1999年股东大会 · 巴菲特：我喜欢什么样的人成为伯克希尔的股东 — 文稿

M10:00

早上好，Buffett 先生，Munger 先生。

Good morning, Mr. Buffett and Mr. Munger.

我叫 Jeff Lively，来自 Colorado 的 Denver。

My name is Jeff Lively from Denver, Colorado.

我的问题是这样的。

My question is as follows.

过去这几年里，我看到你们两位都说过，你们不会天天盯着股价，也不会特别在意 Berkshire 是涨了还是跌了。

Over the last couple of years, I've read both of you quoted as not following the stock price on a day-to-day basis, not being terribly concerned about whether Berkshire is up or down.

现在已经有分析师开始跟踪你们了。

You now have analyst coverage.

也许这是你们主动要求的，也许是你们默认接受了。

Perhaps you requested it, or perhaps you acquiesced to it.

但我的问题是，这是不是反映出你们对股价的关注，或者你们在 investor relations 方面的理念发生了什么变化？还有，你们觉得分析师覆盖会不会对股价产生什么影响？

But my question is whether this reflects any change in your attention paid to the stock price or your philosophy about investor relations, and whether you think the analyst coverage is going to have any impact on the stock price.

M20:40

股价嘛——我的意思是，我们，我们关心的是，在符合我们已经提出的另外几个原则的前提下，尽可能以最高的速度提升 Berkshire 每股的内在价值。

Stock price—I mean, we, we are concerned about building the intrinsic value per share of Berkshire at the highest rate we can, consistent with a couple of other principles that we've set forth.

而且我们非常希望，股价能维持在一个围绕内在价值、不要偏离太宽的区间里。

And we hope very much that the stock price stays in a zone that is not too wide around intrinsic value.

这个——总会有某种区间存在，因为内在价值本身也不是可以精确计算出来的。

It's—there's going to be some zone of some sort because intrinsic value itself is not precisely calculable.

另外，你也不会指望它能一分不差地完全跟着内在价值走，但我们不希望它相对于内在价值在任何一个方向上都变得太疯狂。

And in addition, you wouldn't expect it to track it penny for penny, but we don't want it to go crazy in either direction in relation to intrinsic value.

呃，当我们，呃，和 General Re 达成那笔交易的时候，就吸引了更多分析师和机构投资者的关注，因为 General Re 的股东基础里，机构投资者占了绝大多数。

Uh, when we, uh, made the deal with General Re, that attracted more analyst attention and institutional investor attention because General Re's shareholder base was overwhelmingly institutional.

所以这些机构必须决定，是继续持有这笔投资，还是把它清掉；而我们也知道，之后我们的机构持股比例会更高。

So institutions had to decide whether they were going to continue with their investment or clean it out, and we knew we would end up with more institutional ownership subsequently.

在合并会议之前，Alice Schroeder 问过我。

Alice Schroeder asked me, prior to the merger meeting.

她说会有一批机构要来参加那个会议，这一点我挺喜欢的。

She said there were a group of institutions that were coming to the meeting, which I liked.

我是说，这说明他们对自己的投资足够认真，愿意亲自来看看 Berkshire 到底是怎么回事。

I mean, the fact that they were serious enough about their investment to come and see what Berkshire was all about.

而且我想，其中有几家甚至是他们自己的董事会要求他们至少得和管理层坐下来谈一谈。

And a few of them even had a requirement, I think, from their own boards that they at least have sat down with management.

所以我们花了——我花了大概一个小时，和她组织起来、专程来到 Omaha 的那一批人见面，但那也是我和任何机构投资者最后一次接触。

So we spent—I spent an hour or so with a group that she had put together and that came to Omaha, but that's the last contact I've had with any institutional investor.

而且我们不会专门和机构投资者开什么特别会议之类的。

And we will have no special meetings with institutional investors or anything.

我的意思是，他们当然完全欢迎来参加这场会议，获取这里提供的全部信息。

I mean, they are absolutely welcome to attend this meeting to get all of the information that's dispensed.

坦率地说，我觉得有那么一两个分析师——这其实挺有用的。

I think it's very useful, frankly, to have an analyst or two that—

M12:37

对。

Yeah.

M22:40

他们非常了解 Berkshire，思路也很清晰，而且确实下了功夫做研究。

is well-versed in Berkshire and that thinks straight and does their homework.

这是一件好事，因为这样我们就不用自己去做了。

And that's a plus because it means we don't have to do it.

实际上，如果机构想找人聊这个，他们就不用来打电话给我，因为他们打给我大概也不会有什么结果。

And in effect, that if institutions want to talk to somebody about it, they don't, they don't call me because they're not gonna have much luck calling me.

他们可以，他们可以去打给 Alice，或者别的、别的愿意做这件事的分析师。

And they can, they can call Alice or some other, some other analyst that, that wants to do it.

这，这就很理想。

And that's, that's perfect.

我们有一个不拿钱的——这不算 investor relations，因为大家一提这个，往往会想到那种替你鼓吹股票的人。

We have a non-paid—it is not investor relations because that's thought of as somebody sort of pumping your stock.

不过，至少我们现在有了一个 information office，一个不拿钱的信息办公室。

Well, at least we have an information office now, a non-paid information office.

而且，你知道，这也挺符合我的天性。

And, you know, that goes along the grain of my nature.

那我们——嗯，人们会问，你们想要个人股东吗？

And we— well, people say, do you want individual owners?

你们想要机构股东吗？

Do you want institutional owners?

我们想要的是有见识的股东，他们和我们的目标、衡量标准、时间跨度，诸如此类这些方面，都是一致的。

What we want are informed owners who are in sync with our objectives, our measurements, our time horizons, all of that sort of thing.

我的意思是，我们希望这些人会觉得

I mean, we want people that are going to be comfortable

持有 Berkshire 很安心、很自在。

owning Berkshire.

我们不希望有人，呃，持有它是出于和我们不同的理由，或者说方式不同，呃，总之就是和我们持有它的理由不一样。

And we don't want people, uh, who are owning it for reasons different, in a way different, uh, that, that are different from, uh, our reasons for owning.

我们不希望有人去在意季度盈利。

We don't want people that are concerned about quarterly earnings.

我们不希望有人去在意拆股。

We don't want people who are concerned about stock splits.

我们也不希望，你知道，我们不希望有人需要我们隔三差五去给这只股票打气。

We don't, you know, we don't want people that, that need to be pumped up about the stock periodically.

呃，这对我们来说根本没什么吸引力，因为那就意味着我们以后都得一直那样活。

Uh, it's just not of interest to us because it just means we have to keep living that way in the future.

这不是我们现在想要的生活方式。

It's not the way we want to live now.

这也不是我们未来想要的生活方式。

It's not the way we want to live in the future.

我们真正想要的，是一群像今天在场各位这样的投资者，愿意坐下来阅读、思考，并且明白自己是在做一项投资。

What we really want are a bunch of people like we have in this audience who sit down and read and think and understand that they're making an investment.

所以，我们在这件事上的态度没有变化。

So there's, there's no change in our attitude about that.

变化只是在于关注度上——我们在 Wall Street 那边确实得到了一些有限的关注，我想，对于一家市值一千一百亿到一千二百亿美元的公司来说，这大概也是应该的。

There is a change in coverage in that we— there is some limited amount of coverage in Wall Street, which I guess for a company with $110 or $120 billion of market value, there should be.

我们再来一个问题，然后就休息吃午饭。

We'll have one more question, then we'll break for lunch.

我们请 Zone 7。

We'll go to Zone 7.