Buffett Partnership Letters 2024
BERKSHIRE HATHAWAY INC. NEWS RELEASE
伯克希尔・哈撒韦公司 新闻稿
FOR IMMEDIATE RELEASE
即刻发布
November 25, 2024
2025 年 11 月 25 日
Omaha, NE (BRK.A; BRK.B) –
内布拉斯加州奥马哈（BRK.A；BRK.B） -
Today, Warren E. Buffett will convert 1,600 A shares into 2,400,000 B shares in order to give these B shares to four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 300,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.
今天，沃伦・E・巴菲特将把 1600 股 A 股转换为 240 万股 B 股，以便将这些 B 股捐赠给四个家族基金会：向苏珊・汤普森・巴菲特基金会捐赠 150 万股，向舍伍德基金会、霍华德・G・巴菲特基金会和诺沃基金会各捐赠 30 万股。
Mr. Buffett’s comments to his fellow shareholders follow:
巴菲特先生向其他股东发表的评论如下：
The gifts I am making today reduce my holdings of Berkshire Hathaway Class A shares to 206,363, a 56.6% decrease since my 2006 pledge. In 2004, before Susie, my first wife, died, the two of us owned 508,998 Class A shares. For decades, we had both thought that she would outlive me and subsequently distribute the vast majority of our large fortune. That was not to be.
我今天的捐赠使得我持有的伯克希尔・哈撒韦 A 股数量减少至 206,363 股，自 2006 年我做出捐赠承诺以来减少了 56.6%。2004 年，在我的第一任妻子苏茜去世前，我们两人共持有 508,998 股 A 股。几十年来，我们都认为她会比我长寿，随后会将我们的大部分巨额财富进行分配。但事实并非如此。
When Susie died, her estate was roughly $3 billion, with about 96% of this sum going to our foundation. Additionally, she left $10 million to each of our three children, the first large gift we had given to any of them. These bequests reflected our belief that hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing.
苏茜去世时，她的遗产约为 30 亿美元，其中约 96% 捐给了我们的基金会。此外，她给我们的三个孩子每人留下了 1000 万美元，这是我们给他们的第一笔大额馈赠。这些遗赠反映了我们的信念，即非常富有的父母应该给孩子留下足够的钱，让他们能够有所作为，但又不能多到让他们无所事事。
Susie and I had long encouraged our children in small philanthropic activities and had been pleased with their enthusiasm, diligence and results. At her death, however, they were not ready to handle the staggering wealth that Berkshire shares had generated. Nevertheless, their philanthropic activities were dramatically increased by the 2006 lifetime pledge that I subsequently made and later expanded.
苏茜和我长期以来一直鼓励我们的孩子参与一些小规模的慈善活动，并且对他们的热情、勤奋和取得的成果感到满意。然而，在她去世时，孩子们还没有准备好处理伯克希尔股票所带来的巨额财富。尽管如此，我在 2006 年做出并随后扩大的终身捐赠承诺极大地促进了他们的慈善活动。
The children have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings. These now account for 99½% of my wealth.
现在，孩子们已经充分证明了我们的期望是正确的，在我去世后，他们将全权负责逐步分配我持有的所有伯克希尔股票。这些股票目前占我财富的 99.5% 。
Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit. To date, I’ve been very lucky, but, before long, he will get around to me.
时间老人总是会胜利。但他也反复无常 —— 实际上是不公平甚至残酷的 —— 有时在人出生时或出生后不久就结束其生命，而有时则会等上一个世纪左右才会降临。到目前为止，我一直非常幸运，但不久之后，他也会找到我。
There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.
然而，我有幸一直未被他注意到也有不利的一面。自 2006 年做出捐赠承诺以来，我孩子们的预期寿命已大幅缩短。他们现在分别是 71 岁、69 岁和 66 岁。
I’ve never wished to create a dynasty or pursue any plan that extended beyond the children. I know the three well and trust them completely. Future generations are another matter. Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape? Still, the massive wealth I’ve collected may take longer to deploy than my children live. And tomorrow’s decisions are likely to be better made by three live and well-directed brains than by a dead hand.
我从未想过要创建一个王朝，也从未考虑过任何超出孩子们的计划。我非常了解这三个孩子，并且完全信任他们。但后代则是另一回事。谁能预见在可能截然不同的慈善环境中，后代子孙在处理巨额财富分配时的优先事项、智慧和忠诚度呢？尽管如此，我积累的巨额财富可能需要比我孩子们的寿命更长的时间才能分配完。而且，由三个在世且思路清晰的人做出的决策，很可能比一个已离世的人做出的决策更好。
As such, three potential successor trustees have been designated. Each is well known to my children and makes sense to all of us. They are also somewhat younger than my children.
因此，我指定了三位潜在的继任受托人。我的孩子们都很了解他们，我们也都认为他们很合适。他们的年龄也比我的孩子们稍小一些。
But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets.
但这些继任者目前处于候补状态。我希望苏茜、豪伊和彼得能够亲自分配我所有的资产。
Each respects my wish that the disposition program for my holdings of Berkshire shares in no way betrays the exceptional trust Berkshire shareholders bestowed upon Charlie Munger and me. The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior. Each has overseen teams of 20-30 for many years and has observed the unique employment dynamics affecting philanthropic organizations.
他们每个人都尊重我的意愿，即我持有的伯克希尔股票的处置计划绝不能辜负伯克希尔股东给予查理・芒格和我的非凡信任。2006 年至 2024 年期间，我有机会观察我的每个孩子的行动，他们在大规模慈善事业和人类行为方面学到了很多东西。多年来，他们每个人都管理着 20 到 30 人的团队，并且了解影响慈善组织的独特就业动态。
Wealthy friends have been curious about the extraordinary confidence I have in my children and their possible alternates. They express particular surprise at my requirement that all foundation actions will require a unanimous vote. How can this be workable?
富有的朋友们一直对我对孩子们以及他们可能的替代者的高度信任感到好奇。他们对我要求所有基金会的行动都需要一致投票通过这一点尤其感到惊讶。这怎么可行呢？
I’ve explained that my children will forever be besieged with earnest requests from very sincere friends and others. A second reality: When large philanthropic gifts are requested, a “no” frequently prompts would-be grantees to ponder a different approach – another friend, a different project, whatever. Those who can distribute huge sums are forever regarded as “targets of opportunity.” This unpleasant reality comes with the territory.
我解释过，我的孩子们将永远会受到非常真诚的朋友和其他人的恳切请求的困扰。还有一个现实情况：当有人请求大额慈善捐赠时，一个 “不” 字常常会促使潜在的受赠者思考不同的途径 —— 找另一个朋友、另一个项目等等。那些能够分配巨额资金的人永远会被视为 “机会目标”。这是这个领域所带来的令人不快的现实。
Hence, the “unanimous decision” provision. That restriction enables an immediate and final reply to grant-seekers: “It’s not something that would ever receive my brother’s consent.” And that answer will improve the lives of my children.
因此，就有了 “一致决定” 的规定。这一限制使得孩子们能够立即给出最终答复：“这永远不会得到我兄弟的同意。” 而这个答案将改善我孩子们的生活。
My unanimity clause, of course, is not a panacea – it clearly isn’t workable if you have nine or ten children or stepchildren. And it doesn’t solve the daunting problem of intelligently distributing many billions annually.
当然，我的一致同意条款并非万灵药 —— 如果你有九个或十个孩子或继子女，这显然行不通。而且它也无法解决每年明智地分配数十亿美元这一艰巨问题。
I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it.
我还有一个建议给所有的父母，无论他们的财富是适度还是巨额。当你的孩子成年后，让他们在你签署遗嘱之前阅读你的遗嘱。
Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. If any have questions or suggestions, listen carefully and adopt those found sensible. You don’t want your children asking “Why?” in respect to testamentary decisions when you are no longer able to respond.
要确保每个孩子都理解你做出决定的逻辑以及你去世后他们将承担的责任。如果他们有任何问题或建议，要仔细倾听并采纳那些合理的建议。你不会希望在你无法回应时，你的孩子对遗嘱决定提出 “为什么” 的疑问。
Over the years, I have had questions or commentary from all three of my children and have often adopted their suggestions. There is nothing wrong with my having to defend my thoughts. My dad did the same with me.
多年来，我的三个孩子都提出过问题或发表过意见，我也经常采纳他们的建议。我必须为自己的想法辩护，这并没有什么不好。我的父亲也曾对我这样做过。
I change my will every couple of years – often only in very minor ways – and keep things simple. Over the years, Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry. Jealousies, along with actual or imagined slights during childhood, became magnified, particularly when sons were favored over daughters, either in monetary ways or by positions of importance.
我每隔几年就会修改一次遗嘱 —— 通常只是做一些非常小的改动 —— 并且尽量让事情简单化。多年来，查理和我看到许多家庭在遗嘱的死后指示让受益人感到困惑，有时甚至愤怒之后分崩离析。嫉妒，以及童年时期真实存在或想象中的轻视，被放大了，尤其是当儿子在金钱方面或在重要地位上比女儿更受青睐时。
Charlie and I also witnessed a few cases where a wealthy parent’s will that was fully discussed before death helped the family become closer. What could be more satisfying?
查理和我也目睹了一些案例，在这些案例中，富有的父母在去世前充分讨论过的遗嘱使家庭关系更加亲密。还有什么比这更令人满意的呢？
As I write this, I continue my lucky streak that began in 1930 with my birth in the United States as a white male. My two sisters had, of course, been explicitly promised by the 19th Amendment’s enactment in 1920 that they would be treated equally with males. This, after all, had been the message of our thirteen colonies in 1776.
在我写这篇文章时，我继续着我的幸运之旅，这始于 1930 年我作为一名美国白人男性出生。当然，我的两个姐姐在 1920 年第 19 条修正案颁布时就被明确承诺，她们将享有与男性平等的待遇。毕竟，这也是 1776 年我们十三个殖民地所传达的信息。
In 1930, however, I emerged in a country that hadn’t yet gotten around to fulfilling its earlier aspirations. Aided by Billie Jean King, Sandra Day O’Connor, Ruth Bader Ginsberg, and countless others, things began changing in the 1970s.
然而，1930 年我出生时，这个国家还没有实现它之前的愿望。在比莉・简・金、桑德拉・戴・奥康纳、露丝・巴德・金斯伯格以及无数其他人的努力下，情况在 20 世纪 70 年代开始发生变化。
So favored by my male status, very early on I had confidence that I would become rich. But in no way did I, or anyone else, dream of the fortunes that have become attainable in America during the last few decades. It has been mind-blowing – beyond the imaginations of Ford, Carnegie, Morgan or even Rockefeller. Billions became the new millions.
由于我男性的身份，我很早就相信自己会变得富有。但我和其他任何人都从未想过在过去几十年里在美国能够获得的财富规模。这令人难以置信 —— 超出了福特、卡内基、摩根甚至洛克菲勒的想象。数十亿变成了新的数百万。
Things didn’t look great when I arrived at the beginning of The Great Depression. But the real action from compounding takes place in the final twenty years of a lifetime. By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth.
当我在大萧条初期出生时，情况看起来并不乐观。但复利的真正作用是在人一生的最后二十年显现出来的。由于没有遭遇什么大的挫折，我现在 94 岁了，仍然在世，并且拥有巨额的积蓄 —— 可以把这些积蓄称为延期消费的单位 —— 这些积蓄可以传递给那些生来就命运不佳的人。
I am also lucky that my philanthropic philosophy has been enthusiastically embraced – and widened – by both of my wives. Neither I, Susie Sr. nor Astrid, who succeeded her, believed in dynastic wealth.
我也很幸运，我的慈善理念得到了我的两任妻子的热情拥护，并且得到了进一步的拓展。无论是我、苏茜（我的第一任妻子）还是接替她的阿斯特丽德，都不相信家族财富世袭。
Instead, we shared a view that equal opportunity should begin at birth and extreme “look-atme” styles of living should be legal but not admirable. As a family, we have had everything we needed or simply liked, but we have not sought enjoyment from the fact that others craved what we had.
相反，我们都认为平等的机会应该从出生时就开始，极度 “炫耀自我” 的生活方式应该是合法的，但并不值得赞赏。作为一个家庭，我们拥有了我们所需要或喜欢的一切，但我们并没有因为别人渴望我们所拥有的东西而感到快乐。
It also has been a particular pleasure to me that so many early Berkshire shareholders have independently arrived at a similar view. They have saved – lived well – taken good care of their families – and by extended compounding of their savings passed along large, sometimes huge, sums back into society. Their “claim checks” are being widely distributed to others less lucky.
让我特别高兴的是，许多早期的伯克希尔股东也独立地形成了类似的观点。他们进行了储蓄 —— 生活优渥 —— 好好照顾了自己的家人 —— 并且通过储蓄的持续复利，将大量的，有时是巨额的资金回馈给了社会。他们的 “索偿支票” 正广泛地分发给那些运气较差的人。
With this philosophy, I have lived the way I wanted to live since my late 20s, and I have now watched my children grow into good and productive citizens. They have different views in many cases from both me and their siblings but have common values that are unwavering.
秉持着这样的理念，自从我二十多岁后期以来，我一直按照自己想要的方式生活，并且现在我看着我的孩子们成长为优秀且有贡献的公民。在很多情况下，他们彼此之间以及和我的观点都有所不同，但他们有着坚定不移的共同价值观。
Susie Jr., Howie and Peter have each spent far more time directly helping others than I have. They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them.
小苏茜、豪伊和彼得直接帮助他人的时间都比我多得多。他们享受经济上的舒适，但并不痴迷于财富。他们从母亲那里学到了这些价值观，他们的母亲会为他们感到非常骄傲。
As am I.
我也是。
About Berkshire
关于伯克希尔
Berkshire Hathaway and its subsidiaries engage in diverse business activities including insurance and reinsurance, utilities and energy, freight rail transportation, manufacturing, services and retailing. Common stock of the company is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
伯克希尔・哈撒韦公司及其子公司从事多种业务活动，包括保险和再保险、公用事业和能源、货运铁路运输、制造业、服务业和零售业。该公司的普通股在纽约证券交易所上市，交易代码为 BRK.A 和 BRK.B。
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Contact
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Marc D. Hamburg
马克・D・汉堡
402-346-1400
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