文档介绍：巴菲特研究中心 Research Centre for Buffettism
巴菲特致股东的信 1988 年
Buffett’s Letters To Berkshire Shareholders 1988
Our gain in net worth during 1988 was $569 本公司 1988 年的净值增加了五亿六
million, or %. Over the last 24 years (that 千九百万美元，较去年增加了 %，
is, since present management took over), our 而过去 24 年以来(自从现有经营阶层
per-share book value has grown from $ to 接手后)，每股净值从 19 元成长到现
$2,, or at a rate of % compounded 在的 2,974 美元，年复合成长率约为
annually. %。
We 　 e emphasized in past reports that what 在过去的年报中我们一再强调真正
counts, however, is intrinsic business value - 重要的是企业的真实价值，它代表着
the figure, necessarily an estimate, indicating 我们旗下企业组成份子到底值多少
what all of our constituent businesses are worth. 钱？这个数字绝对是个估计数，根据
By our calculations, Berkshire 　 intrinsic 我们内部的估算，目前伯克希尔真实
business value significantly exceeds its book 的价值已大幅超越其帐面价值，过去
value. Over the 24 years, business value has 24” 年以来，，下载更多投研资料）企业价值成长的速度一直
grown somewhat faster than book value; in 1988, 要比帐面价值成长的幅度要高一点，
however, book value grew the faster, by a bit. ）但在 1988 年情况有点不同，后者增
加的幅度略高于前者。
Berkshire 　 past rates of gain in both book 过去伯克希尔真实与帐面价值成长
value and business value were achieved under 的背景，与现在有很大的不同，若搞
circumstances far different from those that now 不清楚其间的差异，就好象是一位棒
exist. Anyone ignoring these differencesValueFirst1 makes 球教练在判断高龄 42 岁的中外野手
the same mistake that a baseball manager would 未来潜力时