巴菲特的最后來(lái)信（萬(wàn)字對(duì)照精譯）

北京時(shí)間11月11日，巴菲特發(fā)布了他任內(nèi)最后一封謝幕信，至此，長(zhǎng)達(dá)60年的伯克希爾-巴菲特時(shí)代宣告落幕。我們對(duì)其最后的股東信進(jìn)行了逐段的對(duì)照翻譯，供各位讀者保存閱讀。

后臺(tái)留言回復(fù)“股東信”即可自取對(duì)應(yīng)PDF原件。

To My Fellow Shareholders:

致我的股東們：

I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m “going quiet.”

我將不再撰寫伯克希爾的年度報(bào)告，也不會(huì)在股東大會(huì)上長(zhǎng)篇大論。用英國(guó)人的說(shuō)法，我要“安靜下來(lái)了”。

Sort of.

算是吧。

Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.

格雷格·阿貝爾（Greg Abel）將在今年年底成為公司的負(fù)責(zé)人。他是一位出色的管理者、不知疲倦的工作者，也是一個(gè)坦誠(chéng)的溝通者。祝他任期長(zhǎng)久。

I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you. Indulge me this year as I first reminisce a bit. After that, I will discuss the plans for distribution of my Berkshire shares. Finally, I will offer a few business and personal observations.

我將通過(guò)每年的感恩節(jié)信繼續(xù)與你們以及我的孩子們談?wù)摬讼枴２讼柕膫€(gè)人股東是一群非常特別的人，他們慷慨地與那些不如自己幸運(yùn)的人分享收益。我很享受與大家保持聯(lián)系的機(jī)會(huì)。今年，請(qǐng)容我先回憶一點(diǎn)往事，然后談?wù)勎覍?duì)伯克希爾股份分配的計(jì)劃，最后再說(shuō)一些關(guān)于商業(yè)與人生的想法。

As Thanksgiving approaches, I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Early on, I nearly died.

隨著感恩節(jié)臨近，我心懷感激，也驚訝于自己95歲還能健在的好運(yùn)。在我年輕時(shí)，這種結(jié)果可不是個(gè)“好賠率”。事實(shí)上，我差點(diǎn)在很早的時(shí)候就死去。

It was 1938 and Omaha hospitals were then thought of by its citizens as either Catholic or Protestant, a classification that seemed natural at the time.

那是1938年，當(dāng)時(shí)奧馬哈的醫(yī)院在人們眼里要么是天主教的，要么是新教的——這種劃分在當(dāng)時(shí)看來(lái)再自然不過(guò)。

Our family doctor, Harley Hotz, was a friendly Catholic who made house calls toting a black bag. Dr. Hotz called me Skipper and never charged much for his visits. When I experienced a bad bellyache in 1938, Dr. Hotz came by and, after probing a bit, told me I would be OK in the morning.

我們的家庭醫(yī)生哈利·霍茨（Harley Hotz）是一位友善的天主教徒，他總是拎著個(gè)黑包上門出診。霍茨醫(yī)生叫我“小船長(zhǎng)”，從不收太多診費(fèi)。1938年，我得了嚴(yán)重的腹痛，霍茨醫(yī)生來(lái)看過(guò)后，摸了摸肚子，說(shuō)我第二天早上就會(huì)沒(méi)事。

He then went home, had dinner and played a little bridge. Dr. Hotz couldn’t, however, get my somewhat peculiar symptoms out of his mind and later that night he dispatched me to St. Catherine’s Hospital for an emergency appendectomy.

他回家吃了晚飯，還打了一會(huì)橋牌。但那晚，霍茨醫(yī)生始終放心不下我那有點(diǎn)奇怪的癥狀，最終決定把我送去圣凱瑟琳醫(yī)院（St. Catherine’s Hospital）做緊急闌尾手術(shù)。

During the next three weeks, I felt like I was in a nunnery, and began enjoying my new “podium.” I liked to talk – yes, even then – and the nuns embraced me.

接下來(lái)的三周，我就像住在修道院里一樣，甚至開(kāi)始享受起“講壇”的感覺(jué)。我喜歡講話——是的，即使那時(shí)候——修女們也很喜歡聽(tīng)我說(shuō)。

To top things off, Miss Madsen, my third-grade teacher, told my 30 classmates to each write me a letter. I probably threw away the letters from the boys but read and reread those from the girls; hospitalization had its rewards.

更妙的是，我的三年級(jí)老師馬德森小姐（Miss Madsen）讓全班30個(gè)同學(xué)每人給我寫一封信。我大概把男生的信都扔了，但把女生的信讀了一遍又一遍；住院有時(shí)候也有“收獲”。

The highlight of my recovery – which actually was dicey for much of the first week – was a gift from my wonderful Aunt Edie. She brought me a very professional-looking fingerprinting set, and I promptly fingerprinted all of my attending nuns. (I was probably the first Protestant kid they had seen at St. Catherine’s and they didn’t know what to expect.)

我康復(fù)期間最難忘的一刻——那第一周其實(shí)險(xiǎn)象環(huán)生——是我親愛(ài)的姨媽艾迪（Aunt Edie）送給我的禮物。那是一套看起來(lái)非常專業(yè)的指紋采集工具。我立刻給照顧我的所有修女都按上了指紋。（我可能是圣凱瑟琳醫(yī)院見(jiàn)過(guò)的第一個(gè)新教小孩，她們對(duì)我也頗為好奇。）

My theory – totally nutty, of course – was that someday a nun would go bad and the FBI would find that they had neglected to fingerprint nuns. The FBI and its director, J. Edgar Hoover, had become revered by Americans in the 1930s, and I envisioned Mr. Hoover, himself, coming to Omaha to inspect my invaluable collection.

我當(dāng)時(shí)的理論——當(dāng)然非常荒唐——是：萬(wàn)一哪天有修女變壞了，而聯(lián)邦調(diào)查局（FBI）發(fā)現(xiàn)他們竟然沒(méi)采集修女的指紋，這時(shí)胡佛局長(zhǎng)（J. Edgar Hoover）就會(huì)親自來(lái)奧馬哈查看我的珍貴收藏。

I further fantasized that J. Edgar and I would quickly identify and apprehend the wayward nun. National fame seemed certain.

我還幻想著胡佛和我會(huì)迅速破案，抓到那個(gè)誤入歧途的修女。我將因此名揚(yáng)全國(guó)。

Obviously, my fantasy never materialized. But, ironically, some years later it became clear that I should have fingerprinted J. Edgar himself as he became disgraced for misusing his post.

顯然，這種幻想從未實(shí)現(xiàn)。但諷刺的是，幾年后我才明白，我其實(shí)該給胡佛本人按指紋——他最終因?yàn)E用職權(quán)而身敗名裂。

Well, that was Omaha in the 1930s, when a sled, a bicycle, a baseball glove and an electric train were coveted by me and my friends.

那就是上世紀(jì)三十年代的奧馬哈——那時(shí)我和朋友們最渴望的東西，是雪橇、自行車、棒球手套，還有一列電動(dòng)小火車。

Let’s look at a few other kids from that era, who grew up very nearby and greatly influenced my life but of whom I was for long unaware.

接下來(lái)，讓我講講那個(gè)年代幾個(gè)也在附近長(zhǎng)大的孩子——他們后來(lái)深刻影響了我的人生，而我當(dāng)年對(duì)他們一無(wú)所知。

I’ll begin with Charlie Munger, my best pal for 64 years. In the 1930s, Charlie lived a block away from the house I have owned and occupied since 1958.

先從查理·芒格（Charlie Munger）說(shuō)起——我64年的摯友。上世紀(jì)三十年代，查理就住在離我現(xiàn)在這棟自1958年起居住的房子僅一個(gè)街區(qū)遠(yuǎn)的地方。

Early on, I missed befriending Charlie by a whisker. Charlie, 6? years older than I, worked in the summer of 1940 at my grandfather’s grocery store, earning $2 for a 10-hour day. (Thrift runs deep in Buffett blood.)

當(dāng)年我?guī)缀跖c他擦肩而過(guò)。查理比我大六歲多，1940年夏天，他在我祖父的雜貨店打工，每天工作10小時(shí)賺2美元。（節(jié)儉的基因在巴菲特家族血液里流淌。）

The following year I did similar work at the store, but I never met Charlie until 1959 when he was 35 and I was 28.

第二年我也在那家店打過(guò)類似的工，但我們直到1959年才第一次見(jiàn)面，那時(shí)他35歲，我28歲。

After serving in World War II, Charlie graduated from Harvard Law and then moved permanently to California. Charlie, however, forever talked of his early years in Omaha as formative.

二戰(zhàn)服役結(jié)束后，查理從哈佛法學(xué)院畢業(yè)，并永久定居加州。但他始終把早年在奧馬哈的經(jīng)歷視作自己人生的成型期。

For more than 60 years, Charlie had a huge impact on me and could not have been a better teacher and protective “big brother.” We had differences but never had an argument. “I told you so” was not in his vocabulary.

六十多年來(lái)，查理對(duì)我的影響極其深遠(yuǎn)，他是最好的老師，也是最保護(hù)人的“兄長(zhǎng)”。我們有分歧，但從未吵過(guò)架。“我早就告訴你了”這句話從不在他的字典里。

In 1958, I bought my first and only home. Of course, it was in Omaha, located about two miles from where I grew up (loosely defined), less than two blocks from my in-laws, about six blocks from the Buffett grocery store and a 6–7-minute drive from the office building where I have worked for 64 years.

1958年，我買下了人生中第一套也是唯一一套房子。當(dāng)然，它位于奧馬哈，距離我成長(zhǎng)的地方（大致范圍）約兩英里，離岳父母家不到兩個(gè)街區(qū)，距巴菲特雜貨店六個(gè)街區(qū)，離我工作了64年的辦公室開(kāi)車僅六七分鐘。

Let’s move on to another Omahan, Stan Lipsey. Stan sold the Omaha Sun Newspapers (weeklies) to Berkshire in 1968 and a decade later moved to Buffalo at my request.

接下來(lái)講另一位奧馬哈人——斯坦·利普西（Stan Lipsey）。1968年，斯坦將《奧馬哈太陽(yáng)報(bào)》（周刊）賣給伯克希爾。十年后，他應(yīng)我的請(qǐng)求搬到了布法羅。

The Buffalo Evening News, owned by a Berkshire affiliate, was then locked in a battle to the death with its morning competitor who published Buffalo’s only Sunday paper. And we were losing.

當(dāng)時(shí)伯克希爾旗下的《布法羅晚報(bào)》（Buffalo Evening News）正與它的晨報(bào)競(jìng)爭(zhēng)對(duì)手展開(kāi)“你死我活”的報(bào)業(yè)大戰(zhàn)——而我們正處于下風(fēng)。

Stan eventually built our new Sunday product, and for some years our paper – formerly hemorrhaging cash – earned over 100% annually (pre-tax) on our $33 million investment. This was important money to Berkshire in the early 1980s.

最終，斯坦打造出我們的新周日?qǐng)?bào)版，讓那份原本血虧的報(bào)紙，在隨后的幾年中為我們3300萬(wàn)美元的投資帶來(lái)年化超過(guò)100%的稅前回報(bào)。這在上世紀(jì)80年代初對(duì)伯克希爾來(lái)說(shuō)是一筆關(guān)鍵資金。

Stan grew up about five blocks from my home. One of Stan’s neighbors was Walter Scott, Jr. Walter, you will remember, brought MidAmerican Energy to Berkshire in 1999.

斯坦從小住在離我家約五個(gè)街區(qū)的地方。他的鄰居之一是沃爾特·斯科特二世（Walter Scott, Jr.）。你們應(yīng)該記得，是他在1999年將中美能源公司（MidAmerican Energy）帶入了伯克希爾。

He was also a valued Berkshire director until his death in 2021 and a very close friend. Walter was Nebraska’s philanthropic leader for decades and both Omaha and the state carries his imprint.

他一直是伯克希爾的重要董事，直至2021年去世，也是我非常親近的朋友。沃爾特幾十年來(lái)都是內(nèi)布拉斯加州慈善事業(yè)的領(lǐng)軍人物，他的印記留在奧馬哈，也留在整個(gè)州。

Walter attended Benson High School, which I was scheduled to attend as well – until my dad surprised everyone in 1942 by beating a four-term incumbent in a Congressional race. Life is full of surprises.

沃爾特就讀于本森高中（Benson High School），我原本也該上那所學(xué)校——直到我父親在1942年意外擊敗一位連任四屆的國(guó)會(huì)議員，贏得選舉。人生充滿驚喜。

Wait, there’s more.

等等，還有更多故事。

In 1959, Don Keough and his young family lived in a home located directly across the street from my house and about 100 yards away from where the Munger family had lived.

1959年，唐·基歐（Don Keough）和他年輕的家人住在我家對(duì)面，離芒格一家住過(guò)的地方不到100碼。

Don was then a coffee salesman but was destined to become president of Coca-Cola as well as a devoted director of Berkshire.

那時(shí)，唐還是個(gè)賣咖啡的推銷員，卻注定后來(lái)會(huì)成為可口可樂(lè)（Coca-Cola）的總裁，以及伯克希爾最忠誠(chéng)的董事之一。

When I met Don, he was earning $12,000 a year while he and his wife Mickie were raising five children, all destined for Catholic schools (with tuition requirements).

我認(rèn)識(shí)唐時(shí)，他年薪1.2萬(wàn)美元，他和妻子米奇（Mickie）正在撫養(yǎng)五個(gè)孩子——都得上天主教學(xué)校，還要交學(xué)費(fèi)。

Our families became fast friends. Don came from a farm in northwest Iowa and graduated from Omaha’s Creighton University. Early on, he married Mickie, an Omaha girl. After joining Coke, Don went on to become legendary around the globe.

我們兩家很快成了朋友。唐來(lái)自愛(ài)荷華州西北部的一個(gè)農(nóng)場(chǎng)，畢業(yè)于奧馬哈的克瑞頓大學(xué)（Creighton University）。他早早娶了奧馬哈女孩米奇，后來(lái)加入可口可樂(lè)公司，成為享譽(yù)全球的傳奇人物。

In 1985, when Don was president of Coke, the company launched its ill-fated New Coke.

1985年，當(dāng)唐·基歐（Don Keough）擔(dān)任可口可樂(lè)總裁時(shí)，公司推出了命運(yùn)多舛的“新可樂(lè)”（New Coke）。

Don made a famous speech in which he apologized to the public and reinstated “Old” Coke.

唐發(fā)表了一場(chǎng)著名的演講，向公眾道歉并宣布恢復(fù)“原版可口可樂(lè)”。

This change of heart took place after Don explained that Coke incoming mail addressed to “Supreme Idiot” was promptly delivered to his desk.

他的“改口”源于一件趣事：當(dāng)時(shí)公司收到了大量寄給“超級(jí)白癡”的信件，而這些信全被送到了他的辦公桌上。

His “withdrawal” speech is a classic and can be viewed on YouTube. He cheerfully acknowledged that, in truth, the Coca-Cola product belonged to the public and not to the company. Sales subsequently soared.

那場(chǎng)“撤回聲明”的演講如今已成經(jīng)典，可在 YouTube 上觀看。唐坦然承認(rèn)：可口可樂(lè)真正屬于公眾，而不是公司。隨后，銷量迅速飆升。

You can watch Don on CharlieRose.com in a wonderful interview. (Tom Murphy and Kay Graham have a couple of gems as well.)

你可以在 CharlieRose.com 上看到他精彩的訪談。（湯姆·墨菲 和 凱·格雷厄姆 也各有幾段珠玉。）

Like Charlie Munger, Don forever remained a Midwestern boy, enthusiastic, friendly and American to the core.

與查理·芒格一樣，唐永遠(yuǎn)保持著中西部男孩的熱情、友善與純正的美國(guó)氣質(zhì)。

Finally, Ajit Jain, born and raised in India, as well as Greg Abel, our Canadian CEO-to-be, each lived in Omaha for several years late in the 20th Century.

最后，出生并成長(zhǎng)于印度的 阿吉特·賈因（Ajit Jain） 以及我們的未來(lái)首席執(zhí)行官 格雷格·阿貝爾（Greg Abel），都在 20 世紀(jì)末在 奧馬哈 生活過(guò)幾年。

Indeed, in the 1990s, Greg lived only a few blocks away from me on Farnam Street, though we never met at the time.

事實(shí)上，在 1990 年代，格雷格就住在離我家?guī)讉€(gè)街區(qū)之外的 法納姆街（Farnam Street），但當(dāng)時(shí)我們從未見(jiàn)過(guò)。

Can it be that there is some magic ingredient in Omaha’s water?

難道奧馬哈的水里真的有某種神奇成分？

I lived a few teenage years in Washington, DC (when my dad was in Congress) and in 1954 I took what I thought would be a permanent job in Manhattan.

我在少年時(shí)期曾在華盛頓 DC 生活過(guò)幾年（當(dāng)時(shí)父親是國(guó)會(huì)議員），1954 年我在曼哈頓找到了一份我以為會(huì)干一輩子的工作。

There I was treated wonderfully by Ben Graham and Jerry Newman and made many life-long friends. New York had unique assets – and still does.

在那里，我得到了 本·格雷厄姆 （Ben Graham）和 杰瑞·紐曼 （Jerry Newman） 的悉心指導(dǎo)，也結(jié)識(shí)了許多終生好友。紐約的獨(dú)特魅力當(dāng)時(shí)如此，如今亦然。

Nevertheless, in 1956, after only 1? years, I returned to Omaha, never to wander again.

然而，1956 年，僅工作一年半后，我決定回到奧馬哈，從此再未離開(kāi)。

Subsequently, my three children, as well as several grandchildren, were raised in Omaha. My children always attended public schools (graduating from the same high school that educated my dad, my first wife Susie, as well as Charlie, Stan Lipsey, Irv and Ron Blumkin, and Jack Ringwalt, who founded National Indemnity and sold it to Berkshire in 1967).

此后，我的三個(gè)孩子和幾個(gè)孫輩都在奧馬哈長(zhǎng)大。我的孩子們都上公立學(xué)校——那所學(xué)校也培養(yǎng)了我父親（1921 屆）、我已故妻子 蘇茜 （1950 屆）、查理·芒格、斯坦·利普西，以及 布魯姆金兄弟（Nebraska Furniture Mart 的功臣），還有 杰克·林格沃爾特（Jack Ringwalt）——他創(chuàng)立了 National Indemnity，并在 1967 年賣給伯克希爾，成為我們保險(xiǎn)帝國(guó)的基石。

Our country has many great companies, great schools, great medical facilities and each definitely has its own special advantages along with talented people.

這個(gè)國(guó)家有許多偉大的公司、學(xué)校和醫(yī)療機(jī)構(gòu)，每一個(gè)都有自己的獨(dú)特優(yōu)勢(shì)和杰出人才。

But I feel very lucky to have had the good fortune to make many lifelong friends, to meet both of my wives, to receive a great start in education at public schools, to meet many interesting and friendly adult Omahans when I was very young, and to make a wide variety of friends in the Nebraska National Guard. In short, Nebraska has been home.

但我覺(jué)得自己更幸運(yùn)：能結(jié)識(shí)一生摯友，遇到兩任妻子，從公立教育中打下良好基礎(chǔ)；年幼時(shí)就接觸到奧馬哈那些有趣又友善的成年人，還在內(nèi)布拉斯加國(guó)民警衛(wèi)隊(duì)結(jié)識(shí)了許多朋友。總而言之，內(nèi)布拉斯加就是我的家。

Looking back I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The center of the United States was a very good place to be born, to raise a family, and to build a business. Through dumb luck, I drew a ridiculously long straw at birth.

回首看來(lái)，我與伯克希爾都因扎根奧馬哈而走得更好。如果我生在別處、活在別處、創(chuàng)業(yè)在別處，都不會(huì)如此幸運(yùn)。美國(guó)的地理中心是個(gè)極好的地方——生于此、家在此、業(yè)起此。而我出生時(shí)抽到了那根“超長(zhǎng)的幸運(yùn)簽”。

Now let’s move on to my advanced age.

現(xiàn)在，說(shuō)說(shuō)我已步入的高齡。

My genes haven’t been particularly helpful – the family’s all-time record for longevity (admittedly family records get fuzzy as you work backwards) was 92 until I came along.

我的基因并不算特別給力——在我之前，我們家族最長(zhǎng)壽的記錄是 92 歲（雖然越往上追溯，記錄就越模糊）。

But I have had wise, friendly and dedicated Omaha doctors, starting with Harley Hotz, and continuing to this day.

但我一生都有聰明、友善、敬業(yè)的奧馬哈醫(yī)生照顧我——從哈利·霍茨（Harley Hotz）開(kāi)始，一直到今天。

At least three times, my life has been saved, each with doctors based within a few miles from my home. (I have given up fingerprinting nurses, however. You can get away with many eccentricities at 95 . . . . . but there are limits.)

至少有三次，是幾英里內(nèi)的醫(yī)生救了我的命。（不過(guò)，我早已放棄給護(hù)士按指紋的習(xí)慣。在 95 歲，你可以被原諒很多古怪的舉動(dòng)……但總有界限。）

Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it.

能活到老年的人，都需要巨大的好運(yùn)——每天都要躲過(guò)香蕉皮、天災(zāi)、酒駕、分心司機(jī)、雷擊……各種意外。

But Lady Luck is fickle and – no other term fits – wildly unfair.

但“幸運(yùn)女神”反復(fù)無(wú)常——沒(méi)有更貼切的詞——她極不公平。

In many cases, our leaders and the rich have received far more than their share of luck – which, too often, the recipients prefer not to acknowledge.

很多時(shí)候，權(quán)貴與富人分得了遠(yuǎn)超應(yīng)有份額的好運(yùn)——而他們往往并不愿承認(rèn)。

Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted.

那些生于富貴之家的人，一出生就終身財(cái)務(wù)自由；而另一些人一開(kāi)始就面對(duì)地獄般的處境，甚至被身體或精神的殘缺剝奪了我視為理所當(dāng)然的一切。

In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse.

在世界上許多人口稠密的地區(qū)，如果我生在那里，我的人生可能極為悲慘，而我姐妹們的處境會(huì)更糟。

I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck.

我生于 1930 年——身體健康，智商尚可，是個(gè)白人男性，還生在美國(guó)。哇！謝謝你，幸運(yùn)女神。

My sisters had equal intelligence and better personalities than I but faced a much different outlook. Lady Luck continued to drop by during much of my life, but she has better things to do than work with those in their 90s. Luck has its limits.

我的姐妹們同樣聰明，性格比我更好，但她們面對(duì)的世界截然不同。幸運(yùn)女神在我人生的大部分時(shí)間里眷顧過(guò)我，但她不會(huì)永遠(yuǎn)守在九十多歲的老人身邊。運(yùn)氣，總有極限。

Father Time, to the contrary, now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as “wins.”

而“時(shí)間之父”恰恰相反——我越老，他越感興趣。他從未輸過(guò)；對(duì)他而言，每個(gè)人最終都記在他的“勝場(chǎng)”里。

When balance, sight, hearing and memory are all on a persistently downward slope, you know Father Time is in the neighborhood.

當(dāng)平衡、視力、聽(tīng)力、記憶都在持續(xù)下滑時(shí)，你就知道，“時(shí)間老人”已經(jīng)走到你家門口了。

I was late in becoming old – its onset materially varies – but once it appears, it is not to be denied.

我“變老”得比多數(shù)人晚——衰老的來(lái)臨因人而異——但一旦它出現(xiàn)，就無(wú)法拒絕。

To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.

出乎意料地，我總體感覺(jué)還不錯(cuò)。雖然走得慢、看書也越來(lái)越吃力，但我依然每周五天在辦公室，與一群出色的人共事。

Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received. Because of Berkshire’s size and because of market levels, ideas are few – but not zero.

偶爾，我還能有些有用的想法，或者有人帶來(lái)我們本不會(huì)遇到的機(jī)會(huì)。鑒于伯克希爾的規(guī)模和市場(chǎng)的環(huán)境，這樣的機(jī)會(huì)雖不多——但也不是零。

My unexpected longevity, however, has unavoidable consequences of major importance to my family and the achievement of my charitable objectives. Let’s explore them.

然而，我出乎意料的長(zhǎng)壽，帶來(lái)了對(duì)家族與慈善目標(biāo)都極為重要、不可回避的后果。讓我們來(lái)談?wù)勥@些。

What Comes Next

接下來(lái)會(huì)發(fā)生什么

My children are all above normal retirement age, having reached 72, 70 and 67.

我的三個(gè)孩子如今都已超過(guò)一般的退休年齡——分別是 72 歲、70 歲和 67 歲。

It would be a mistake to wager that all three – now at their peak in many respects – will enjoy my exceptional luck in delayed aging.

若認(rèn)為他們?nèi)艘材芟裎乙粯有疫\(yùn)地延緩衰老，那就錯(cuò)了。

To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations.

為了讓他們能在備用受托人接任前處理完我?guī)缀跞康倪z產(chǎn)，我必須加快向他們?nèi)一饡?huì)的生前捐贈(zèng)。

My children are now at their prime in respect to experience and wisdom but have yet to enter old age. That “honeymoon” period will not last forever.

他們現(xiàn)在正處于經(jīng)驗(yàn)與智慧最成熟的時(shí)期，但還未進(jìn)入老年。這段“蜜月期”不會(huì)永遠(yuǎn)持續(xù)。

Fortunately, a course correction is easy to execute. There is, however, one additional factor to consider: I would like to keep a significant amount of “A” shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed.

幸運(yùn)的是，這個(gè)調(diào)整并不難執(zhí)行。不過(guò)還有一個(gè)因素要考慮：我希望繼續(xù)持有相當(dāng)數(shù)量的伯克希爾 A 股，直到股東們對(duì)格雷格（Greg Abel）的信任能達(dá)到當(dāng)年他們對(duì)我和查理的程度。

That level of confidence shouldn’t take long. My children are already 100% behind Greg as are the Berkshire directors.

這種信任的建立不會(huì)太久。我的孩子們和伯克希爾董事們一樣，已完全支持格雷格。

All three children now have the maturity, brains, energy and instincts to disburse a large fortune.

我的三個(gè)孩子現(xiàn)在都有足夠的成熟、智慧、精力與直覺(jué)去管理并捐贈(zèng)巨額財(cái)富。

They will also have the advantage of being above ground when I am long gone and, if necessary, can adopt policies both anticipatory and reactive to federal tax policies or other developments affecting philanthropy.

等我離世后，他們?nèi)曰钪芨`活地應(yīng)對(duì)稅收政策或慈善環(huán)境的變化。

Ruling from the grave does not have a great record, and I have never had an urge to do so.

“墳?zāi)估飯?zhí)政”的做法從來(lái)沒(méi)有好下場(chǎng)，我也從未有過(guò)這種沖動(dòng)。

Fortunately, all three children received a dominant dosage of their genes from their mother. As the decades have passed, I have also become a better model for their thinking and behavior. I will never, however, achieve parity with their mother.

幸運(yùn)的是，三個(gè)孩子主要繼承了他們母親的基因。幾十年來(lái)，我也在不斷成為他們思想與行為上的更好榜樣，但我永遠(yuǎn)趕不上他們母親。

My children have three alternate trustees in case of any premature deaths or disabilities. The alternates are not ranked or tied to a specific child. All three are exceptional humans and wise in the ways of the world. They have no conflicting motives.

我還為他們指定了三位備用受托人，以防意外。三人不分先后，也不隸屬于哪一個(gè)孩子。他們都是杰出的人，通達(dá)世事，沒(méi)有利益沖突。

I have assured my children that they do not need to perform miracles nor fear failures or disappointments.

我告訴孩子們，他們不必創(chuàng)造奇跡，也不必害怕失敗與失望。

These are inevitable, and I have made my share.

這些都是人生常態(tài)，我自己也經(jīng)歷過(guò)不少。

They simply need to improve somewhat upon what generally is achieved by government activities and/or private philanthropy, recognizing these other methods of redistribution of wealth have shortcomings as well.

他們只需做得比政府或一般私人慈善更好一點(diǎn)——畢竟，那些財(cái)富再分配機(jī)制本身也并不完美。

If my children simply do a decent job, they can be certain that their mother and I would be pleased.

只要他們做得像樣一些，他們母親和我都會(huì)感到欣慰。

Their instincts are good and they each have had years of practice with very small sums initially that have been irregularly increased to more than $500 million annually.

他們的直覺(jué)很好，從小額資金開(kāi)始，逐步積累經(jīng)驗(yàn)，如今每年已能管理超過(guò) 5 億美元的捐贈(zèng)。

All three like working long hours to help others, each in their own way.

他們都喜歡長(zhǎng)時(shí)間為他人努力——方式各不相同，但精神一致。

The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects.

我加快對(duì)孩子基金會(huì)的生前捐贈(zèng)，并不代表我對(duì)伯克希爾前景的看法有任何改變。

Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO.

格雷格·阿貝爾完全兌現(xiàn)了我當(dāng)初對(duì)他作為伯克希爾下一任 CEO 的高期望。

He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider.

他對(duì)我們?cè)S多業(yè)務(wù)和員工的了解，已超過(guò)現(xiàn)在的我，而且對(duì)其他 CEO 甚至不會(huì)注意的領(lǐng)域，他學(xué)習(xí)得極快。

I can’t think of a CEO, consultant, academic, or government official I’d choose over Greg to handle your savings and mine.

我想不出有哪位 CEO、顧問(wèn)、學(xué)者或政府官員，比格雷格更適合管理你我的財(cái)富。

In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems.

整體而言，伯克希爾的業(yè)務(wù)前景略優(yōu)于平均水平，由幾顆不相關(guān)的“大寶石”領(lǐng)銜。

However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.

但十年、二十年后，會(huì)有不少公司表現(xiàn)超越伯克希爾——規(guī)模的龐大本身是一種負(fù)擔(dān)。

Berkshire has less chance of a devastating disaster than any business I know.

伯克希爾遭遇毀滅性打擊的概率，比我所知任何公司都低。

And Berkshire has a more shareholder-conscious management and board than almost any company I’ve seen.

而伯克希爾的管理層與董事會(huì)對(duì)股東的意識(shí)之強(qiáng)，也勝過(guò)我所見(jiàn)的幾乎所有公司。

Finally, Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant.

最后，伯克希爾永遠(yuǎn)會(huì)以一種方式經(jīng)營(yíng)，使它的存在成為美國(guó)的資產(chǎn)，而非成為乞憐于政府的企業(yè)。

Over time, our managers should grow quite wealthy – they have important responsibilities – but they do not crave dynastic or ostentatious wealth.

我們的經(jīng)理們終將相當(dāng)富有——那是責(zé)任的回報(bào)——但他們不會(huì)沉迷于炫耀或世襲的財(cái)富。

Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years under present management.

伯克希爾的股價(jià)會(huì)隨意波動(dòng)——在現(xiàn)任管理層的 60 年里，曾三次下跌約 50%。

Don’t despair; America will come back and so will Berkshire shares.

別絕望——美國(guó)會(huì)復(fù)蘇，伯克希爾的股價(jià)也會(huì)回升。

A Few Final Thoughts

一些最后的感想

One perhaps self-serving observation. I’m happy to say I feel better about the second half of my life than the first.

也許這話聽(tīng)起來(lái)有些自戀，但我很高興地說(shuō)，我對(duì)人生后半段的感覺(jué)，比前半段更好。

My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve.

我的建議是：不要為過(guò)去的錯(cuò)誤苛責(zé)自己——從中學(xué)到一點(diǎn)，然后繼續(xù)前行。提升永遠(yuǎn)不嫌晚。

Get the right heroes and copy them. You can start with Tom Murphy; he was the best.

找到正確的榜樣并效仿他們。可以從湯姆·墨菲（Tom Murphy）開(kāi)始——他是最出色的。

Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up.

記得阿爾弗雷德·諾貝爾（Alfred Nobel）嗎？據(jù)說(shuō)當(dāng)他兄弟去世時(shí)，報(bào)紙誤登了他的訃告，他親眼讀到了那篇文章。

He was horrified at what he read and realized he should change his behavior.

他對(duì)自己在報(bào)紙上看到的“名聲”感到震驚，意識(shí)到必須改變自己。

Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.

不要指望有這樣的巧合。想想你希望訃告上寫些什么，然后過(guò)一種配得上那篇文字的生活。

Greatness does not come about through accumulating great amounts of money, publicity or power. When you help someone in any of thousands of ways, you help the world.

偉大不是通過(guò)積累財(cái)富、名氣或權(quán)力得來(lái)的。只要你以無(wú)數(shù)種方式幫助他人，就是在幫助這個(gè)世界。

Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.

善良無(wú)須成本，卻無(wú)價(jià)。無(wú)論你是否信仰宗教，“己所不欲，勿施于人”的黃金法則，永遠(yuǎn)是最好的行為準(zhǔn)則。

I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however).

我寫下這些話時(shí)，心知自己曾無(wú)數(shù)次犯錯(cuò)、欠缺體恤，但我也幸運(yùn)地從一些了不起的朋友身上學(xué)會(huì)了如何做得更好（離完美還差得遠(yuǎn)）。

Keep in mind that the cleaning lady is as much a human being as the Chairman.

永遠(yuǎn)記住，清潔工與董事長(zhǎng)一樣，都是值得尊重的人。

I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change.

祝所有讀到這封信的人感恩節(jié)快樂(lè)。是的，連那些“混蛋”也一樣——改變永遠(yuǎn)不嫌晚。

Remember to thank America for maximizing your opportunities. But it is – inevitably – capricious and sometimes venal in distributing its rewards.

記得感謝美國(guó)——它給了你最大的機(jī)會(huì)。但它在分配回報(bào)時(shí)，也難免任性與功利。

Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.

慎選你的英雄，然后效法他們。你永遠(yuǎn)不會(huì)完美，但永遠(yuǎn)可以變得更好。

About Berkshire

關(guān)于伯克希爾

Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing.

伯克希爾哈撒韋公司及其子公司從事多元化業(yè)務(wù)，包括保險(xiǎn)與再保險(xiǎn)、公用事業(yè)與能源、鐵路運(yùn)輸、制造業(yè)、服務(wù)業(yè)與零售業(yè)。

Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.

公司普通股在紐約證券交易所上市，交易代碼分別為 BRK.A 與 BRK.B。

– End –

——完——