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2012年股东大会 · 结婚后还想着要改变对方的想法是愚蠢的,投资也是

28 段 · 2 位说话人 · 原片 2:54
F1
F10:00

这个问题来自 Colorado 州 Boulder 的 David Schirmerhorn。他写道,Berkshire Hathaway 在其他几家上市公司里有相当大笔的投资。

This question comes from David Schirmerhorn in Boulder, Colorado, and he writes that Berkshire Hathaway has several substantial investments in other publicly traded companies.

作为股东,Berkshire 每年都有权就一些事项投票,比如董事选举、高管薪酬的咨询性表决、股票期权计划的批准,等等。

As a shareholder, Berkshire is entitled to annually cast votes on matters such as election of directors, advisory vote on executive compensation, approval of stock option plans, and so forth.

所以你们能不能讲讲,在决定怎么对这些公司的持股投票时,你们是怎么思考、怎么做决定的?

So could you tell us what goes into your thinking and decisions with respect to how you vote our shares in these companies?
M1
M10:28

对,我们几乎从来没有投票反对管理层,不过也有过那么几次。

Yeah, we virtually never have voted against management, but we've done it a couple of times.

有过一——

There have been a—.
F1
F10:39

对,五十年里。

Yeah, in 50 years.
M1
M10:41

对,有过几次是这样:比如在股票期权费用化这个问题被拿出来表决的时候,或者如果有某次特别离谱的期权授予之类的情况,我们可能会投反对票。但我们的总体感觉是,当我们是某家公司大股东的时候,我们当然通常是喜欢这门生意的,也通常是喜欢这家管理层的。

Yeah, there have been a couple of times when we thought on the question of stock option expensing, when that was put on a ballot, and if there may have been a particularly egregious option grant or something, we might have voted against, but our general feeling is that when we're a large shareholder of a company, that we certainly generally like the business, we generally like the management.

我们也明白,很多情况下,他们不会百分之百认同我们的看法,可能只认同百分之九十,或者百分之八十。

We realize that they're not going to subscribe to our views 100%, in many cases 90% or 80%.

这并不意味着我们觉得他们是坏人,或者别的什么。

It doesn't mean we think they're bad people or anything.

只是他们有不同的——他们某种程度上是在参考别处的做法来判断,而且他们完全是很正派的人,只不过他们思考问题的方式跟我们不完全一样。

They just have a different— they're sort of judging by behavior elsewhere, and they're perfectly decent people, but they don't think about things exactly the same way we do.

但这并不妨碍我们持有这门生意很大一块股份。

But that doesn't rule out owning a big piece of the business.

而且我们不是那种想去改变别人的人。

And we are not in the business of trying to change people.

就算我们买下的是整个公司,我们也不会试图去改变别人。

We don't try and change people when we buy the entire business.

对。

Right.

我们觉得,那就像跟一个人结婚是为了改变他一样。

We think it's like marrying somebody to change them.

那样通常都不会有什么好结果。

It just doesn't work very well.
F1
F11:49

对孩子也一样,不太行得通。

It doesn't work very well with children either.
M1
M11:54

对。

No.

我们知道,我们自己也不希望别人为了改变我们而跟我们结婚,所以我的意思是,我们也不会这么做。

We know we don't want anybody to marry us to change us, so I mean, we're not going to do it.

我们基本上就是接受人本来的样子。

We accept people the way they come, pretty much.

这并不是说我们会决定跟任何人打交道,但我们也不会指望每个人都变成我们的翻版。

It doesn't mean we decide we'll associate with anyone, but we don't expect everybody to be clones of us.

如果我们看到某个特别愚蠢的并购,或者某个特别过分的股票期权计划,我们可能会投反对票。

If we were to see a particularly dumb merger, a particularly egregious stock option plan, we might vote against it.

反正最后也还是会通过。

It would pass anyway.

我们不会专门发起什么反对活动,不过我们确实见过我们持有的一些公司去做一些——在我们看来非常愚蠢的交易。呃,而且通常后来证明我们是对的,呃,但我们也没法阻止他们。

We wouldn't conduct a campaign against it, but we have seen a few of our companies engage in some— what we thought were really dumb deals, and, uh, and we've usually been right, uh, but we couldn't, we couldn't stop them.

不过我们——我想我们大概对其中一两次投过反对票。

But we have— I think we voted against maybe one or two of them.

Charlie?

Charlie?
F1
F12:52

嗯,我觉得你已经都说完了。

Well, I think you've said it all.

好,Jay。

Okay, Jay.