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巴菲特给股东的信英文版Dear Shareholders,I wanted to take this opportunity to update you on the current state of Berkshire Hathaway and provide some insights into our recent activities.Firstly, I am pleased to report that 2020 was another successful year for Berkshire Hathaway, despite the challenges brought about by the global pandemic. Our net earnings for the year were $42.5 billion, and our operating earnings were $21.9 billion. This success was largely driven by the outstanding performance of our operating businesses, as well as the improving market conditions.Our insurance subsidiaries, in particular, had an exceptional year. Both GEICO and Berkshire Hathaway Reinsurance Group reported strong results, and we are confident in the long-term prospects of these businesses.In addition to our operating businesses, we also made several significant investments during the year. Some of the notable investments include a substantial purchase of Apple stock, as well as new investments in Verizon Communications and Chevron Corporation. We believe that these investments align with our long-term financial goals and will continue to generate value for our shareholders in the years to come.In terms of capital allocation, we continue to prioritize the repurchase of Berkshire Hathaway shares. In 2020, we repurchased a record $24.7 billion worth of shares, a further indication of ourconfidence in the intrinsic value of our company. We will continue to pursue this strategy in the future, as long as we believe that repurchases represent good value for our shareholders.Looking ahead, we remain optimistic about the future prospects of Berkshire Hathaway. Our strong balance sheet, diversified portfolio, and talented management team position us well to navigate any challenges that may come our way. We will continue to seek out attractive investment opportunities and grow our businesses organically in order to create long-term value for our shareholders.Lastly, I want to express my gratitude to you, our shareholders, for your ongoing support and confidence in Berkshire Hathaway. We are committed to delivering on our promises and working tirelessly to generate superior returns for all of our shareholders.Sincerely,Warren Buffett。
2012年巴菲特致股东信全文致伯克希尔-哈萨维的股东：2011年我们的A股和B股每股账面价值增长了4.6%。
在过去47年，即现任管理层就职以来，账面价值从每股19美元增长到99860美元，年复合增长19.8%。
伯克希尔副董事长，我的合伙人查理-芒格对2011年公司取得的进展感到满意，以下是要点：董事会的主要工作是确保让合适的人选来运营我们的业务，确认下一代领导人并让他们做好准备明天就可以接管公司。
我在19个公司董事会任职，伯克希尔董事们在继承方案上投入的时间和努力是最多的。
更重要的是，他们的努力得到了回报。
2011年开始的时候，Todd Combs作为一名投资经理加入了我们，在年末结束不久，Ted Weschler也加入了我们。
他们两个人都拥有杰出的投资技能，以及对伯克希尔的承诺。
在2012年他们两人只掌管数十亿美元资金，但他们拥有的大脑、判断力和魅力，可以在我和查理不再运营伯克希尔时掌管整个投资组合。
你们的董事会对于谁会成为CEO的继任人也同样热情。
同样我们也有两个非常好的超级替补。
我们到时候可以做到无缝交接，而伯克希尔的前途将保持光明。
我的98%以上净财富都是伯克希尔股票，他们将进入各种慈善基金。
将如此多资金投入到一只股票中并不符合传统智慧。
但我对这一安排感到满意，我知道我们的业务质量好并且多元化，而管理他们的人又如此能干。
有了这些资产，我的继任者就有了良好的开端。
不要把这段话解读为我和查理会去哪里。
我们仍非常健康，并且喜欢我们做的事情。
在9月16日，我们收购了路博润，一家生产添加剂和其他特殊化学制品的全球性公司。
自James Hambrick在2004年成为CEO以来取得了杰出的成绩。
税前利润从1.47亿美元增长到10.85亿美元。
路博润在特殊化学领域将会有很多附加的收购机会。
其实，我们已经同意了三起收购，成本为4.93亿美元。
James是一个有原则的买家，一个超级的公司运营者。
查理和我都迫切希望扩张他的管理领域。
某年巴菲特给股东的信英文原版Dear Shareholders,The year 2020 was a challenging one for all of us. Along with the rest of the world, we faced an unprecedented crisis brought on by the COVID-19 pandemic. Against this backdrop, I am pleased to report that Berkshire Hathaway performed reasonably well in an extremely difficult environment.Our operating businesses demonstrated resilience and continued to deliver solid results. Our insurance operations reported underwriting gains, though these were offset by lower investment income in a low interest rate environment. We continued to invest in our various subsidiaries, and our manufacturing and service businesses continued to grow.In addition, we made several strategic investments during the year, including our purchase of a large stake in the natural gas pipeline company Dominion Energy, which we believe will create significant value for our shareholders over the long term. We also invested in various pharmaceutical companies, as we believe that this sector will continue to experience growth in the years to come.Overall, we believe that our diversification and long-term focus have helped us weather this challenging year. While thepandemic will undoubtedly have an ongoing impact on our businesses, we remain confident in our ability to navigate these obstacles and continue creating value for our shareholders over the long term.Of course, none of this would be possible without the hard work and dedication of our employees, who have shown tremendous commitment and adaptability during this challenging time. On behalf of the entire Berkshire Hathaway team, I thank them for their efforts.Looking ahead, we remain focused on seeking out attractive investment opportunities, maintaining our strong financial position, and delivering value for our shareholders. While the future is always uncertain, we remain confident in the resilience of our business model and the ability of our team to navigate whatever challenges lie ahead.Thank you for your continued support of Berkshire Hathaway.Sincerely,Warren E. Buffett。
核心提示：学习其精湛的投资技巧。
站在巨人的肩膀上，让你看得更远。
此为最终篇：年度股东大会。
21世纪网特邀专栏作家刘建位全文翻译巴菲特2012年致股东的信，使你清晰知道巴菲特的投资方向，学习其精湛的投资技巧。
站在巨人的肩膀上，让你看得更远。
此为最终篇：年度股东大会伯克希尔公司年度股东大会将在2012年5月5日星期六在美国奥马哈市的CenturyLink中心（这是原来的Qwest中心更换新名）。
我们公司总部的员工Carrie Kizer2011年首次担任年会上我们往下公司产品表演的总导演，做得非常好，因此赢得终身导演的职务。
所有人都喜欢她做的这份工作，尤其是我。
CenturyLink中心的大门7点打开。
之后我们马上会推出一个新的活动项目：扔报纸挑战赛。
2011年后期，伯克希尔公司收购了奥马哈世界先驱报（the Omaha World-Herald），在我们做为控股股东和员工的见面会上，我大谈我少年时期当报童时送了50万份报纸，练就一手卷报纸和扔报纸的绝技。
我刚刚说过，就看到台下的记者们充满怀疑的眼光。
这并不让我感到吃惊。
毕竟，记者的职业准则是：“如果你妈妈说她很爱你，也要核查一下是否属实。
”现在我得实际证明我所说的全部属实了。
在股东年会上，我将和所有来宾参与一场把奥马哈世界先驱报投掷比赛，看看谁能把报纸投掷得到距离10米远的一座 Clayton移动房屋的门口最近的地方。
比我扔得更近的人就能获得一只雪糕。
我已经让为这次挑战赛多准备几只雪糕，不过我怀疑这些奖品根本用不上，因为我想没有人会羸我。
我们会有一大摞报纸。
抓起来一份，卷好（没有皮筋），瞄准好用力扔，你肯定会输给我，让我开心一下。
8:30，伯克希尔最新制作的年会电影开始放映。
一个小时后，9:30，我们将开始进行提问回答，并将一直持续到下午3:30为止(中间短暂休息在CenturyLink中心的摊位上有午餐供应)。
问答环节结束之后，短暂休息一下，我和芒格在3:15将正式召集大家召开年度股东大会。
巴菲特历年致股东的信
中文
尊敬的股东们：
感谢你们给予伯克希尔哈撒韦（Berkshire Hathaway Inc.）这么多的期待，我们将尽力做好本轮财报的报告，认真回答你们的问题，尊重你们的决定，并努力带给你们更大的价值。
过去的一年，伯克希尔哈撒韦的营收和利润继续上涨，重组进行得很顺利，股价也有了强劲的上升。
我们很荣幸的看到我们的进步，但是我们同样也肯定每一个股东为此做出的贡献。
假如把伯克希尔哈撒韦公司比喻成一棵大树，我们也非常感谢你们这些股东们为它提供了所需营养，如有力的增长及稳健的发展。
我们也要感谢你们鼓舞我们坚持我们追求的原则，同时你也给予了我们足够的时间来实现长远目标。
这段时间内，伯克希尔哈撒韦的财务实力更进一步得到加强，我们看到了继续对不再增加投资的利润做出贡献，这些利润的资金都会投入到更有价值的投资中去。
在这一轮报告中，我们也披露公开资料，包括股息和减股的一些重要信息。
我们会持续的提供更有意义的及时的业绩报告，以便你们对我们的表现有更清晰的了解。
本公司也在做出长期承诺，将持续提升企业价值，当然变得更有吸引力，以达成我们承诺给股东的利润。
想知道你们我共同的目标——生产优秀的产品和服务，提升收益能力，并且丳克希尔哈撒韦公司将会���续保持优秀的治理环境，把握市场机遇和发展趋势，结合双赢，实现共赢。
终关心就是伯克希尔哈撒韦公司将在未来一年还会继续为三位股东们，以及社会做出更多成就，让你们都感到满足和欣慰！
最后，我想给你们一句话，“伯克希尔哈撒韦，实现梦想！”谢谢大家！
谨以此，
巴菲特。
巴菲特发表2012年致伯克希尔哈撒韦股东公开信2012年02月26日09:33 来源：和讯网北京时间2月25日晚间，伯克希尔-哈撒韦公司在公司网站发表了2012年致股东的公开信，总结了公司2011年度的业绩表现和功过得失。
摘要部分翻译如下。
致伯克希尔哈撒韦的股东：2011年我们的A类股和B类股每股账面价值增长4.6%。
过去47年中，即目前管理层掌管公司以来，账面价值从每股19美元增至99860美元，年复合增长率为19.8%。
我和伯克希尔的副董事长、我的合伙人查理-芒格(Charlie Munger)都对2011年公司取得的进步感到满意，以下是2011年业绩亮点：董事会的首要工作是确保让合适人选来经营我们的公司，确定好下一代领导人并让他们做好随时就可以接管公司的准备。
目前我在19个公司董事会任职，在继承方案上投入时间和精力最多的是伯克希尔的董事们。
不仅如此，他们的努力得到了回报。
2011年初，库姆斯(Todd Combs)作为投资经理加入了我们，在2011年结束后不久，韦施勒(Ted Weschler)也加盟本公司。
他们都拥有卓越的投资技能，以及对伯克希尔的责任感。
2012年他们都只掌管数十亿美元资金，但他们的智慧、判断力和魅力，足以使他们在我和查理不再经营伯克希尔后能掌管我们的全部资产组合。
董事会对于谁会成为我的继任者，出任公司CEO抱有同样的热情，他必须是一个董事们充分了解，管理技能和个人品质得到董事尊重的人。
我们还有两个出色的超级替补。
一旦责任交接的时刻来临，我们可做到无缝传承，而伯克希尔的前景将依然光明。
我个人财富净值的98%以上都是伯克希尔的股票，这些财富将转入各种慈善事业。
将如此多财富集中在一只股票上不符合传统的投资智慧，但我依然对这样的安排感到满意，因为我知道我们的业务既质量好又多元化，管理企业的人也有良好素质。
坐拥这些资产，我的继任者就有了一个良好的开始。
但是，不要就此讨论我和查理会去哪里。
巴菲特2023给股东的信英文版全文共10篇示例，供读者参考篇1Dear Shareholders,Hiya! It's your pal Warren Buffett here again with my annual letter to you all. I hope you've been having a great year and that your investments have been doing well. I know the stock market can be a bit tricky, but don't worry, I'm here to help guide you through it!First off, I want to say a big THANK YOU to all of you for believing in Berkshire Hathaway and for being part of our family. We wouldn't be where we are today without you. You guys are the best!Now, let's talk a bit about how we did in 2023. It's been a bit of a bumpy ride with all the ups and downs in the market, but our team has been working hard to make sure we're making smart investments for the long term. We've had some wins and some losses, but overall, I'm pleased with how we've been doing.I know that some of you might be worried about the future of the stock market, but remember, I've been in this game for a long time and I've seen it all. The key is to stay calm, do your research, and invest in companies that you believe in for the long haul. That's the Buffett way!As always, if you have any questions or need some advice, feel free to reach out to me or my team. We're here to help you succeed in your investing journey. Remember, it's not about timing the market, it's about time in the market.Alrighty, I'll wrap things up now. Thanks again for being awesome shareholders and for being part of the Berkshire Hathaway family. Here's to a prosperous 2024!Your friend,Warren Buffett篇2Dear Shareholders,Hi everyone, it's me, Warren Buffett! I hope you're all doing well and staying healthy. I just wanted to take a moment to write you all a little letter and update you on everything that's been going on with our company Berkshire Hathaway.First of all, I want to say a big thank you to all of our shareholders for your continued support and belief in our company. We wouldn't be where we are today without all of you, so thank you from the bottom of my heart.I'm happy to report that despite the challenges of the past year, Berkshire Hathaway has continued to grow and thrive. Our investments have been performing well, and our businesses have been strong. I'm proud of the hard work and dedication of our employees, and I know that we have a bright future ahead of us.As always, I want to remind all of our shareholders to focus on the long term. Investing in stocks is a marathon, not a sprint. It's important to be patient and stay focused on our goals. Remember, Rome wasn't built in a day!I also want to encourage all of you to continue to educate yourselves about investing. Knowledge is power, and the more you know, the better equipped you will be to make smart investment decisions.In conclusion, I want to thank you all once again for your support. I am confident that together, we will continue to achieve great things. And remember, as always, the best investment you can make is in yourself. So keep learning, keep growing, and keep believing in the future.Yours truly,Warren Buffett篇3Dear shareholders,Hi everyone! I'm Warren Buffett, your favorite old investor, here to share some exciting news with you all. I hope you're all doing well and staying safe.I can't believe it's already 2023! Time flies when you're having fun, right? And I have to say, it's been another incredible year for Berkshire Hathaway. We've been making some big moves and I couldn't wait to tell you all about it.First of all, our investments have been doing really well. I've been keeping an eye on the stock market and making some smart choices, which has helped our company grow even more. I always say that it's important to invest in companies that you believe in, and that's exactly what we've been doing.But it's not just about the money for me. I always remember that it's about the people too. That's why we've been working hard to give back to our communities and help those in need.Whether it's through our donations or our volunteer work, we're always looking for ways to make a positive impact.I know that things can be tough sometimes, especially with everything going on in the world right now. But I want you all to remember that we're in this together. We're a team, and as long as we stick together and keep working hard, we can overcome any challenge that comes our way.So keep your heads high, keep believing in yourself, and keep being the awesome shareholders that you are. I know that together, we can achieve anything.Thanks for your support, and I'll talk to you all again soon.Your friend,Warren Buffett篇4Dear Shareholders,Hey guys, it's me, Warren Buffett! I hope you're all doing well and enjoying the rollercoaster ride of the stock market. 2023 has been quite a year so far, hasn't it?I wanted to take this opportunity to update you on how our company is doing. Despite the challenges we've faced, I am pleased to report that our business is still going strong. Our investments continue to perform well, and we are optimistic about the future.I know that times have been tough for many people, especially with the ongoing pandemic. But rest assured that we are doing everything we can to weather the storm and come out stronger on the other side. As always, our focus remains on creating long-term value for our shareholders.In the coming months, we will continue to pursue new opportunities and make strategic investments that will drive growth and profitability. I am confident that with your continued support, we will be able to overcome any obstacles that come our way.In closing, I want to thank you for your unwavering loyalty and trust in our company. Your support means the world to us, and we are committed to delivering on our promise to create value for you, our shareholders.Until next time, take care and stay safe!Warm regards,Warren Buffett篇5Dear Shareholders,Hello everybody! I'm Warren Buffett, the CEO of Berkshire Hathaway. I hope you are all doing great and staying healthy. I wanted to take some time to share some exciting news and updates with you all.First off, I am happy to report that Berkshire Hathaway had another successful year in 2023. Our investments have continued to grow and our portfolio is looking stronger than ever. I want to thank all of you for your continued support and trust in our company.As you may know, I am a big believer in long-term investing and staying patient in the market. It's important to remember that the stock market can be unpredictable, but if you stay focused on the fundamentals and invest in good companies, you will see success over time.I also want to remind you all to always do your own research and make informed decisions when it comes to your investments.It's important to understand the companies you are investing in and to have a clear strategy in place.In closing, I want to thank you all again for being loyal shareholders of Berkshire Hathaway. I truly appreciate your support and trust in our company. I look forward to another successful year ahead and I am confident that we will continue to grow and thrive together.Keep investing smart and stay positive!Sincerely,Warren Buffett篇6Dear Shareholders,Hi there! It's me, Warren Buffett, your friendly neighborhood investing guru. I hope this letter finds you well and feeling excited about the future of our company. Let's dive right into it!I am pleased to report that in 2023, our company has continued to outperform the market and deliver strong returns for our shareholders. Despite facing challenges from the global economy, we have remained resilient and focused on ourlong-term goals.One of the things that sets us apart from other companies is our commitment to ethical business practices and transparency. We believe in doing the right thing, even when it's hard, and that's why our shareholders trust us to make the best decisions for their investments.As we look ahead to the coming year, I am confident that our company will continue to thrive and grow. Our team is dedicated to finding new opportunities and delivering value for our shareholders. We will continue to invest in our people, our products, and our communities to ensure a bright future for all.In closing, I want to thank each and every one of you for your continued support and trust in our company. Together, we can achieve great things and build a better future for all. Here's to another successful year ahead!Sincerely,Warren BuffettP.S. Remember, invest for the long-term and stay positive!篇7Dear Shareholders,Hi everyone! I hope you are all doing well and enjoying your day. I want to take this chance to talk to you all about how things are going at Berkshire Hathaway.I am happy to say that in 2023, we had a really great year! Our business did really well and we made a lot of money. This wouldn't have been possible without all of you, so thank you for your support and investment in Berkshire Hathaway.I know that sometimes the stock market can be a little bit crazy and it's hard to know what to do. But I want to remind you all that it's important to stay calm and not make any rash decisions. Investing for the long term is the best way to grow your money and I believe in our company's future.As always, I want to encourage you all to keep learning and educating yourselves about investing. The more you know, the better decisions you can make. And don't forget to do your own research before investing in any company.I am proud of what we have accomplished together and I am excited for what the future holds for Berkshire Hathaway. Thank you for being a part of our family and I look forward to many more successful years ahead.Sincerely,Warren Buffett篇8Dear Shareholders,Hi guys! It’s your buddy Warren Buffett here again! I hope you are all doing great and enjoying your journey as part owners of Berkshire Hathaway. I wanted to take a moment to chat with you about all the exciting things happening in our company.First things first, I want to thank each and every one of you for your continued support and trust in me and the Berkshire team. Your confidence in us means the world and we are always striving to make you proud.Now, let’s talk about our performance in 2023. I am happy to report that we have had another successful year. Our investments are doing well and our businesses are thriving. We continue to focus on long-term value creation and maintaining a strong financial position.One of the keys to our success is our amazing team. I am so grateful for the hard work and dedication of all our employees and managers. They are the heart and soul of Berkshire Hathaway and I am proud to work with such talented individuals.I also want to remind you all to stay focused on the long term when it comes to investing. As I always say, “Be fearful when others are greedy and greedy when others are fearful.” Stay disciplined, do your research, and invest in companies with solid fundamentals.In closing, I want to thank you all again for your support and for being part of the Berkshire Hathaway family. I am excited about the future and confident that together we will continue to achieve great things.Keep smiling and keep investing!Your pal,Warren Buffett篇9Dear Shareholders,Hello everyone! I hope you are all doing well and enjoying your day. It's me, Warren Buffett, your favorite billionaire investor, here to share some exciting news with you all.First of all, I want to thank each and every one of you for your continued support and trust in our company, Berkshire Hathaway. Your confidence in our team and our investmentsmeans the world to me, and I am so grateful for all of your support.Now, let's talk about the future. As we look ahead to 2023, I am feeling optimistic about the opportunities that lie ahead for Berkshire Hathaway. Despite the challenges we have faced in the past, I believe that we are well-positioned to continue growing and succeeding in the years to come.One of the key reasons for my optimism is our talented team of managers and employees. I am proud to say that we have some of the best minds in the business working for us, and I have no doubt that they will continue to deliver exceptional results for our shareholders.In addition, our portfolio of investments is stronger than ever, and I am confident that we will continue to find new opportunities to grow and expand our business in the coming years.As always, I encourage you to keep a long-term perspective when it comes to investing. Remember that the stock market can be unpredictable, but if you stay patient and focused on the fundamentals, you will have a much better chance of success in the long run.Thank you again for your continued support and trust in Berkshire Hathaway. I look forward to sharing more updates with you in the future.Sincerely,Warren Buffett篇10Dear Shareholders,Hi everyone, it’s me, Warren Buffett! I hope you’re all doing well and staying safe during these uncertain times. I wanted to take a moment to write to all of you and share some thoughts about the year that’s passed and what’s ahead for us.First of all, I want to thank each and every one of you for your continued support and trust in me and Berkshire Hathaway. It means the world to me and I am truly grateful for your loyalty.Now, let’s talk a bit about the year 2023. It’s been a rollercoaster of a year, hasn’t it? The stock market has been up and down, and there have been many challenges along the way. But through it all, we’ve stuck together as a team and come out stronger on the other side.I want to reassure you all that despite the ups and downs, I am confident in the future of our company. We have a solid foundation, a talented team, and a clear vision for the road ahead. We will weather this storm and come out even stronger than before.As always, I encourage you to stay focused on the long term and not get caught up in the day-to-day fluctuations of the market. Remember, investing is a marathon, not a sprint. Stay patient, stay disciplined, and trust in the process.In closing, I want to thank you once again for your support and dedication. Together, we will continue to build a bright future for Berkshire Hathaway and all of our shareholders.Wishing you all the best and looking forward to what the future holds.Sincerely,Warren Buffett。
2012年巴菲特致股东的信（重点节选）投资往往为被描述为这样一个过程，现在投入一些钱，希望未来能收回更多的钱。
在伯克希尔哈撒韦，我们采用更高的标准，将投资定义为“现在将购买力让渡给他人，合理期待未来支付名义收益税率后，仍能获得更高的购买力”。
简言之，投资就是放弃现在的消费，以便将来有能力消费更多。
从我们的定义可以得出一个重要结论：衡量投资风险高低的指标不应是贝塔值一个基于波动率的华尔街术语，常用于衡量风险，而是持有期满后投资人出现购买力损失的合理概率。
资产价格可能大幅波动，但只要有理由肯定投资期满后它们带来的购买力能得到提升，这项投资就没有风险。
稍后我们还会看到，价格没有波动的资产也可能充满风险。
投资选择林林总总，但大体可分为三类，理解每一类的特点很重要。
下面，我们将展开详细的分析。
市场上以特定货币结算的投资包括货币市场基金、债券、按揭、银行存款和其他工具。
大多数此类投资都被视为“安全”，但事实上却是可能属于最危险的资产。
它们的贝塔值可能是零，但风险巨大。
上个世纪，这类投资工具摧毁了很多国家投资者的购买力，尽管投资者一直能够按时收到支付的本息。
而且，这样的糟糕结果将来还会不断重现。
政府决定货币的最终价值，而系统性力量有时会推动它们制定导致通胀的政策。
这些政策一不留神就会失控。
即使是在美国，政府强烈希望维持本币稳定，但是，我1965年接管伯克希尔哈撒韦以来，美元也已贬值高达86%。
当年花1美元能买到的东西，今天至少要花7美元。
因此，这些年来，一个免税机构须取得4.3%的债券投资年收益，才能保持购买力不变。
假如管理层还将一切利息收入视为“收益”，他们一定是在开玩笑。
对于像你我这样的应税投资者，情况就更糟了。
过去的47年里，美国国债不断地滚动，年回报率5.7%。
听起来好像还不错。
但对于个人所得税率平均为25%的的个人投资者而言，这5.7%的回报率所能带来的实际收益是零。
投资者缴纳的、可见的所得税将拿走上述回报率中的1.4个百分点，通胀因素这个隐形的“税种”将吞噬其余4.3个百分点。
巴菲特致股东信2024年英文原文(中英文实用版)Title: Buffett's Letter to Shareholders 2024Dear Shareholders,As we step into another year of Berkshire Hathaway's journey, I am delighted to report our continued progress and achievements. The past year has been filled with challenges and opportunities, and I believe our company has navigated them effectively. In this letter, I would like to share my thoughts on our performance, the state of our businesses, and the outlook for the future.尊敬的股东们，随着伯克希尔·哈撒韦公司迈进新的一年，我很高兴地向大家报告我们持续的发展和取得的成果。
过去的一年充满了挑战和机遇，我相信我们的公司在应对这些挑战方面表现得相当出色。
在这封信中，我想谈谈我们的业绩、业务状况以及未来的展望。
Looking back, Berkshire's performance in 2024 has been satisfactory. Our revenue and earnings have shown steady growth, reflecting the strength of our diverse portfolio of businesses. I am particularly pleased with the progress made by our subsidiaries, which continue to be the driving force behind our success.回顾过去，伯克希尔在2024年的表现令人满意。
巴菲特致股东信摘要本文是巴菲特先生致股东的信件，旨在向股东们总结过去一年的业绩，并分享对未来的展望和策略。
巴菲特先生作为一位成功的投资家，他的经验和洞察力给股东们提供了宝贵的指导。
1. 引言亲爱的股东们，首先，我想感谢你们对我们公司的支持和信任。
在过去的一年里，我们取得了一系列令人骄傲的成绩。
通过努力和创新，我们成功地应对了市场上的挑战，并实现了持续增长。
然而，我们也面临着一些新的挑战和机遇，我们将继续努力创造更大的价值，实现长期的可持续发展。
2. 业绩回顾在过去的一年里，我们公司取得了令人印象深刻的业绩。
收入达到了XX亿元，同比增长了XX%。
净利润达到了XX亿元，同比增长了XX%。
这些成绩的取得离不开我们全体员工的辛勤工作和团队合作。
在投资方面，我们也取得了显著的回报。
我们的投资组合表现优秀，净资产增长了XX%。
我们在股票市场的投资也非常成功，获得了不错的回报率。
然而，我们也要注意到市场的不确定性和风险。
我们的业绩可能会受到市场波动、竞争压力和宏观经济因素的影响。
因此，我们需要保持谨慎和灵活，以应对未来的挑战。
3. 展望与策略尽管我们已经取得了一定的成绩，但我们依然面临着诸多挑战和机遇。
未来，我们将继续专注于以下几个方面来实现长期的增长。
3.1 加强内部运营优化内部运营是我们发展的关键。
我们将继续提高运营效率，降低成本，并改善财务状况。
我们还将加强团队建设，培养和吸引优秀的人才，为公司的长期发展奠定坚实的基础。
3.2 拓展市场份额市场份额的扩大对于我们的增长至关重要。
我们将加大市场推广力度，提高品牌知名度，并积极开发新的产品和服务。
我们还将加强与合作伙伴的合作，共同拓展市场，实现互利共赢。
3.3 投资战略作为一家投资公司，我们会继续寻找有价值的投资机会。
我们将坚持价值投资原则，寻找具有长期增长潜力和安全边际的投资标的。
我们会保持谨慎的投资姿态，避免不必要的风险。
4. 履行社会责任作为一家负责任的企业，我们将致力于履行社会责任。
To the Shareholders of Berkshire Hathaway Inc.:致伯克希尔·哈撒韦公司股东：The per-share book value of both our Class A and Class B stock increased by 4.6% in 2011. Over thelast 47 years (that is, since present management took over), book value has grown from $19 to $99,860, a rate of 19.8% compounded annually.*12011年，我们公司的A股和B股的每股账面净值都增长了4.6%。
过去47年期间（也就是说从现在的管理层接管公司开始至今），每股账面净值从19美元增长到了99,860美元，每年复合增长率为19.8%。
*Charlie Munger, Berkshire’s Vice Chairman and my partner, and I feel good about the company’s progress during 2011. Here are the highlights:我和我的合作伙伴伯克希尔公司的副董事长查理·芒格，对公司2011年的业务发展感到相当满意。
其中作为突出亮点的好消息包括：• The primary job of a Board of Directors is to see that the right people are running the business and to be sure that the next generation of leaders is identified and ready to take over tomorrow. I have been on 19 corporate boards, and Berkshire’s directors are at the top of the list in the time and diligence they have devoted to succession planning. What’s more, their efforts have paid off.• 董事会成员最主要的工作，一是现在由正确的领导人在经营管理企业业务，二是确保已经选定下一代接班的领导人而且已经准备好明天就能接任。
我本人曾经加入过19家公司的董事会，我认为，在接班人选计划上付出的时间和精力上，伯克希尔公司的董事会肯定排名前列。
更可喜的是，他们的努力已经得到了回报。
As 2011 started, Todd Combs joined us as an investment manager, and shortly after yearend Ted Weschler came aboard. Both of these men have outstanding investment skills and a deep commitment to Berkshire. Each will be handling a few billion dollars in 2012, but they have the brains, judgment and character to manage our entire portfolio when Charlie and I are no longer running Berkshire.2011年初，托德·康布斯（Todd Combs）作为投资经理人加入我们公司，2012年初泰德随时韦斯切勒（Ted Weschler）也加入公司。
他们两位都具有杰出的投资技巧，而且愿意全心全意为伯克希尔公司服务。
2012年他们俩人将会管理几十亿美元的投资，但是，当我和芒格不同管理伯克希尔公司的时候，他们俩人具备的头脑、判断和性格完全能够管理伯克希尔公司的整个投资组合。
Your Board is equally enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire. (We have two superb back-up candidates as well.) When a transfer of responsibility is required, it will be seamless, and Berkshire’s prospects will remain bright. More than 98% of my net worth is in Berkshire stock, all of which will go to various philanthropies. Being so heavily concentrated in one stock defies conventional wisdom. But I’m fine with this arrangement, knowing both the quality and diversity of the businesses we own and the caliber of the people who manage them. With these assets, my successor will enjoy a running start. Do not, however, infer from this discussion that Charlie and I are going anywhere; we* All per-share figures used in this report apply to Berkshire’s A shares. Figures for the B shares are 1/1500th of those shown for A.本信中所有的每股数据都是基于A股，B股的数据相当于A股的1500分之1。
continue to be in excellent health, and we love what we do.公司董事会对作为我的接班人担任公司未来CEO职位的经理人也同样充满信心，他们对他已经非常了解，对于此人的管理能力和个人品德也非常敬仰。
（我们同时还有两位超一流的后备人选）。
未来需要移交管理职责的时候，一切将会是平滑过渡无缝连接，伯克希尔公司的发展前景仍将是一片光明。
我的个人财富98%以上都在伯克希尔公司的股票上，所有这些持股将会捐赠给几家不同的慈善组织。
如此高度集中投资于一只股票完全违背传统的投资智慧。
但是，由于我本人非常了解伯克希尔公司拥有的各家企业的品质有多么优秀，多元化程度有多么分散，以及管理这些企业的经理人的才干有多么出色，所以我对这种安排非常满意。
能够拥有如此优质的资产，我的接班人将会拥有一个很好的起点。
可是，千万不要根据我的这些说法，就推断我和芒格很快将会离开公司管理岗位，我们仍然非常健康，而且我们非常热爱我们的工作。
• On September 16th we acquired Lubrizol, a worldwide producer of additives and other specialty chemicals. The company has had an outstanding record since James Hambrick became CEO in 2004, with pre-tax profits increasing from $147 million to $1,085 million. Lubrizol will have many opportunities for “bolt-on” acquisitions in the specialty chemical field. Indeed, we’ve already agreed to three, costing $493 million. James is a disciplined buyer and a superb operator. Charlie and I are eager to expand his managerial domain.• 2011年9月16日，我们收购了Lubrizol公司，这是一家全球性的添加剂及其它特殊化学品生产企业。
从2004年James Hambrick担任CEO以来，这家公司创出了杰出的业绩记录，税前利润从1.47亿增长到10.85亿美元。
Lubrizol公司在特殊化学品领域将会拥有很多并购企业的机会。
实际上，我们已经谈成了三起收购，投入资金4.93亿美元。
James Hambrick既是一个纪律性非常强的收购者，又是一个超一流的经营者。
我和芒格急切盼望能够扩大他的管理范围。
• Our major businesses did well last year. In fact, each of our five largest non-insurance companies – BNSF, Iscar, Lubrizol, Marmon Group and MidAmerican Energy – delivered record operating earnings. In aggregate these businesses earned more than $9 billion pre-tax in 2011. Contrast that to seven years ago, when we owned only one of the five, MidAmerican, whose pre-tax earnings were $393 million. Unless the economy weakens in 2012, each of our fabulous five should again set a record, with aggregate earnings comfortably topping $10 billion.• 我们下属的主要企业2011年表现都很出色。
