都喜欢安稳的睡眠，我们希望我们的债权人、保险索赔人和您也能够这样做。

I want to underscore that for Berkshire repurchases to make sense, our shares must offer appropriate value. We don’t want to overpay for the shares of other companies, and it would be value-destroying if we were to overpay when we are buying Berkshire.

我想强调的是，伯克希尔的回购只有在我们的股票提供适当价值时才有意义。我们不想为其他公司的股票支付过高的价格，如果在购买伯克希尔股票时支付过高的价格，这将是破坏价值的行为。

There are three ways that we can increase the value of your investment. The first is always front and center in our minds:

1. Increase the long-term earning power of Berkshire’s controlled businesses through internal growth or by making acquisitions.
2. Our second choice is to buy non-controlling part-interests in the many good or great businesses that are publicly traded.
3. Our final path to value creation is to repurchase Berkshire shares.

我们有三种方法可以增加您的投资价值，第一种始终是我们关注的焦点：

1. 通过内部增长或收购来增加伯克希尔控制的企业的长期盈利能力；
2. 购买许多优秀或伟大企业的非控制性股权，这些企业是公开交易的；
3. 我们最后一条创造价值的途径是回购伯克希尔的股票。

关于低利率

That’s largely because of a truism: Long-term interest rates that are low push the prices of all productive investments upward, whether these are stocks, apartments, farms, oil wells, whatever. Other factors influence valuations as well, but interest rates will always be important.

这在很大程度上是一个真理：长期低利率会推高所有生产性投资的价格，无论这些投资是股票、公寓、农场、油井还是其他任何东西。其他因素也会影响估值，但利率始终是重要因素。

关于写作和工作

Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.

Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money. Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.”

像写作一样，教学也帮助我发展和澄清自己的思想。查理称这种现象为猩猩效应：如果你和一只猩猩坐下来，仔细向它解释你珍视的某个想法，你可能会离开一个困惑的灵长类动物，但你自己会更清晰地思考。

和大学生交谈会更好。我建议他们寻找 （1）自己感兴趣的领域和（2）自己喜欢的人一起工作，如果他们不需要钱的话。我承认经济现实可能会干扰这种搜索。即便如此，我仍然敦促学生永远不要放弃追求，因为当他们找到那种工作时，他们将不再“工作”了。