巴菲特：儲(chǔ)蓄+復(fù)利=奇跡！

Combining savings with compound interest works wonders. At Berkshire, Charlie and I have long focused on using retained earnings advantageously. Sometimes this job has been easy - at other times, more than difficult, particularly when we began working with huge and ever-growing sums of money.

儲(chǔ)蓄與復(fù)利的結(jié)合會(huì)創(chuàng)造奇跡。在伯克希爾，長(zhǎng)期以來(lái)，我和查理一直專注于有效利用留存收益。有時(shí)這項(xiàng)工作很容易，有時(shí)卻很困難，特別是當(dāng)我們開始與數(shù)額巨大且不斷增長(zhǎng)的資金打交道時(shí)。

In our deployment of the funds we retain, we first seek to invest in the many and diverse businesses we already own. Reinvestment in productive operational assets will forever remain our top priority.

在配置我們留存的資金時(shí)，我們首先尋求投資于我們已有的多種不同業(yè)務(wù)。對(duì)生產(chǎn)性資產(chǎn)的再投資將永遠(yuǎn)是我們的首要任務(wù)。

In addition, we constantly seek to buy new businesses that meet three criteria. First, they must earn good returns on the net tangible capital required in their operation. Second, they must be run by able and honest managers. Finally, they must be available at a sensible price.

此外，我們不斷尋求收購(gòu)符合三個(gè)標(biāo)準(zhǔn)的新企業(yè)。首先，它們的凈有形資本必須取得良好回報(bào)；其次，它們必須由能干而誠(chéng)實(shí)的管理者管理；最后，它們必須以合理的價(jià)格買到。

When we spot such businesses, our preference would be to buy 100% of them. But the opportunities to make major acquisitions possessing our required attributes are rare. Far more often, a fickle stock market serves up opportunities for us to buy large, but non-controlling, positions in publicly-traded companies that meet our standards.

當(dāng)我們發(fā)現(xiàn)這樣的公司，我們的首選是購(gòu)買其100%的股權(quán)。但是，能夠滿足我們大額收購(gòu)要求的標(biāo)的很少。通常情況下，變化無(wú)常的股市給我們提供了機(jī)會(huì)，讓我們可以大量買進(jìn)符合標(biāo)準(zhǔn)的上市公司股份（未達(dá)到控股標(biāo)準(zhǔn)）。

Whichever way we go - controlled companies or only a major stake by way of the stock market - Berkshire’s financial results from the commitment will in large part be determined by the future earnings of the business we have purchased.

無(wú)論我們采取哪種方式——控股或者通過(guò)股市購(gòu)買大額股份，伯克希爾的財(cái)務(wù)業(yè)績(jī)將在很大程度上取決于我們所購(gòu)買公司的未來(lái)收益。

In our controlled companies, (defined as those in which Berkshire owns more than 50% of the shares), the earnings of each business flow directly into the operating earnings that we report to you. What you see is what you get.

在我們的控股公司中，（指那些伯克希爾持股超過(guò)50%的公司），每個(gè)公司的利潤(rùn)都直接進(jìn)入到了我們所對(duì)你匯報(bào)的經(jīng)營(yíng)利潤(rùn)中。所見即所得。

In the non-controlled companies, in which we own marketable stocks, only the dividends that Berkshire receives are recorded in the operating earnings we report. The retained earnings? They’re working hard and creating much added value, but not in a way that deposits those gains directly into Berkshire’s reported earnings.

而在那些非控股公司中，我們持有的是可交易證券，只有伯克希爾收到的紅利才會(huì)記錄在我們報(bào)告的經(jīng)營(yíng)利潤(rùn)中。留存收益則在“努力工作”，創(chuàng)造大量的附加值，但不會(huì)將利潤(rùn)直接計(jì)入伯克希爾的經(jīng)營(yíng)利潤(rùn)中。

以上內(nèi)容節(jié)選自《巴菲特2020年致股東信》

由數(shù)字人巴菲特播報(bào)

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