I.H.87.Warren Buffett.Berkshire’s Investing Minimum

1、《1999-05-03 Berkshire Hathaway Annual Meeting》

60. Berkshire’s investing minimum

伯克希尔的投资门槛

WARREN BUFFETT: Zone 3, please?

沃伦·巴菲特：请第3区提问？

AUDIENCE MEMBER: My name is Alan Rank from Pittsburgh.

观众提问者：我是来自匹兹堡的艾伦·兰克。

I first want to thank Susan Jacques for returning the cocktail yesterday, and I hope she was rewarded with good sales at Borsheims.

首先，我想感谢苏珊·雅克昨天归还了鸡尾酒，我希望她在伯尔诗美（Borsheims）的销售中得到了良好的回报。

Question is regarding the fact that you don’t report details of anything under $750 million, and with the change of the values of small-cap in relation to large-cap, would that be something that Berkshire or individuals might try to look as opportunity with the small-cap premium shrinking, as it has?

我的问题是，鉴于您不报告7.5亿美元以下的细节，并且随着小市值与大市值之间价值差距的变化，伯克希尔或个人是否会将小市值溢价缩小视为机会？

WARREN BUFFETT: We don’t worry about whether a stock is small-cap or large-cap except to the extent that by now we’ve gotten to a point where anything below a certain level just is not of interest to us because it can’t be material to our results, so —

沃伦·巴菲特：我们并不在意股票是小市值还是大市值，只是现在我们已经到了一个阶段，任何低于某个水平的投资对我们来说都没有吸引力，因为它对我们的业绩不会有实质性影响，所以——

We never think of opportunities as existing because something is small-cap, or sectors, or all that, you know, what generally gets merchandised.

我们从不认为因为某些东西是小市值、某个行业，或其他通常被推销的理由就存在机会。

So our cutoff point is set more or less at the point where we think it’s material. That’s not as defined by the SEC, we could have a higher limit.

因此，我们的投资门槛基本上设在我们认为有实质性意义的水平。这并不是由SEC（美国证券交易委员会）定义的，我们的门槛可以设得更高。

But we think when you get down below 2 percent of assets or thereabouts that the reporting of positions would not affect anybody’s calculation of intrinsic value or give them insights about the way we run the business, but it would be more for the people who were looking for things to piggyback on.

但我们认为，当投资规模低于资产的2%左右时，报告这些头寸并不会影响任何人对内在价值的计算，也不会让他们对我们经营业务的方式有更多了解，反而更像是为那些想要“搭便车”的人提供信息。

And so we will move the cutoff point up as we go along. Because of our size, we will never be in companies that have capitalizations that, you know, of a half a billion or a billion dollars, because we just can’t put enough money in it. Occasionally we’ll be in one just by accident.

因此，我们会随着发展将门槛提高。由于我们的规模，我们永远不会投资市值只有5亿或10亿美元的公司，因为我们无法投入足够多的资金。有时我们偶尔会意外参与这样的公司。

But we’re looking at things that we can put $500 million in ourselves, at least. At 500 million, a 5 percent position has a $10 billion market cap.

但我们会寻找那些我们至少能投入5亿美元的机会。以5亿美元计算，5%的持股比例意味着公司市值需要达到100亿美元。

That limitation has hurt, will hurt, is hurting, our performance to some degree. You would — if Berkshire were exactly 1/100th of its present size in all respects, owning the operating businesses it did but all 1/100th the size, our prospects would be better than they are with the kind of money we have presently.

这种限制在某种程度上确实损害了、正在损害，也将继续损害我们的业绩。如果伯克希尔在各个方面的规模都只有现在的1%，但仍然拥有同样的运营业务，我们的前景会比现在拥有这种规模资金的情况下更好。

Charlie?

查理？

CHARLIE MUNGER: I’ve got nothing to add.

查理·芒格：我没有什么补充的。

I.H.87.Warren Buffett.Berkshire’s Investing Minimum

I.H.87.Warren Buffett.Berkshire’s Investing Minimum

1、《1999-05-03 Berkshire Hathaway Annual Meeting》

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