1994年股东大会 · 股东问巴菲特如何看LVMH公司，他这样回答。 — 文稿

M10:00

Buffett 先生，我是来自 Arizona 州 Mesa 的 Barry Ziskin，一直都很仰慕您。

Mr. Buffett, I'm Barry Ziskin from Mesa, Arizona, longtime admirer of yours.

我的问题是关于 Guinness 的。

Question pertains to Guinness.

我记得我在一本我非常尊重的刊物上读到过，纽约 Henry Emerson 办的《Outstanding Investor Digest》里说，早在我想大概是一九五八年或一九五九年的时候，您在 Cuba 做过一笔投资，之后在那个时候就决定再也不在美国以外投资了。

I remember reading in a publication I greatly respect, Outstanding Investor Digest by Henry Emerson in New York, that back in, I think it was '58 or '59, you made an investment in Cuba, decided never to make an investment outside the United States again at that time.

后来您又投资了 Guinness。

Have subsequently invested in Guinness.

我也是 Guinness 的投资者，另外它的姊妹公司 Louis Vuitton Moët Hennessy，我投资这两家公司已经超过五年了，顺便说一句，我对这些投资非常满意。

I'm a fellow investor in Guinness, have invested in Guinness for— and its sister company Louis Vuitton Moët Hennessy— for over 5 years, and I'm very happy with those investments, by the way.

您也知道，Guinness 和 LVMH 的关系后来做了重组，现在 Guinness 不再持有 LVMH 百分之二十四的股份了。

There's been a restructuring, as you know, of the Guinness-LVMH relationship where Guinness no longer owns 24% of LVMH.

更准确地说，它现在只持有蒸馏酒业务，或者我应该说，只持有和酒精饮料相关的业务。

Rather, it owns only its distilling, or I should say alcoholic beverage-related businesses.

对，也就是 Moët Hennessy 那一部分。

Right, the Moët Hennessy part.

如今 LVMH 的其他业务表现更好了，也就是 Louis Vuitton 箱包，还有 Christian Dior 香水。

The other parts of LVMH are showing better results these days, namely the Louis Vuitton luggage as well as the Christian Dior perfume.

他们在过去这一年里还扩展到了报纸业务，这也是您了解的一个行业。

They've also expanded into the newspaper business this past year, a business that you understand.

您有没有打算——或者说，您会不会先考虑一下，通过其他形式参与这些在 Guinness-LVMH 重组之后您现在已经不再持有的那些业务？

Do you intend to— do you look at the possibility, first of all, of participating in those businesses that you no longer own now with the restructured Guinness-LVMH deal through some other form?

M21:30

嗯，LVMH，正如你提到的，Guinness 之前持有它百分之二十四的股份。你知道，这只是我们可能买入或卖出的成千上万种证券之一。

Well, LVMH, which as you mentioned was 24% owned by Guinness, you know, that's one of thousands of securities that we could be a buyer or seller of.

所以我确实不想评论 LVMH 具体有没有吸引力，呃，或者说是不是没有吸引力。

So I really don't want to comment on LVMH's specific attractiveness, uh, or lack thereof.

至于 Guinness——我觉得 Guinness 的做法是相当合乎逻辑的。

And Guinness— I think what Guinness did was quite logical.

我的意思是，他们在那项业务里的利益，基本上主要来自它给 Guinness 自有品牌在全球分销上带来的优势，也就是和 Moët Hennessy 绑定在一起，反过来对 Moët Hennessy 也是一样。

I mean, their interest in that operation was basically through the distribution advantages that it gave to Guinness's own brands around the world to be hooked up with Moët Hennessy, and vice versa.

所以我觉得他们这么做是合乎逻辑的。

So I think what they did was logical.

至于汇率之类的问题，也就是他们拿到烈酒业务、同时放弃箱包业务、Christian Dior 以及其他一些业务，这样的交换到底划不划算，你可以自己形成判断。

You can— the question of the exchange rate and all of that, the exchange rate in terms of what they got in the spirits business versus what they gave up in the luggage businesses and Christian Dior and a few things, you can form your own opinion on that.

但我认为这个逻辑本身是成立的。

But I think the logic was sound.

不过，至于我们是否想单独投资 LVMH，本质上它和其他任何一种证券都一样，这个我们确实没法回答。

But in terms of whether we want to be in LVMH by itself, that's like any other security, which we really can't answer.

M12:35

好的。

Yes.