文档介绍：研究中心 Research Centre for Buffettism
巴菲特致股东的信 1991 年
Buffett’s Letters To Berkshire Shareholders 1991
Our gain worth during 1991 was $ 1991 年本公司的净值成长了 21 亿美
billion, or %. Over the last 27 years (that 元,较去年增加了 %,而总计过
is, since present management took over) our 去 27 年以来,也就是自从现有经营阶
per-share book value has grown from $19 to 层接手之后,每股净值从 19 元成长到
$6,437, or at a rate of % compounded 现在的 6,437 美元,年复合成长率约
annually. 为 %。
The size of our equity capital - which now totals 现在我们股东权益的资金规模已高达
$ billion - makes it certain that we cannot 74 亿美元,所以可以确定的是,我们
maintain our past rate of gain or, for that 可能再也无法像过去那样继续维持高
matter, come close to doing so. As Berkshire 成长,而随着伯克希尔不断地成长,
grows, the universe of opportunities that can 世上所存可以大幅影响本公司表现的
significantly influence pany's 机会也就越来越少。当我们操作的资
performance constantly shrinks. When we were 金只有 2,000 万美元的时候,一项获
working with capital of $20 million, an idea or 利 100 万美元的案子就可以使得我们
business producing $1 million of profit added 的年报酬率增加 5%,但时至今日,我
five percentage points to our return for the 们却要有亿美元的获利(要是以
year. Now we need a $370 million idea (., one 税前计算的话, 亿美元),才
contributing over $550 million of pre-tax 能达到相同的效果,而要一口气赚
profit) to achieve the same result. And there are 亿美元比起一次赚 100 万美元的
many more ways to make $1 million than to make 难度可是高的多了。
$370 million.
Charlie Munger, Berkshire's Vice Chairman, and 查理孟格-伯克希尔的副主席与我一
I have set a goal of attaining a 15% average 起设定,以 15%做为每年公司实质价
annual increase in Berkshire's intrinsic value. 值成长的目标,也就是说如果在未来
If our growth in book value is to keep up with 十年内,公司要能达到这个目标,则
a 15% pace, we must earn $22 billion during the 帐面净值至少要增加 22 亿美元,请大
next decade. Wish us luck - we'll need it. 家祝我们好运吧! 我们真的很需要祝
福。
Our outsized gain in book value in 1991 resulted 我们在 1991 年所经历帐面数字的超
from a phenomenon not apt to be repeated: a 额成长是一种不太可能再发生的现
dramatic rise in the price-earnings ratios of 象,受惠于可口可乐与吉列刮胡刀本
Coca-Cola a