1997年股东大会 · 巴菲特谈伯克希尔A股与B股的转换规则 — 文稿

M10:00

两位先生，大家好。

Good day, gentlemen.

我叫 Bill Rodenberg，来自 Ohio 的 Dayton。

My name is Bill Rodenberg from Dayton, Ohio.

我是股东，我十三岁的女儿 Sarah 也是股东。

I'm a shareholder, and my daughter Sarah, who is 13, is also a shareholder.

她选择不跟我一起出这个风头。

She chose not to join me in the limelight.

我觉得对她来说，热狗更有吸引力。

I think the hot dogs had a higher appeal to her.

热狗。

Hot dogs.

我还想说，知道 Warren Uncle 和 Charlie Uncle 在帮她照看大学基金，真让人很安心。

And I would like to say that it's very reassuring to know that Uncle Warren and Uncle Charlie are taking care of her college fund.

晚上睡觉都特别踏实。

And it's easy to sleep at night.

嗯哼。

Mm-hmm.

我有两个问题，一个跟我太太问我的一个问题有关，我当时没法硬编出一个像样的答案；第二个问题跟我女儿持有的那一股 Berkshire A 有关。

I have 2 questions, one related to a question my wife asked me, which I was unable to fake a good answer to, and the second one related to my daughter's one share of Berkshire A.

我太太问我，在年报里，你提到如果外面有人有一家像 FlightSafety 那样的好公司，可以告诉你，你会很乐意看一看，并且在五分钟之内，甚至更短时间内给出答复。

My wife asked me, in the annual report, you stated that if anyone out there has a good company like FlightSafety, please let you know, and you'd be glad to look it over and give an answer within 5 minutes or less.

她的问题是，他怎么能做到这一点？

And her question is, how can he do that?

他是从哪里得到信息来做这个决定的？他又怎么知道这些信息是可靠的？

Where does he get the information to make that decision, and how does he know that that information is valid?

我的第二个问题跟我女儿有关。

My second question has to do with my daughter.

她十三岁。

She's 13.

再过五年，她就要去上大学了，可能是 UNL，也可能不是。

In 5 years, she'll be off to college, perhaps UNL, perhaps not.

不管怎么说，等她卖掉那一股股票的时候，她会面临一笔不小的资本利得税。

In any case, she's going to face significant capital gains when she sells that one share of stock.

我希望会这样。

I hope so.

你刚才提到过，而且我相信我没理解错，你说今天下午就可以用一股 A 换三十股 B。

You mentioned earlier, and I believe this is correct, you said that you could trade one share of A for 30 shares of B this afternoon.

我当时心想，等一下，我还以为这个是有时间窗口限制的。

And I thought, wait a minute, I thought there was a limited window on that.

当时这个转换生效的时候，我们正好人在国外，所以错过了吗？

We happened to be out of the country at the time that exchange took effect and we missed it?

M21:55

不是，这个转换是永久有效的。

No, the exchange exists forever.

你可以，你可以，你随时都可以把一股 A 换成三十股 B。

You can, you can, you can always exchange a share of A for 30 shares of B.

但反过来不行。

You cannot do it in reverse.

你不能把三十股 B 换成一股 A。

You cannot shift 30 shares of B into 1 share of A.

但是，但是这个并没有什么窗口期或者时间表限制。

But, but there was, there was no window or timetable on that.

A 股是永远都可以转换的。

The A stock is forever exchangeable.

换成三十股 B。我不建议她现在这么做，因为这始终都是一个选择。

For 30 shares of B. I don't recommend that she does it because it's always an option.

而且与此同时，她还能拿到由股东指定的捐款，另外 A 股的价格也始终有可能会比三十股 B 稍微高一点。

And in the meantime, she gets the shareholder-designated contribution, and there's always a chance that the A will sell at a price slightly above 30 shares of B.

这种情况不会经常发生，就算发生了，差距也不会很大。

It doesn't do it very often, and it won't be very much if it does.

但是，不过这里没有——我们不想制造一种激励，让大家把 A 股换成 B 股，不过——他们会始终有这个权利这么做。

But, but so there's no— we didn't want to create an incentive for people to, to exchange A for B, but we— they will always have the right to do so.