1997年股东大会 · 股东：我想把所有钱都投给你。巴菲特：很好，但不推荐。 — 文稿

M10:00

我是来自 California 州 Menlo Park 的 Eric Butler。

I'm Eric Butler from Menlo Park, California.

我有几个问题，一个比较严肃，一个没那么严肃。

A couple of questions, one serious, one not quite.

考虑到 Berkshire Hathaway 运营得很好、成本也低，而且本身就很多元化，为什么大家还要做别的配置呢？为什么不干脆把所有钱都投进 Berkshire Hathaway，而不是自己再维持一个分散投资的组合？

Considering Berkshire Hathaway is well run at low cost and is diversified, why should anyone do anything but put all their money into Berkshire Hathaway instead of maintaining a diversified portfolio?

还有，在一些多少带点歌功颂德味道的人物传记里，很明显能看出来，除了 Berkshire Hathaway 之外，你自己也还有别的投资。

And in some of these hagiographic kind of biographies, it is apparent that you have other investments yourself beyond Berkshire Hathaway.

我第二个问题是：Omaha World-Herald 每天的股票行情表里都不把 Berkshire Hathaway 列进去，这件事有什么特别含义吗？

The second question I had: is there any significance to the fact that the Omaha World-Herald does not include Berkshire Hathaway in its stock tables on any day?

这是不是说明他们不尊重利润？

Is this a sign that they do not honor profits?

M20:52

不是，他们，呃，其实是有一个单独的小表，叫 Midlands。

No, they, uh, actually they have a separate little table called Midlands.

我想那个栏目的名字叫 Midlands Investments，不过他们会挑出大概五十只这一区域的人特别关注的股票，把它们从常规的行情表里拿出来，放进这个单独的表里，通常是在第二页，呃，就紧跟在主要股票行情表后面。

I think it's entitled Midlands Investments, but they, they, they pick out about 50 stocks that are of particular interest to people in this area, and they lift those from the regular table and put it in this separate table, which is usually on a second page, uh, right following the main stock table.

所以在这件事上，他们还是给了我们应有的位置。

So they they give us our just due on that.

不过你确实得——你应该去另外那张表里看。

But you do have to— you should look in a different table for that.

呃，呃，第二个问题，说到把所有钱都投进去。

Uh, uh, second question about putting all your money in.

我有百分之九十九，呃，我的钱都放在 Berkshire 里。

I've got 99%, uh, of my money in, in, in Berkshire.

不过那是在不同的价格买的。

And but it was bought at a different price.

呃，我想 Charlie 买得也稍微更便宜一点。

Uh, and Charlie's was bought a little cheaper too, I think.

所以，你知道，我们自己是喜欢把钱都放在里面这个想法的，但我们不建议别人这么做，因为，呃，你确实会得到非常低成本的管理。

So, you know, we, we like the idea of having it all in there, but we don't recommend that people do that because it's, uh, you will get very low-cost management.

呃，我们希望，我们希望从现在往后，这个成本不会——不对，这个价格不会完全反映它的价值。

Uh, what we hope, what we hope is that from this point forward that that cost does not reflect its value.

但是，呃，你进场时的价格，是非常重要的。

But, uh, the price at which you enter is, is very important.

你买到的是一组非常棒的企业，你能得到很多出色的经营管理者，你付出的成本也非常合理，但跟过去相比，这些优点现在已经被相当广泛地认知到了，所以，人们愿意为它付出比以前更高的价格。

You do get a great group of businesses, you get a lot of great operating managers, you get very reasonable costs, but that is fairly widely recognized now compared to the past, and, and people people pay more for it than they used to.

我自己对它还是非常安心的，我想 Charlie 也是一样，不过，不过每个人都得自己判断这个价格是不是合适。

I'm still very comfortable with it, and I think Charlie's comfortable with it too, but, but everyone has to make up their own mind about, about price.

Charlie？

Charlie?

M32:24

对，最终如果这种成功持续下去，再加上更多这种带有歌功颂德意味的传记，股价就会涨到一个高得离谱的程度，到那时候再买就完全不理性了。

Yeah, eventually, if the success continues and we have more of this hagiography, the stock will get such a high price that it's no longer sensible at all to buy.

我们希望在前进的过程中，能把这个过程稍微压一压。

We hope we dampen that process as we, as we go along.

当然了，也始终存在一种相当大的可能，就是因为人生中的各种无常变化，我们达不到大家的预期。

And of course, there's always the very substantial chance that we'll just fail to meet expectations due to the vicissitudes of life.

我们把这叫做摔个大跟头。

Falling on our face is what we call it.

对。

Yes.

六区。

Zone 6.