BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE
November 10, 2025
Omaha, NE (BRK.A; BRK.B) –
Today, Warren E. Buffett converted 1,800 A shares into 2,700,000 B shares in order to give these B shares to four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 400,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. These donations have been delivered today.
今天，Warren E. Buffett 将 1,800 股 A 类股份转换为 2,700,000 股 B 类股份，以便把这些 B 股捐赠给四家家族基金会：向 The Susan Thompson Buffett Foundation 捐赠 1,500,000 股，向 The Sherwood Foundation、The Howard G. Buffett Foundation 和 NoVo Foundation 各捐赠 400,000 股。这些捐赠已于今日完成交付。
Mr. Buffett’s comments to his fellow shareholders follow:
以下是 Buffett 先生致各位股东的说明：
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To My Fellow Shareholders:
I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m “going quiet.”
我将不再撰写 Berkshire 的年度报告，也不会在年度股东大会上长篇大论。用英国人的话说，我要“going quiet”（安静一阵）。
Sort of.
算是吧。
Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.
到今年年底，Greg Abel 将接任掌舵人。他是一位出色的管理者、不知疲倦的实干家、坦诚的沟通者。祝他长任长安。
I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you. Indulge me this year as I first reminisce a bit. After that, I will discuss the plans for distribution of my Berkshire shares. Finally, I will offer a few business and personal observations.
我会继续通过每年的 Thanksgiving 致信，与你们以及我的子女谈论 Berkshire。Berkshire 的个人股东是一个非常特别的群体，乐于将自己的收益慷慨分享给更不幸的人们。我珍惜与各位保持联系的机会。今年就容我先小小回忆一番；随后我会谈谈分配我所持 Berkshire 股份的计划；最后，再分享一些关于商业和个人的观察。
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As Thanksgiving approaches, I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Early on, I nearly died.
随着 Thanksgiving 临近，我对自己能活到 95 岁既感恩也有些惊讶。年轻时，这样的结果可不像一笔高赔率的赌注。早年我差点就没了。
It was 1938 and Omaha hospitals were then thought of by its citizens as either Catholic or Protestant, a classification that seemed natural at the time.
那是 1938 年，奥马哈的居民当时一般把当地医院分为 Catholic（天主教）或 Protestant（新教）两类，这种分类在当时看起来再自然不过。
Our family doctor, Harley Hotz, was a friendly Catholic who made house calls toting a black bag. Dr. Hotz called me Skipper and never charged much for his visits. When I experienced a bad bellyache in 1938, Dr. Hotz came by and, after probing a bit, told me I would be OK in the morning.
我们的家庭医生 Harley Hotz 是位友善的 Catholic，他提着一个黑包上门出诊。Hotz 医生叫我 Skipper，出诊费一直收得不高。1938 年我肚子剧痛时，Hotz 医生赶来，简单检查后说到早晨我就会好转。
He then went home, had dinner and played a little bridge. Dr. Hotz couldn’t, however, get my somewhat peculiar symptoms out of his mind and later that night he dispatched me to St. Catherine’s Hospital for an emergency appendectomy. During the next three weeks, I felt like I was in a nunnery, and began enjoying my new “podium.” I liked to talk – yes, even then – and the nuns embraced me.
随后他回家吃了晚饭，还打了会儿桥牌。不过，Hotz 医生始终念念不忘我那些有点特别的症状，当晚便把我送到 St. Catherine’s Hospital 做了紧急阑尾切除术。接下来的三周，我感觉仿佛住进了修女院，也开始享受我的新“讲台”。我喜欢讲话——是的，那时就这样——修女们也很喜欢我。
To top things off, Miss Madsen, my third-grade teacher, told my 30 classmates to each write me a letter. I probably threw away the letters from the boys but read and reread those from the girls; hospitalization had its rewards.
更妙的是，我三年级的老师 Miss Madsen 让班上 30 位同学每人给我写一封信。男生的信我大概都扔了，女生的信我却反复阅读；住院也自有它的“甜头”。
The highlight of my recovery – which actually was dicey for much of the first week – was a gift from my wonderful Aunt Edie. She brought me a very professional-looking fingerprinting set, and I promptly fingerprinted all of my attending nuns. (I was probably the first Protestant kid they had seen at St. Catherine’s and they didn’t know what to expect.)
我康复期间的高光时刻——事实上第一周情况相当凶险——来自我亲爱的 Aunt Edie 的一份礼物。她给我带来了一套看起来很专业的指纹采集工具，我马上就给所有照料我的修女都按了指纹。（我大概是 St. Catherine’s 见到的第一个新教小孩，她们也不知会遇到什么。）
My theory – totally nutty, of course – was that someday a nun would go bad and the FBI would find that they had neglected to fingerprint nuns. The FBI and its director, J. Edgar Hoover, had become revered by Americans in the 1930s, and I envisioned Mr. Hoover, himself, coming to Omaha to inspect my invaluable collection. I further fantasized that J. Edgar and I would quickly identify and apprehend the wayward nun. National fame seemed certain.
我的设想——当然完全是稀奇古怪——是总有一天会有修女“误入歧途”，而 FBI 会发现他们竟然疏忽了给修女采集指纹。1930 年代，FBI 及其局长 J. Edgar Hoover 受到美国人顶礼膜拜，我想象 Hoover 先生会亲自来到奥马哈检视我这套无价之宝。我还进一步幻想，J. Edgar 和我会迅速识别并逮住那位误入歧途的修女。全国闻名似乎指日可待。
Obviously, my fantasy never materialized. But, ironically, some years later it became clear that I should have fingerprinted J. Edgar himself as he became disgraced for misusing his post.
显然，这一切从未成真。可讽刺的是，若干年后事实表明，我本该去给 J. Edgar 本人按指纹，因为他因滥用职权而身败名裂。
Well, that was Omaha in the 1930s, when a sled, a bicycle, a baseball glove and an electric train were coveted by me and my friends. Let’s look at a few other kids from that era, who grew up very nearby and greatly influenced my life but of whom I was for long unaware.
总之，那就是 1930 年代的奥马哈：我和朋友们心心念念的是一副雪橇、一辆自行车、一只棒球手套和一列电动火车。让我们再看看那个年代的另一些孩子——他们在我身边长大，深刻影响了我的一生，但我很久都不知道他们的存在。
I’ll begin with Charlie Munger, my best pal for 64 years. In the 1930s, Charlie lived a block away from the house I have owned and occupied since 1958.
我先从 Charlie Munger 说起，他是我 64 年的挚友。1930 年代，Charlie 住在离我自 1958 年起一直居住的那栋房子仅一个街区的地方。
Early on, I missed befriending Charlie by a whisker. Charlie, 6 ⅔ years older than I, worked in the summer of 1940 at my grandfather’s grocery store, earning $2 for a 10-hour day. (Thrift runs deep in Buffett blood.) The following year I did similar work at the store, but I never met Charlie until 1959 when he was 35 and I was 28.
早些时候，我与 Charlie 擦肩而过、差点没能成为朋友。Charlie 比我大 6 又 2/3 岁，1940 年夏天他在我祖父的杂货店打工，每天工作 10 小时挣 $2。（节俭在 Buffett 家族的血液里根深蒂固。）第二年我也在店里做了类似的活，但直到 1959 年他 35 岁、我 28 岁时我们才第一次见面。
After serving in World War II, Charlie graduated from Harvard Law and then moved permanently to California. Charlie, however, forever talked of his early years in Omaha as formative. For more than 60 years, Charlie had a huge impact on me and could not have been a better teacher and protective “big brother.” We had differences but never had an argument. “I told you so” was not in his vocabulary.
在参加第二次世界大战服役后，Charlie 从哈佛法学院毕业，随后长期定居加利福尼亚。不过，Charlie 总把他在奥马哈的早年时光称作奠基性的。六十多年里，Charlie 对我影响深远，是最佳的老师与保护性的“兄长”。我们有分歧，但从未争吵过。“I told you so”这句话不在他的词典里。
In 1958, I bought my first and only home. Of course, it was in Omaha, located about two miles from where I grew up (loosely defined), less than two blocks from my in-laws, about six blocks from the Buffett grocery store and a 6-7-minute drive from the office building where I have worked for 64 years.
1958 年，我买下了人生第一套、也是唯一一套住房。当然，在奥马哈。它离我自认的“成长地”约两英里，离我岳父母家不到两个街区，离 Buffett 杂货店大约六个街区，距我已工作 64 年的办公楼开车 6–7 分钟。
Let’s move on to another Omahan, Stan Lipsey. Stan sold the Omaha Sun Newspapers(weeklies) to Berkshire in 1968 and a decade later moved to Buffalo at my request. The Buffalo Evening News, owned by a Berkshire affiliate, was then locked in a battle to the death with its morning competitor who published Buffalo’s only Sunday paper. And we were losing.
再说另一位奥马哈人，Stan Lipsey。1968 年，Stan 将 Omaha Sun Newspapers（周报）卖给 Berkshire；十年后，他应我的请求迁往 Buffalo。那时，Berkshire 旗下公司拥有的 The Buffalo Evening News 正与其晨报竞争对手进行生死之战，对方还掌握着 Buffalo 唯一的星期日报纸。而我们当时处于下风。
Stan eventually built our new Sunday product, and for some years our paper – formerly hemorrhaging cash – earned over 100% annually (pre-tax) on our $33 million investment. This was important money to Berkshire in the early 1980s.
Stan 最终打造了我们的周日新产品。此后数年，我们那家曾经现金“流血”的报纸，在 $3,300 万投资上实现了年化税前收益率逾 100%。对 1980 年代早期的 Berkshire 而言，这是一笔至关重要的收益。
Stan grew up about five blocks from my home. One of Stan’s neighbors was Walter Scott, Jr. Walter, you will remember, brought MidAmerican Energy to Berkshire in 1999. He was also a valued Berkshire director until his death in 2021 and a very close friend. Walter was Nebraska’s philanthropic leader for decades and both Omaha and the state carries his imprint.
Stan 在离我家约五个街区的地方长大。他的邻居之一是 Walter Scott, Jr. 你会记得，Walter 在 1999 年将 MidAmerican Energy 带到了 Berkshire；直到 2021 年去世，他一直是我们敬重的 Berkshire 董事，也是我亲密的朋友。数十年来，Walter 是内布拉斯加州的慈善领军人物，奥马哈与整个州都留有他的印记。
Walter attended Benson High School, which I was scheduled to attend as well – until my dad surprised everyone in 1942 by beating a four-term incumbent in a Congressional race. Life is full of surprises.
Walter 就读于 Benson High School，我原本也会去那里——直到 1942 年我父亲在一场国会选举中爆冷击败一位连任四届的现任议员，震惊众人。人生处处有惊喜。
Wait, there’s more.
等等，还有呢。
In 1959, Don Keough and his young family lived in a home located directly across the street from my house and about 100 yards away from where the Munger family had lived. Don was then a coffee salesman but was destined to become president of Coca-Cola as well as a devoted director of Berkshire.
1959 年，Don Keough 和他年轻的家庭就住在我家街对面，离 Munger 家住过的地方约 100 码。那时 Don 是咖啡推销员，但他注定会成为 Coca-Cola 的总裁，以及 Berkshire 极为投入的董事。
When I met Don, he was earning $12,000 a year while he and his wife Mickie were raising five children, all destined for Catholic schools (with tuition requirements).
我初识 Don 时，他年薪 $12,000。他与妻子 Mickie 抚养着五个孩子，且都将就读 Catholic 学校（需要支付学费）。
Our families became fast friends. Don came from a farm in northwest Iowa and graduated from Omaha’s Creighton University. Early on, he married Mickie, an Omaha girl. After joining Coke, Don went on to become legendary around the globe.
我们两家很快成为好友。Don 出生在爱荷华州西北部的农场，毕业于奥马哈的 Creighton University。早年他与奥马哈姑娘 Mickie 结婚。加入 Coke 之后，Don 在全球范围内成为传奇人物。
In 1985, when Don was president of Coke, the company launched its ill-fated New Coke. Don made a famous speech in which he apologized to the public and reinstated “Old” Coke. This change of heart took place after Don explained that Coke incoming mail addressed to “Supreme Idiot” was promptly delivered to his desk. His “withdrawal” speech is a classic and can be viewed on YouTube. He cheerfully acknowledged that, in truth, the Coca-Cola product belonged to the public and not to the company. Sales subsequently soared.
1985 年，Don 任 Coke 总裁，公司推出了结局不佳的 New Coke。Don 发表著名演讲，向公众致歉并恢复“Old” Coke。这次转向发生在他解释“凡是寄给‘Supreme Idiot’（超级白痴）的来信都会被迅速转到他桌上”之后。他那篇“撤回”演讲堪称经典，可在 YouTube 上观看。他坦率承认，实际上 Coca-Cola 这款产品属于公众，而非公司。随后销量扶摇直上。
You can watch Don on CharlieRose.com in a wonderful interview. (Tom Murphy and Kay Graham have a couple of gems as well.) Like Charlie Munger, Don forever remained a Midwestern boy, enthusiastic, friendly and American to the core.
你也可以在 CharlieRose.com 上观看 Don 的精彩访谈。（Tom Murphy 和 Kay Graham 也各有几段经典。）和 Charlie Munger 一样，Don 始终是一位中西部男孩：热情、友善、骨子里浸透着 American 气质。
Finally, Ajit Jain, born and raised in India, as well as Greg Abel, our Canadian CEO-to-be, each lived in Omaha for several years late in the 20th Century. Indeed, in the 1990s, Greg lived only a few blocks away from me on Farnam Street, though we never met at the time.
最后，Ajit Jain（出生并成长于印度）以及我们的加拿大籍准 CEO Greg Abel，都在 20 世纪末在奥马哈居住了好几年。事实上，1990 年代 Greg 住在 Farnam Street，离我家只有几个街区，不过当时我们并未相识。
Can it be that there is some magic ingredient in Omaha’s water?
难道奥马哈的水里，真的有某种神奇的成分？
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I lived a few teenage years in Washington, DC (when my dad was in Congress) and in 1954 I took what I thought would be a permanent job in Manhattan. There I was treated wonderfully by Ben Graham and Jerry Newman and made many life-long friends. New York had unique assets – and still does. Nevertheless, in 1956, after only 1½ years, I returned to Omaha, never to wander again.
我在青少年时期有几年住在华盛顿特区（那时我父亲在国会），1954 年我在曼哈顿接了一份当时以为会“长期干下去”的工作。在那里，Ben Graham 和 Jerry Newman 待我极好，我也结识了许多一生的朋友。New York 拥有独特的优势——至今如此。尽管如此，仅仅 1 年半之后的 1956 年，我还是回到了奥马哈，此后再未远游。
Subsequently, my three children, as well as several grandchildren, were raised in Omaha. My children always attended public schools (graduating from the same high school that educated my dad (class of 1921), my first wife, Susie (class of 1950) as well as Charlie, Stan Lipsey, Irv and Ron Blumkin, who were key to growing Nebraska Furniture Mart, and Jack Ringwalt (class of 1923), who founded National Indemnity and sold it to Berkshire in 1967 where it became the base upon which our huge P/C operation was constructed.
此后，我的三个孩子，以及几个孙辈，都在奥马哈长大。我的孩子一直就读公立学校（毕业于同一所高中：我父亲就读于该校（1921 届）；我的第一任妻子 Susie（1950 届）；以及 Charlie、Stan Lipsey、Irv 和 Ron Blumkin（他们对 Nebraska Furniture Mart 的发展至关重要）；还有 Jack Ringwalt（1923 届），他创立了 National Indemnity，并于 1967 年将其出售给 Berkshire，后者成为我们庞大财险业务的基石）。
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Our country has many great companies, great schools, great medical facilities and each definitely has its own special advantages along with talented people. But I feel very lucky to have had the good fortune to make many lifelong friends, to meet both of my wives, to receive a great start in education at public schools, to meet many interesting and friendly adult Omahans when I was very young, and to make a wide variety of friends in the Nebraska National Guard. In short, Nebraska has been home.
我们的国家拥有许多伟大的公司、优秀的学校、一流的医疗设施；各自都有独特的优势和人才。但我觉得非常幸运：结交了许多一生的朋友；遇见了我的两任妻子；在公立学校获得了良好的教育起点；年少时结识了许多有趣且友善的奥马哈成年人；并在 Nebraska National Guard 结交了形形色色的朋友。总之，Nebraska 一直是我的家。
Looking back I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The center of the United States was a very good place to be born, to raise a family, and to build a business. Through dumb luck, I drew a ridiculously long straw at birth.
回望过去，我相信正因为把基地设在奥马哈，Berkshire 和我本人都比住在其他任何地方会做得更好。美国的中心地带是一个极佳的地方：出生、养家、创业皆宜。凭着愚蠢却真实的运气，我一出生就抽中了“离谱的长签”。
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Now let’s move on to my advanced age. My genes haven’t been particularly helpful – the family’s all-time record for longevity (admittedly family records get fuzzy as you work backwards) was 92 until I came along. But I have had wise, friendly and dedicated Omaha doctors, starting with Harley Hotz, and continuing to this day. At least three times, my life has been saved, each with doctors based within a few miles from my home. (I have given up fingerprinting nurses, however. You can get away with many eccentricities at 95 . . . . . but there are limits.)
现在谈谈我的高龄。我的基因并不特别“给力”——在我之前，家族的最长寿纪录（倒推起来家谱确实有些模糊）也只有 92 岁。但我一直有睿智、友善、尽责的奥马哈医生相伴，从 Harley Hotz 开始直到今天。至少有三次，我的生命被拯救，而这些医生都在离我家几英里范围内。（不过我已经放弃给护士按指纹了。95 岁还能被允许保持不少古怪癖好……但总有界限。）
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Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it.
能活到高龄，需要大量好运——每天都要躲过地上的香蕉皮、天灾、酒驾或分心驾驶的司机、雷击，等等等等。
But Lady Luck is fickle and – no other term fits – wildly unfair. In many cases, our leaders and the rich have received far more than their share of luck – which, too often, the recipients prefer not to acknowledge. Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted. In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse.
但 Lady Luck 反复无常，而且——别无他词可用——极端不公。在许多情况下，我们的领袖与富人得到的好运远超其“应得份额”——而受益者往往不愿承认。某些“王朝继承者”一落地便实现了终身财务自由；与此同时，另一些人一出生就面临地狱般的早年境遇，或者更糟，遭受剥夺其天赋的身心残疾——这些是我习以为常却被他们所缺失的。在世界上人口稠密的许多地区，我的人生大概率会十分悲惨，而我姐妹们的处境可能更糟。
I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck. My sisters had equal intelligence and better personalities than I but faced a much different outlook. Lady Luck continued to drop by during much of my life, but she has better things to do than work with those in their 90s. Luck has its limits.
我在 1930 年出生于美国，身体健康、智力尚可，是个白人男性。哇！谢谢你，Lady Luck。我的姐妹们与我同等聪明、性情更佳，却面临截然不同的人生前景。Lady Luck 在我大半生中多次光顾，但对于九十多岁的人，她还有更要紧的事。好运自有其边界。
Father Time, to the contrary, now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as “wins.” When balance, sight, hearing and memory are all on a persistently downward slope, you know Father Time is in the neighborhood.
相反，时间老人随着我年岁增长，似乎对我越发感兴趣。而他从未战败；在他的记分卡上，每个人最终都记作他的“胜利”。当你的平衡、视力、听力与记忆持续下滑时，你就知道时间老人已在附近出没。
I was late in becoming old – its onset materially varies – but once it appears, it is not to be denied.
我“变老”来得稍晚——老来的时间点差异很大——但一旦到来，绝无退路。
To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people. Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received. Because of Berkshire’s size and because of market levels, ideas are few – but not zero.
出乎我意料，我总体感觉良好。尽管行动缓慢、阅读愈发费力，我仍每周五天在办公室，与一群了不起的人共事。偶尔我会冒出一些有用的想法，或有人带着我们本来接触不到的机会上门。受制于 Berkshire 的体量与当下的市场水平，机会不多——但并非为零。
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My unexpected longevity, however, has unavoidable consequences of major importance to my family and the achievement of my charitable objectives.
然而，我这出乎意料的长寿，对我的家庭以及我慈善目标的实现，带来了重大且不可回避的影响。
Let’s explore them.
让我们来展开谈谈。
What Comes Next
接下来要做的事
My children are all above normal retirement age, having reached 72, 70 and 67. It would be a mistake to wager that all three – now at their peak in many respects – will enjoy my exceptional luck in delayed aging. To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations. My children are now at their prime in respect to experience and wisdom but have yet to enter old age. That “honeymoon” period will not last forever.
我的孩子们都已超过常见的退休年龄，分别是 72、70 和 67 岁。指望他们三人——在许多方面都处于巅峰的现在——还能像我一样幸运地“延迟衰老”，这是不明智的。为了提高他们在候补受托人接替前处理几乎我全部遗产的概率，我需要加快对他们三家基金会的在世捐赠节奏。就经验与智慧而言，孩子们正值壮年，但尚未真正步入老年。这段“蜜月期”不会永远持续。
Fortunately, a course correction is easy to execute. There is, however, one additional factor to consider: I would like to keep a significant amount of “A” shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed. That level of confidence shouldn’t take long. My children are already 100% behind Greg as are the Berkshire directors.
幸运的是，纠偏并不难执行。不过，还有一个额外因素：我希望暂时保留相当数量的“A”股，直到 Berkshire 的股东对 Greg 建立起与当年 Charlie 和我相同的信心。这种信心的形成不应太久。我的孩子们与 Berkshire 的董事们已经 100% 支持 Greg。
All three children now have the maturity, brains, energy and instincts to disburse a large fortune. They will also have the advantage of being above ground when I am long gone and, if necessary, can adopt policies both anticipatory and reactive to federal tax policies or other developments affecting philanthropy. They may well need to adapt to a significantly changing world around them. Ruling from the grave does not have a great record, and I have never had an urge to do so.
如今三位孩子都具备了配置巨额财富所需的成熟度、头脑、精力与直觉。在我久已作古之后，他们也占据“仍在世”的优势，必要时可以针对联邦税制或其他影响慈善事业的变化，采取前瞻性与应对性的政策。他们很可能需要适应一个显著变动的外部世界。所谓“坟墓里的统治”并不光彩，我也从未有此念头。
Fortunately, all three children received a dominant dosage of their genes from their mother. As the decades have passed, I have also become a better model for their thinking and behavior. I will never, however, achieve parity with their mother.
幸运的是，三位孩子的主导性基因更多来自他们的母亲。数十年过去，我在他们思维与行为上的示范作用也有所提升。不过，我永远无法与他们的母亲等量齐观。
My children have three alternate trustees in case of any premature deaths or disabilities. The alternates are not ranked or tied to a specific child. All three are exceptional humans and wise in the ways of the world. They have no conflicting motives.
为防早逝或失能，我的孩子们设有三位候补受托人。候补不设排名，也不与任何一位孩子绑定。三人皆为卓越之士，洞明世事，并不存在动机冲突。
I have assured my children that they do not need to perform miracles nor fear failures or disappointments. These are inevitable, and I have made my share. They simply need to improve somewhat upon what generally is achieved by government activities and/or private philanthropy, recognizing these other methods of redistribution of wealth have shortcomings as well.
我已向孩子们保证，他们无需创造奇迹，也不必惧怕失败或失望。这些在所难免，而我也经历过不少。他们只需在政府行动与/或私人慈善通常达到的效果之上稍有改进即可，同时也要认识到这些既有的财富再分配方式同样存在缺陷。
Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible. During my many years, I’ve also watched ill-conceived wealth transfers by political hacks, dynastic choices and, yes, inept or quirky philanthropists.
早年我曾设想过各式“宏大”的慈善方案。尽管我很固执，但事实证明这些并不可行。多年来，我也见过政客拙劣设计的财富转移、“王朝式”抉择，以及——没错——笨拙或古怪的慈善家所做出的糟糕安排。
If my children simply do a decent job, they can be certain that their mother and I would be pleased. Their instincts are good and they each have had years of practice with very small sums initially that have been irregularly increased to more than $500 million annually.
如果我的孩子们仅仅把事情做得“像样”，他们就可以确定：我与他们的母亲都会感到欣慰。他们的直觉不错，而且多年来一直在实践：从最初用很小的金额起步，不定期地增加到如今每年超过 $5 亿。
All three like working long hours to help others, each in their own way.
三人都乐于长时间投入，去以各自的方式帮助他人。
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The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects. Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO. He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider. I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine.
我加快向孩子们基金会进行在世捐赠的步伐，并不意味着我对 Berkshire 前景的看法发生了任何变化。自从我首次认为他应当成为 Berkshire 的下一任 CEO 起，Greg Abel 的表现已远超我的高期待。他对我们许多业务与团队成员的了解，已胜过我如今的掌握；对于许多 CEO 根本不会考虑的议题，他也能以极快速度学习。我想不出有哪位 CEO、管理咨询顾问、学者或政府官员——随你怎么列举——能比 Greg 更适合来管理你我的储蓄。
Greg understands, for example, far more about both the upside potential and the dangers of our P/C insurance business than do a great many long-time P/C executives. My hope is that his health remains good for several decades. With a little luck, Berkshire should require only five or six CEOs over the next century. It should particularly avoid those whose goal is to retire at 65, to become lookat-me rich or to initiate a dynasty.
举例说，在我们的 P/C（财险）业务上，无论是上行潜力还是潜在风险，Greg 的理解都远胜许多在职已久的 P/C 高管。我的愿望是他在接下来的数十年里保持健康。若有些许好运，Berkshire 在未来一个世纪里应当只需要五六位 CEO。我们尤其要避免那类目标是 65 岁退休、炫富博眼球或试图建立家族王朝的人。
One unpleasant reality: Occasionally, a wonderful and loyal CEO of the parent or a subsidiary will succumb to dementia, Alzheimer’s or another debilitating and long-term disease.
一个不愉快的现实是：有时，母公司或子公司里出色且忠诚的 CEO 也会不幸罹患痴呆症、阿尔茨海默症，或其他削弱能力的长期疾病。
Charlie and I encountered this problem several times and failed to act. This failure can be a huge mistake. The Board must be alert to this possibility at the CEO level and the CEO must be alert to the possibility at subsidiaries. This is easier said than done; I could cite a few examples from the past at major companies. Directors should be alert and speak up is all that I can advise.
Charlie 和我曾多次遇到这种情况，却未能采取行动。这种不作为可能是巨大的错误。董事会必须对 CEO 层面的此类可能性保持警觉，而 CEO 也必须对旗下子公司层面的此类可能性保持警觉。说起来容易做起来难；我可以举出几家大公司过去的案例。我的全部建议就是：董事应当保持警惕，并且敢于发声。
During my lifetime, reformers sought to embarrass CEOs by requiring the disclosure of the compensation of the boss compared to what was being paid to the average employee. Proxy statements promptly ballooned to 100-plus pages compared to 20 or less earlier.
在我的有生之年里，改革者试图通过要求披露 CEO 薪酬与普通员工薪酬的对比来令 CEO 难堪。结果代理声明（proxy statements）立刻从过去的 20 页以内膨胀到 100 多页。
But the good intentions didn’t work; instead they backfired. Based on the majority of my observations – the CEO of company “A” looked at his competitor at company “B” and subtly conveyed to his board that he should be worth more. Of course, he also boosted the pay of directors and was careful who he placed on the compensation committee. The new rules produced envy, not moderation.
但这些善意并未奏效；反而适得其反。就我大多数观察而言——“A 公司”的 CEO 看到“B 公司”的对手后，会含蓄地向自家董事会传达：自己理应拿得更多。当然，他还会顺带提高董事报酬，并谨慎安插薪酬委员会成员。新规带来的是嫉妒，而非克制。
The ratcheting took on a life of its own. What often bothers very wealthy CEOs – they are human, after all – is that other CEOs are getting even richer. Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?
这种“棘轮效应”自成循环。令大富大贵的 CEO 常常难受的——归根结底他们也是人——是别的 CEO 变得更富。嫉妒与贪婪总是并肩同行。又有哪位顾问会认真建议大幅削减 CEO 薪酬或董事酬金呢？
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In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems. However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.
总体而言，Berkshire 的业务前景略优于平均水平，且由几块体量可观、彼此低相关的“明珠”领衔。不过，十年二十年之后，会有不少公司表现胜过 Berkshire；我们的体量会带来代价。
Berkshire has less chance of a devastating disaster than any business I know. And, Berkshire has a more shareholder-conscious management and board than almost any company with which I am familiar (and I’ve seen a lot). Finally, Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant. Over time, our managers should grow quite wealthy – they have important responsibilities – but do not have the desire for dynastic or look-at-me wealth.
就我所知，Berkshire 遭遇毁灭性灾难的概率低于任何一家企业。而且，Berkshire 的管理层与董事会对股东的自觉程度，几乎胜过我所熟悉的任何公司（我见识过很多）。最后，Berkshire 的管理方式将始终使其存在成为美国的资产，并避免任何会让其沦为“求告者”的行为。随着时间推移，我们的经理人应当会相当富裕——他们肩负重大责任——但他们并无建立王朝或炫富博眼球的欲望。
Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years under present management. Don’t despair; America will come back and so will Berkshire shares.
我们的股价会反复无常，偶尔下跌约 50%，在现任管理层的 60 年里，这样的情况已发生过三次。别失望；America 会回来的，Berkshire 的股价也会回来。
A Few Final Thoughts
一些最后的想法
One perhaps self-serving observation. I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them. You can start with Tom Murphy; he was the best.
也许有点为自己说话：我很高兴地说，我对人生下半场的感觉好过上半场。我的建议是：别为过去的错误苛责自己——至少从中学到一点点，然后继续前进。改善永远不嫌晚。选对榜样并向他们学习。你可以从 Tom Murphy 开始；他是最出色的。
Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read and realized he should change his behavior.
记住 Alfred Nobel（后来“诺贝尔奖”以他命名）的故事——据说他在兄长去世、报社混淆人物时读到了为自己误刊的讣告。他被内容震惊，于是意识到自己应该改变行为。
Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.
别指望新闻编辑部再出差错：想好你希望自己的讣告写些什么，然后过一种配得上那段文字的生活。
Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.
伟大并非源于积累巨额财富、获得巨大名望或掌握政府权力。当你以任何方式帮助他人时，你就是在帮助世界。善意无需成本，却也无价。无论你是否信教，“己所不欲，勿施于人”都是指导人格的绝佳准则。
I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however). Keep in mind that the cleaning lady is as much a human being as the Chairman.
我写下这些，自认曾无数次欠考虑、犯过许多错，但也很幸运，从一些优秀朋友那里学到了如何把行为做得更好（离完美还差很远）。请牢记：清洁工与董事长同样是一个“人”。
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I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change. Remember to thank America for maximizing your opportunities. But it is – inevitably – capricious and sometimes venal in distributing its rewards.
祝读到这封信的每一位 Thanksgiving 快乐。是的，哪怕那些“混账”；改变永远不嫌晚。别忘了感谢美国给予你最大的机会。但也要承认——不可避免地——它在分配回报时有时反复无常，甚至流于功利。
Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.
谨慎选择你的英雄，然后效法他们。你永远不会完美，但你总能做得更好。
About Berkshire
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing.
Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
– End – Contact
Marc D. Hamburg
402-346-1400