1968-11-01 Warren Buffett's Letters to Limited Partners

1968-11-01 Warren Buffett's Letters to Limited Partners

原文信息:

  • 标题:1968 November Letter to Partners
  • 作者:Warren Buffett
  • 发表时间:1968-11-01
  • 链接:To My Partners
  • 中文翻译参考:RanRan
  • 整理:Yoan

BUFFETT PARTNERSHIP. LTD.

610 KIEWIT PLAZA

OMAHA, NEBRASKA 68131

TELEPHONE 042-4110

November 1st, 1968

1968 年 11 月 1 日 

To My Partners:

致各位合伙人:

Enclosed are two copies of the Commitment Letter for 1969, one to be kept by you and one to be returned to us. You may amend the Commitment Letter right up to December 31, so get it back to us early and, if it needs to be changed, just let us know by letter or phone. Commitment Letters become absolutely final on December 31 - there can be no exceptions to this rule since I turn them over to Peat, Marwick, Mitchell & Co. at that time.

随信附上两份 1969 年的承诺书,一份由你保留,一份寄还给我们。你可以在 12 月 31 日零点之前修改承诺书,所以请尽早返还给我们,如果需要更改,提前写信或打电话给我们即可。12 月 31 日,承诺书最终生效,不可更改。因为我会将承诺书转交给毕马威会计师事务所,所以此项规定没有例外。

Also enclosed is a copy of our ever popular "Ground Rules" to assist you in your annual re-indoctrination.

随信同时附上一份每年必备的“基本原则”,帮助各位每年把理念强化一次。

At present, the tax picture stands about as indicated in my letter of August 27th. However, there is a fair chance that one or more significant (from a tax standpoint) transactions may transpire between now and the end of the year. We will have a letter out on December 24th confirming the status of your Commitment Letter, and any material change in your anticipated tax liability will be reported to you at that time.

目前,税收情况与 8 月 27 日信中所述一致。在年底之前,我们很可能会进行一笔或多笔对纳税情况有重大影响的交易。12 月 24 日,我们会寄给大家一封信,确认各位的承诺书,如果预期纳税情况有变,会在这封信中向各位报告。

At yearend, we intend to value our eighty per cent interest in Diversified Retailing Company at $8,800,000. This compares to $7,200,000 last year and an original cost of $4,800,000. Our valuation method is consistent with that employed last year which, roughly, approximates cost plus our equity in retained earnings.

我们持有多元零售公司 80% 的股份。年末,我们打算将这部分权益的估值定为 8,800, 000 美元。这部分权益去年的估值是 7,200,000 美元,我们买入的初始成本是 4,800,000 美元。我们仍然使用去年的估值方法,即成本加归属于我们的留存收益。

Our yearend valuation for our seventy per cent interest in Berkshire Hathaway, Inc. will be $31 per share. As I have mentioned in previous letters, market price, which governs valuation of minority interest positions, is of virtually no importance in valuing a controlling interest. The dominant factors in such a controlling interest valuation (which is a business valuation - not a stock market one) are asset values and earning power. Berkshire Hathaway has made important progress during the year, warranting the increase from $25 per share used last year in valuing our position to the $31 figure this year. As an indication of the unimportance of market values, it may be noted that the $25 figure last year was somewhat above market value at the time, whereas the $31 price is somewhat below market quotations as I write this letter.

我们持有伯克希尔哈撒韦 70% 的股份。年末,我们对这部分权益的估值是每股 31 美元。我在先前的信件中已经说过:市场价格支配的是少数股东权益的价值,对控股权益估值没多大意义。在对控股权益估值时(这是从商业角度进行的估值,不是股市里的估值),主要决定因素是资产价值和盈利能力。今年,伯克希尔哈撒韦取得了长足的进步,我们将它的估值从去年的每股 25 美元提升到今年的 31 美元完全合理。去年我们的估值是 25 美元,当时的市场价值比 25 美元低;今年我们的估值是 31 美元,现在的市场报价比 31 美元高,这么一对比,大家就知道市场价值是次要的了。

Every year about this time I get some questions as to whether our "no admittance" policy is still in effect. The answer is unequivocally "yes". This is applied across the board, and I have had to turn down spouses, children, grandchildren, etc. of present partners (I'll leave it to you to figure out what an "etc." of a present partner is). I don't enjoy saying no to friends who are long-time partners, but adding new members could have a negative effect on all present partners and I certainly have no desire to say yes to some and no to others.

每年这个时候,总会有合伙人问我,合伙基金是否还不接受新合伙人。我总是毫不含糊地回答:“对。”这个规定没有例外,我没办法,只能把现有合伙人的配偶、儿子、女儿、孙子、孙女等等都拒绝了(“等等”二字省略的内容,请各位自行补充)。有些合伙人已经是我的老朋友了,我很难拒绝他们,但是允许新成员加入,会损害所有现有合伙人的利益,而且我也不愿意区别对待各位合伙人,答应这个,不答应那个。

We have also had some inquiries regarding the transfer of Partnership interests to trusts. This cannot be done, since the Partnership interests are not assignable and a trust would be a new partner. This decision reflects the nature of our Partnership contract, general Federal Income Tax regulations regarding partnerships, and our own particular tax letter which was issued by the Treasury Department to us in 1961, ruling that we are a partnership rather than an association taxable as a corporation.

还有合伙人询问能否将合伙人基金权益转移到信托。因为合伙基金权益是不可转让的,而且信托属于新合伙人,所以这个做不到。1961 年财政部寄发给我们的税收信函规定我们是合伙性质,纳税地位有别于公司法人,另外,根据我们的合伙基金合同,以及联邦所得税对合伙性质纳税实体的一般规定,都不允许将合伙基金权益转移到信托。

Results this year continue to be better than I expected. Despite unusually large holdings of cash equivalent securities throughout much of the year and only a bare trickle of worthwhile ideas, we have managed to achieve reasonably good results measured by the old standards as well as the new ones. The Dow is currently plus about 8%, and our margin over the Dow is now somewhat wider than the 15% edge that we had at mid-year. Our backlog of potentially profitable ideas for 1969 is virtually nil.

今年的业绩仍然高于我的预期。我们今年和往年不一样,大部分时间都持有大量可以作为现金等价物的证券,而且有价值的机会星星点点,但是无论按照新标准还是旧标准衡量,我们的业绩都相当好。道指目前上涨了 8% 左右,年中时我们领先道指 15 个百分点,现在我们领先的要更多一点。我们能在 1969 年能用得上的投资机会现在还一个都没有。

Once again, I urge you to try for our "Partner of the Year" award (it's honorary - no monetary consideration) by getting your Commitment Letter back to us promptly.

再提醒各位一下,请尽快将承诺书寄给我们,看谁能赢得“年度合伙人”大奖(这是个荣誉奖,没奖金)。

Cordially,

Warren E. Buffett

WEB/glk

沃伦 E. 巴菲特谨上


    热门主题

      • Recent Articles

      • 1934 证券分析.投资与投机的差异

        每个人大体上都知道投资与投机之间的差别,但如果尝试提出明确的定义,恐怕就会碰到一些困难。 事实上,市场甚至流传一种尖酸的说法:成功的投机就是投资,不成功的投资就是投机。 美国政府证券被公认属于投资工具,一些不发放股利、没有盈余或不具备有形资产的公司普通股(例如:1933年的RCA),显然属于投机工具。 可是,就算是美国政府债券也可能从事投机行为(例如:投机客买进大量债券而预期价格上涨); 反之,1929年的RCA普通股被公认为投资工具,因为主要的「投资信托基金」都把这支股票纳入投资组合内。 ...
      • 1934 证券分析.资料来源

        我们显然不可能讨论或列举分析师在各种情况下可能查询的所有数据来源。 本章只准备简单介绍一些较重要的来源,并且提出一些评论;另外,我们也尝试透过例子说明各种特定数据管道的性质与功能。 严券契约内容的资料 正常情况下,我们假定分析师会寻找下列主题的资料:(a)特定证券的契约内容,(b)发行公司,(c)所属产业。 关于证券契约的摘要内容,可以参考证券手册或统计服务机构的报告。 至于债券契约的详细内容,分析师应该参考债券契约(indenture或信托契约[deed of ...
      • 1934 证券分析.分析程序的基本要素-质与量的因子

        前一章由分析功能的角度讨一些观念与内容。 现在,假定一位分析师正在处理某个问题,他探用的方法应该考量哪些因子,对于所处理的各种数据应该探取什应态度? 四个基本要素 证券分析的目的是回答或协助回答某些非常实际的问题。 在这些问题中,最经常碰到的可能是:在某特定情况下,应该买进哪种证券? 证券 应该买进、卖出或继续持有? 这些问题都直接或间接的涵盖四个主要因子,包括: 1.证券 2.价格 3.时间 4.人 前述的第二个问题可以更完整的表示为: ...
      • 1934 证券分析.证券分析的范畴与极限-内含价值的观念

        「分析」是根据公认的原理与逻辑而进行推演的程序,谨慎研究既有的事实,尝试取得结论。 这是科学方法的一部分。 可是,把分析程序套用于证券领域内,显然存在障碍,因为投资并不属于严格的科学。 不过,法律与医学的情况也是如此,这些方面的成败也取决于一些个人技巧(艺术)与机缘的成分。 虽说如此,在这些专业领域之内,分析不仅是一种有用的程序,而且不可或缺;相同的结论也适用于投资,甚至投机也可能是如此。 过去30年之间,证券分析的地位可以说是由绚烂而暴落——这段过程对应而不全然关联股价的走势。 ...
      • 1934 证券分析.导论-近期金融发展对于投资人与投机客的启示

        1927- 1933期间的行情特质。 发生于1927年到1933年之间的经济事件,不代表大家所熟悉的景气与股票循环现象。 随意浏览1897年以来的道工业指数(请参考图A),就可以发现史无前例的涨势与随后的崩跌走势。 它们看起来不同于过去的正常波浪起伏,这显然是由某些特殊原因所造成的结果。 如果我们打算探讨金融市场的原理或方法,首先必须承认最近经验所反映的一些独特性质,并且处理这些经验所凸显的许多新问题。 为了方便于处理,我们可以将这些问题归纳为下列四个相关的类别: 1、投机行为。 2、投资于: ...