BRK-2025-11-12NEWS-RELEASE
解析 BRK NEWS RELEASE November 10, 2025
BERKSHIRE HATHAWAY INC. NEWS RELEASE
伯克希尔哈撒韦公司新闻发布会
FOR IMMEDIATE RELEASE November 10, 2025
2025年11月10日直接发布
Omaha, NE (BRK.A; BRK.B) –
Today, Warren E. Buffett converted 1,800 A shares into 2,700,000 B shares in order to give these B shares to four family foundations: 1,500,000 shares to The Susan Thompson Buffett Foundation and 400,000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation. These donations have been delivered today.
今天，沃伦巴菲特将1800股A股转换成270万股B股为了给予四个家庭基金会：150万股给苏珊·汤普森·巴菲特基金会以及给谢尔伍德基金会、霍华德巴菲特基金会和诺瓦基金会各40万股。这些捐赠在今天已经履行。
Mr. Buffett’s comments to his fellow shareholders follow:
巴菲特先生对他志同道合的股东们发表讲话：
To My Fellow Shareholders:
致我的同路股东们：
I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting. As the British would say, I’m “going quiet.”
我将不再写伯克希尔的年报和在年会中发表结尾讲话了。想英国人说的那样“我退出了”。
Sort of.
总之。
Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.
格雷格阿贝尔将在年末成为老板。他是一个了不起的管理者，一个不知疲倦的工作者以及一个荣耀的共和党员。希望他能长期任职。
I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you. Indulge me this year as I first reminisce a bit. After that, I will discuss the plans for distribution of my Berkshire shares. Finally, I will offer a few business and personal observations.
我会通过每年的感恩节信件，继续和你以及我的孩子讨论伯克希尔的相关情况。伯克希尔的独立股东们是个非常特别的群体，他们经常慷慨的分享他们的收益给不幸的人。我很享受和你们保持沟通的机会。今年请容许我稍作回忆。在那之后，我会详细介绍我的伯克希尔股票的捐赠计划。最后，我会分享几点生意上和个人的见解。
As Thanksgiving approaches, I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Early on, I nearly died.
随着感恩节临近，我很感恩并惊讶我可以幸运的活到95岁，当我年轻的时候，我从没想过我可以活到这个年纪，早些年，我还差点死去。
It was 1938 and Omaha hospitals were then thought of by its citizens as either Catholic or Protestant, a classification that seemed natural at the time.
那是在1938年，那时奥马哈的市民还是认为医院要么是天主教的要么是新教的，这种分类在当时非常自然。
Our family doctor, Harley Hotz, was a friendly Catholic who made house calls toting a black bag. Dr. Hotz called me Skipper and never charged much for his visits. When I experienced a bad bellyache in 1938, Dr. Hotz came by and, after probing a bit, told me I would be OK in the morning.
我们的家庭医生，哈利霍茨，是个友好的天主教徒，他经常带着黑色医药箱上门看病。霍茨医生叫我“小队长”，他从来不会收费很高。1938年我突然腹痛，霍茨医生闻讯赶来，简单检查了一下，告诉我第二天早上就没事了。
He then went home, had dinner and played a little bridge. Dr. Hotz couldn’t, however, get my somewhat peculiar symptoms out of his mind and later that night he dispatched me to St.Catherine’s Hospital for an emergency appendectomy. During the next three weeks, I felt like I was in a nunnery, and began enjoying my new “podium.” I liked to talk – yes, even then – and the nuns embraced me.
然后他回到家里吃了晚饭，打了会儿桥牌。但霍茨医生始终没法把我那些略显反常的症状从脑海里抹去，当天深夜，他就安排我住进了圣凯瑟琳医院，紧急做了阑尾切除手术。在之后的三周里，我感觉自己仿佛置身于修女院，也渐渐喜欢上了这个新的 “小讲台”。我打小就爱说话 —— 没错，那会儿就爱说 —— 修女们也都很待见我。
To top things off, Miss Madsen, my third-grade teacher, told my 30 classmates to each write me a letter. I probably threw away the letters from the boys but read and reread those from the girls; hospitalization had its rewards.
最重要的是，我的三年级老师，麦德森小姐，告诉了我我的三十个同学们每人给我写封信，我大概把男孩子们的信都扔了，但是一遍又一遍的读了女孩子们的信。住院还是有它的好处的。
The highlight of my recovery – which actually was dicey for much of the first week – was a gift from my wonderful Aunt Edie. She brought me a very professional-looking fingerprinting set, and I promptly fingerprinted all of my attending nuns. (I was probably the first Protestant kid they had seen at St. Catherine’s and they didn’t know what to expect.)
我恢复期间的高光时刻——在第一周我的情况大部分时间是不太稳定的，是我极好的艾迪姑妈给了我一个礼物。她给我买了一台看起来非常专业的指纹录入机，我几乎把所有照顾我的护士的指纹都录入了。（我大概是她们在这家天主教医院第一个面对的新教小孩，她们不知道该怎么办）
My theory – totally nutty, of course – was that someday a nun would go bad and the FBI would find that they had neglected to fingerprint nuns. The FBI and its director, J. EdgarHoover, had become revered by Americans in the 1930s, and I envisioned Mr. Hoover, himself, coming to Omaha to inspect my invaluable collection. I further fantasized that J. Edgar and I would quickly identify and apprehend the wayward nun. National fame seemed certain.
我的理论——当然完全是胡说的——在某一天一个修女将变成坏人并且FBI将会发现他们忽略了录入修女的指纹。FBI的局长胡佛在上个世纪的三十年代已经很受尊敬，我设想胡佛先生亲自来到奥马哈参观我那独特的收藏。我进一步设想胡佛局长将和我
Obviously, my fantasy never materialized. But, ironically, some years later it became clear that I should have fingerprinted J. Edgar himself as he became disgraced for misusing his post.
显然，我的幻想从未成真。但讽刺的是，多年后真相大白：我当初真该给爱德本人加录下指纹，他后来因为滥用职权身败名裂。
Well, that was Omaha in the 1930s, when a sled, a bicycle, a baseball glove and an electric train were coveted by me and my friends. Let’s look at a few other kids from that era, who grew up very nearby and greatly influenced my life but of whom I was for long unaware.
是啊，这就是1930年代的奥马哈，一辆雪橇，一个自行车，一个棒球手套和一列电动列车都是我和我的朋友们梦寐以求的。让我们看看那个年代的另外几个孩子，他们就成长在离我不远的地方，后来极大的影响了我的人生，可我却在很久之后才知道他们的存在。
I’ll begin with Charlie Munger, my best pal for 64 years. In the 1930s, Charlie lived a block away from the house I have owned and occupied since 1958.
我先从查理芒格说起，他是我这64年中最好的朋友，在1030年代，查理住的地方，离我从1958年买到现在的房子只隔了一个街区。
Early on, I missed befriending Charlie by a whisker. Charlie, 6 ⅔ years older than I, worked in the summer of 1940 at my grandfather’s grocery store, earning $2 for a 10-hour day. (Thrift runs deep in Buffett blood.) The following year I did similar work at the store, but I never met Charlie until 1959 when he was 35 and I was 28.
早年，我差点就和查理结识了，就差那么一点。查理比我大了6又2/3岁，1940年夏天，他在我祖父的杂货店里打工，一天干10个小时，赚2美元（节俭这东西深刻在巴菲特家族的血脉里）。随后的一年我也在这家商店做类似的工作，但我从没见过查理，直到1959年他35岁，我28岁。
After serving in World War II, Charlie graduated from Harvard Law and then moved permanently to California. Charlie, however, forever talked of his early years in Omaha as formative. For more than 60 years, Charlie had a huge impact on me and could not have been a better teacher and protective “big brother.” We had differences but never had an argument. “I told you so” was not in his vocabulary.
在二战服役后，查理毕业于哈佛大学法学院，随后去加州永居。但查理始终把自己早年在奥马哈的经历视为塑造人生的关键时刻。六十多年来，查理对我的影响巨大，他是我再好不过的良师，也是处处护着我的老大哥。我们之间虽有分歧，但从未有过争吵，在他的字典中，从来没有“我早就对你说过”这句话。
In 1958, I bought my first and only home. Of course, it was in Omaha, located about two miles from where I grew up (loosely defined), less than two blocks from my in-laws, about six blocks from the Buffett grocery store and a 6-7-minute drive from the office building where I have worked for 64 years.
在1958年，我买了第一个也是唯一一个房子。当然，它在奥马哈，位于我成长起来的地方仅两公里，距离我岳父母家仅两个街区，大概距离巴菲特杂货铺六七个街区，并且开车到我工作了64年的办公室仅需要六七分钟。
Let’s move on to another Omahan, Stan Lipsey. Stan sold the Omaha Sun Newspapers (weeklies) to Berkshire in 1968 and a decade later moved to Buffalo at my request. The Buffalo Evening News, owned by a Berkshire affiliate, was then locked in a battle to the death with its morning competitor who published Buffalo’s only Sunday paper. And we were losing.
让我们再来谈谈另一位奥马哈人，斯坦利普希，斯坦在1968年将奥马哈太阳报（周报）卖给了伯克希尔，十年后他答应我的要求搬去了布法罗。当时，伯克希尔旗下的布法罗晚报正在与竞争对手展开一场殊死搏斗，对方发行证布法罗唯一一份周日报纸，我们正处于下风。
Stan eventually built our new Sunday product, and for some years our paper – formerly hemorrhaging cash – earned over 100% annually (pre-tax) on our $33 million investment. This was important money to Berkshire in the early 1980s.
斯坦最终打造了新的周日报产品，在随后的几年里，这份此前还在疯狂烧钱的报纸，让我们3300万美元的投资实现了每年超过100%的税前回报率。在20世纪80年代初，这笔钱对伯克希尔意义重大。
Stan grew up about five blocks from my home. One of Stan’s neighbors was Walter Scott, Jr. Walter, you will remember, brought MidAmerican Energy to Berkshire in 1999. He was also a valued Berkshire director until his death in 2021 and a very close friend. Walter was Nebraska’s philanthropic leader for decades and both Omaha and the state carries his imprint.
斯坦在距离我五个街区的地方长大。斯坦的其中一个邻居是沃尔特斯科特，你们应该记得，沃尔特在1999年将中美能源公司带到了伯克希尔。在2021年去世前，他一直是伯克希尔备受敬重的董事，也是我非常亲密的挚友。几十年来沃尔特一直是内布拉斯加州慈善行业的领军人物，无论是奥马哈还是内布拉斯加州都留下了他深刻的印记。
Walter attended Benson High School, which I was scheduled to attend as well – until my dad surprised everyone in 1942 by beating a four-term incumbent in a Congressional race. Life is full of surprises.
沃尔特就读于本森高中，我本来也计划去这所学校，知道我父亲出人意料的在一场国会竞选中击败了一位连任四届的国会议员，让所有人都大吃一惊。人生真是充满了意外。
Wait, there’s more.
等等，还有更多。
In 1959, Don Keough and his young family lived in a home located directly across the street from my house and about 100 yards away from where the Munger family had lived. Don was then a coffee salesman but was destined to become president of Coca-Cola as well as a devoted director of Berkshire.
1959年，年轻的唐基奥和他年轻的家庭住在了我家对面，距离芒格一家曾经住过的地方只有100码远。那是唐还是一名咖啡推销员，但他后来注定会成为可口可乐的总裁，同时也是伯克希尔忠心尽责的董事。
When I met Don, he was earning $12,000 a year while he and his wife Mickie were raising five children, all destined for Catholic schools (with tuition requirements).
当我认识唐的时候，他年薪只有12000美元，却要和老婆一起抚养五个孩子，这些孩子后来都需要上天主教学校（免学费）。
Our families became fast friends. Don came from a farm in northwest Iowa and graduated from Omaha’s Creighton University. Early on, he married Mickie, an Omaha girl. After joining Coke, Don went on to become legendary around the globe.
我们的家庭很快就成了朋友。唐来自西北部的一个农村，他毕业于奥马哈克莱顿大学，早年就他娶了米奇，一位奥马哈女孩儿，之后他加入了可口可乐，唐在全球范围成了一个风云人物。
In 1985, when Don was president of Coke, the company launched its ill-fated New Coke. Don made a famous speech in which he apologized to the public and reinstated “Old” Coke. This change of heart took place after Don explained that Coke incoming mail addressed to “Supreme Idiot” was promptly delivered to his desk. His “withdrawal” speech is a classic and can be viewed on YouTube. He cheerfully acknowledged that, in truth, the Coca-Cola product belonged to the public and not to the company. Sales subsequently soared.
在1985年，当唐还是可口可乐公司CEO时，公司推出了结局惨淡的“新可乐”。唐发表了一个著名的道歉演讲，向公众致歉并且恢复了“老可乐”的销售。他后来解释说，这次态度转变的原因是：可口可乐收到了一封写给“头号蠢货的”信，而这封信立刻就被送到了他的办公桌上。这次的“认错撤回”演讲已成为经典，你可以在YouTube上看到。他坦然承认：可口可乐这款产品属于公众而不是属于公司。在那之后，销量一路飙升。
You can watch Don on CharlieRose.com in a wonderful interview. (Tom Murphy and Kay Graham have a couple of gems as well.) Like Charlie Munger, Don forever remained a Midwestern boy, enthusiastic, friendly and American to the core.
你可以在CharlieRose.com网站上观看唐的精彩采访。（汤姆墨菲和唐格雷厄姆也有几段非常珍贵的访谈片段）和查理芒格一样，唐自始至终都是那个中西部男孩，热情、友善，骨子里就是地道美国人。
Finally, Ajit Jain, born and raised in India, as well as Greg Abel, our Canadian CEO-to-be, each lived in Omaha for several years late in the 20th Century. Indeed, in the 1990s, Greg lived only a few blocks away from me on Farnam Street, though we never met at the time.
最后我要说的是，阿吉特贾恩，出生并在印度长大，以及我们未来的加拿大籍CEO格雷格阿贝尔，两人都在20世纪末在奥马哈生活了数年。事实上，在20世纪90年代，格雷格就住在弗拉姆街，离我家只有几个街区远，尽管我们从来没见过面。
Can it be that there is some magic ingredient in Omaha’s water?
难道奥马哈的水里藏着什么神奇配方吗？
I lived a few teenage years in Washington, DC (when my dad was in Congress) and in 1954 I took what I thought would be a permanent job in Manhattan. There I was treated wonderfully by Ben Graham and Jerry Newman and made many life-long friends. New York had unique assets – and still does. Nevertheless, in 1956, after only 1½ years, I returned to Omaha, never to wander again.
我在华盛顿特区度过了几年青少年时光（那是我的父亲正在国会任职），1954年我在曼哈顿找了一份我本以为能一直做下去的工作。在那里，本·格雷厄姆和杰里纽曼对我极其关照，我也结识了很多人生挚友。纽约有着独一无二的优势，至今依然如此。尽管如此，仅仅过了一年半我便回到了奥马哈，再也没有离开过。
Subsequently, my three children, as well as several grandchildren, were raised in Omaha. My children always attended public schools (graduating from the same high school that educated my dad (class of 1921), my first wife, Susie (class of 1950) as well as Charlie, Stan Lipsey, Irv and Ron Blumkin, who were key to growing Nebraska Furniture Mart, and Jack Ringwalt (class of 1923), who founded National Indemnity and sold it to Berkshire in 1967 where it became the base upon which our huge P/C operation was constructed.
后来，我的三个孩子，以及几位孙辈，都是在奥马哈长大的。我的孩子们一直就读于公立学校，并从同一所高中毕业，这所高中也培养了我的父亲（1921届），我的第一任妻子苏茜（1950届），还有查理、斯坦·利普希，欧文布鲁姆金和罗恩布鲁姆金（二人是壮大内布拉斯加家具城的核心人物），以及杰克林沃尔特（1923届）。杰克创建了国民保险公司，并在1967年将其卖给伯克希尔，这家公司也成为了我们庞大财产险业务的基石。
Our country has many great companies, great schools, great medical facilities and each definitely has its own special advantages along with talented people. But I feel very lucky to have had the good fortune to make many lifelong friends, to meet both of my wives, to receive a great start in education at public schools, to meet many interesting and friendly adult Omahans when I was very young, and to make a wide variety of friends in the Nebraska National Guard. In short, Nebraska has been home.
我们的国家有很多伟大的公司，伟大的学校，完善的医疗设施，每一处都独具优势，也汇聚着各类人才。但我非常幸运，能在此收获多位挚友，遇见我的两任妻子，接受公立学校优秀的基础教育，年少时便结识许多友善有趣的奥马哈长辈，还在内布拉斯加在结识了各种各样的朋友。总而言之，内布拉斯加州就是我的家。
Looking back I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The center of the United States was a very good place to be born, to raise a family, and to build a business. Through dumb luck, I drew a ridiculously long straw at birth.
回首往事，我深感：正是因为把根基扎在奥马哈，伯克希尔和我本人，都比我当初定居在其他任何地方要发展得更好。美国的腹地，是一个非常适合出生、成家、立业的地方。纯粹是运气好，我一出生，就抽中了一支好得离谱的上上签。
Now let’s move on to my advanced age. My genes haven’t been particularly helpful – the family’s all-time record for longevity (admittedly family records get fuzzy as you work backwards) was 92 until I came along. But I have had wise, friendly and dedicated Omaha doctors, starting with Harley Hotz, and continuing to this day. At least three times, my life has been saved, each with doctors based within a few miles from my home. (I have given up fingerprinting nurses, however. You can get away with many eccentricities at 95 . . . . . but there are limits.)
接下来聊聊我的高龄吧。我的基因其实并没特别帮忙 —— 说起来，家族档案往前翻会越来越模糊，但在我之前，家里最长寿的纪录也就 92 岁。不过，我一直遇到奥马哈那些明智、友善又尽心尽责的医生。从哈利・霍茨开始，一直到今天都是如此。我至少有三次是被他们救回性命，而每次救我的医生，诊所都离我家只有几英里远。（不过我已经放弃给护士留指纹了。到了 95 岁，很多怪癖大家都能包容…… 但总归还是有底线的。）
Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it.
人到晚年，需要极大的运气：每天都要躲过香蕉皮、天灾、酒驾或分心的司机、雷击…… 凡是你能想到的意外，都得避开。
But Lady Luck is fickle and – no other term fits – wildly unfair. In many cases, our leaders and the rich have received far more than their share of luck – which, too often, the recipients prefer not to acknowledge. Dynastic inheritors have achieved lifetime financial independence the moment they emerged from the womb, while others have arrived, facing a hell-hole during their early life or, worse, disabling physical or mental infirmities that rob them of what I have taken for granted. In many heavily-populated parts of the world, I would likely have had a miserable life and my sisters would have had one even worse.
可幸运女神向来反复无常—— 找不到更贴切的词了 —— 她极度不公平。很多时候，掌权者和富人得到的好运，早已远超他们应得的份额，而受益者却常常不愿承认。含着金汤匙出生的人，刚一落地就实现了终身财务自由；可另一些人，一降生就面对地狱般的童年，更糟的是，生来就带着身心残障，被剥夺了我早已习以为常的一切。在世界上很多人口稠密的地方，我大概率会过得凄惨，我的姐妹们只会更糟。
I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck. My sisters had equal intelligence and better personalities than I but faced a much different outlook. Lady Luck continued to drop by during much of my life, but she has better things to do than work with those in their 90s. Luck has its limits.
我 1930 年出生，健康、头脑尚可、白人、男性，还生在美国。哇！谢谢你，幸运女神。我的姐妹们和我一样聪明，性格还比我好，人生前景却截然不同。可到了 90 多岁，她显然有更重要的事要忙。运气，终究是有限度的。
Father Time, to the contrary, now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as “wins.” When balance, sight, hearing and memory are all on a persistently downward slope, you know Father Time is in the neighborhood.
相反，时光老人却随着我年纪增长，对我越来越 “感兴趣”。而他从未输过：对他而言，所有人最终都会出现在他的 “胜利名单” 上。当平衡感、视力、听力、记忆力都在持续下滑时，你就知道，时光老人就在身边。
I was late in becoming old – its onset materially varies – but once it appears, it is not to be denied.
我衰老得比较晚—— 衰老的起点因人而异 —— 可它一旦到来，就无法否认。
To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people. Occasionally, I get a useful idea or am approached with an offer we might not otherwise have received. Because of Berkshire’s size and because of market levels, ideas are few – but not zero.
但让我意外的是，我整体感觉还不错。虽然行动变慢，阅读也越来越吃力，可我每周五天都会去办公室，和一群很棒的人一起工作。偶尔，我还能冒出个有用的想法，或是接到一个我们本不会遇到的机会。受伯克希尔的体量和市场水平所限，好想法不多 —— 但也不是完全没有。
My unexpected longevity, however, has unavoidable consequences of major importance to my family and the achievement of my charitable objectives.
不过，我这出乎意料的长寿，对我的家庭、对我慈善目标的实现，都带来了一些无法避免、却至关重要的后果。
Let’s explore them.
接下来，我们就来聊聊这些事。
What Comes Next
接下来的安排
My children are all above normal retirement age, having reached 72, 70 and 67. It would be a mistake to wager that all three – now at their peak in many respects – will enjoy my exceptional luck in delayed aging. To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations. My children are now at their prime in respect to experience and wisdom but have yet to enter old age. That “honeymoon” period will not last forever.
我的孩子们都已超过正常退休年龄，分别是 72 岁、70 岁和 67 岁。如果打赌说这三位 —— 如今在很多方面都处于巅峰状态 —— 能像我一样衰老得格外缓慢，那将是个错误。为了提高他们在替代受托人接手之前，就能处置我几乎全部遗产的可能性，我需要加快在有生之年向他们三家基金会捐赠的步伐。我的孩子们现在经验与智慧都处于巅峰，但还未步入老年。这段 “黄金时期” 不会永远持续。
Fortunately, a course correction is easy to execute. There is, however, one additional factor to consider: I would like to keep a significant amount of “A” shares until Berkshire shareholders develop the comfort with Greg that Charlie and I long enjoyed. That level of confidence shouldn’t take long. My children are already 100% behind Greg as are the Berkshire directors.
幸运的是，调整方向很容易执行。不过，还有一个额外因素需要考虑：我希望在伯克希尔股东对格雷格建立起如同我和查理长期以来所拥有的那种信任之前，继续持有大量的 A 类股。这种信心的建立用不了太久。我的孩子们和伯克希尔的董事们一样，已经百分之百支持格雷格。
All three children now have the maturity, brains, energy and instincts to disburse a large fortune. They will also have the advantage of being above ground when I am long gone and, if necessary, can adopt policies both anticipatory and reactive to federal tax policies or other developments affecting philanthropy. They may well need to adapt to a significantly changing world around them. Ruling from the grave does not have a great record, and I have never had an urge to do so.
三个孩子现在都具备了支配巨额财富所需的成熟度、头脑、精力和直觉。当我离世很久之后，他们还会在世，这也是一个优势；如有必要，他们可以针对影响慈善事业的联邦税收政策或其他变化，制定前瞻性和应对性的策略。他们很可能需要适应一个变化巨大的世界。死后发号施令向来效果不佳，我也从没有过这样的冲动。
Fortunately, all three children received a dominant dosage of their genes from their mother. As the decades have passed, I have also become a better model for their thinking and behavior. I will never, however, achieve parity with their mother.
幸运的是，三个孩子从他们母亲那里继承了最主要的基因。几十年过去，我在思想和行为上也成了一个更好的榜样。但我永远无法与他们的母亲相提并论。
My children have three alternate trustees in case of any premature deaths or disabilities. The alternates are not ranked or tied to a specific child. All three are exceptional humans and wise in the ways of the world. They have no conflicting motives.
我的孩子们各有三名替代受托人，以防出现早逝或失能的情况。替代受托人没有排名，也不与某个特定子女绑定。三人都是非常优秀的人，深谙世事，没有利益冲突的动机。
I have assured my children that they do not need to perform miracles nor fear failures or disappointments. These are inevitable, and I have made my share. They simply need to improve somewhat upon what generally is achieved by government activities and/or private philanthropy, recognizing these other methods of redistribution of wealth have shortcomings as well. Early on, I contemplated various grand philanthropic plans. Though I was stubborn, these did not prove feasible. During my many years, I’ve also watched ill-conceived wealth transfers by political hacks, dynastic choices and, yes, inept or quirky philanthropists.
我向孩子们保证过，他们不必创造奇迹，也不必害怕失败或失望。这些都是不可避免的，我自己也犯过不少错。他们只需要比政府行为和 / 或私人慈善通常取得的效果稍好一些即可，要认识到这些其他的财富再分配方式也存在缺陷。早年，我设想过各种宏大的慈善计划。尽管我很固执，但这些计划最终都被证明不可行。这么多年来，我也见过政治投机者、家族继承者，以及无能或古怪的慈善家所进行的、考虑不周的财富转移。
If my children simply do a decent job, they can be certain that their mother and I would be pleased. Their instincts are good and they each have had years of practice with very small sums initially that have been irregularly increased to more than $500 million annually.
只要我的孩子们做得体面，就可以肯定，他们的母亲和我都会感到欣慰。他们的直觉很好，而且每个人都有多年的实践经验 —— 最初是很小的金额，后来不定期增加到每年超过 5 亿美元。
All three like working long hours to help others, each in their own way.
三个人都愿意长时间工作，以各自的方式帮助他人。
The acceleration of my lifetime gifts to my children’s foundations in no way reflects any change in my views about Berkshire’s prospects. Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO. He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider. I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine.
我加快在有生之年向孩子们基金会捐赠的步伐，丝毫并不代表我对伯克希尔前景的看法有任何改变。当我最初认为格雷格・阿贝尔应该成为伯克希尔下一任 CEO 时，我对他抱有很高的期望，而他完全达到了这些期望。他对我们许多业务和人员的了解，现在已经远超于我，而且他在很多 CEO 甚至都不会考虑的问题上学习速度极快。无论是 CEO、管理顾问、学者、政府官员 —— 你能想到的任何人 —— 我都不会选他们来打理你我的积蓄，而会选择格雷格。
Greg understands, for example, far more about both the upside potential and the dangers of our P/C insurance business than do a great many long-time P/C executives. My hope is that his health remains good for several decades. With a little luck, Berkshire should require only five or six CEOs over the next century. It should particularly avoid those whose goal is to retire at 65, to become lookat-me rich or to initiate a dynasty.
例如，格雷格对我们财产险业务的上行潜力和风险的理解，远比许多资深财产险高管要深刻得多。我希望他能健康地再工作几十年。运气好一点的话，下个世纪伯克希尔只需要五六位 CEO 就够了。尤其要避开那些目标是 65 岁退休、只想炫富或建立家族王朝的人。
One unpleasant reality: Occasionally, a wonderful and loyal CEO of the parent or a subsidiary will succumb to dementia, Alzheimer’s or another debilitating and long-term disease.
一个令人不快的现实：母公司或子公司某位出色且忠诚的 CEO，偶尔会陷入痴呆、阿尔茨海默病或其他长期衰弱性疾病。
Charlie and I encountered this problem several times and failed to act. This failure can be a huge mistake. The Board must be alert to this possibility at the CEO level and the CEO must be alert to the possibility at subsidiaries. This is easier said than done; I could cite a few examples from the past at major companies. Directors should be alert and speak up is all that I can advise.
查理和我曾多次遇到这个问题，却没能采取行动。这种疏忽可能是一个巨大的错误。董事会必须对 CEO 层面出现这种可能保持警惕，而 CEO 必须对子公司高管的情况保持警惕。这说起来容易做起来难；我可以举出过去几家大公司的例子。我能给出的建议只有：董事们应保持警觉并大胆发声。
During my lifetime, reformers sought to embarrass CEOs by requiring the disclosure of the compensation of the boss compared to what was being paid to the average employee. Proxy statements promptly ballooned to 100-plus pages compared to 20 or less earlier.
在我有生之年，改革派试图通过要求披露 CEO 薪酬与普通员工薪酬的对比，让 CEO 们难堪。委托书随即从以前的 20 页以内膨胀到 100 多页。
But the good intentions didn’t work; instead they backfired. Based on the majority of my observations – the CEO of company “A” looked at his competitor at company “B” and subtly conveyed to his board that he should be worth more. Of course, he also boosted the pay of directors and was careful who he placed on the compensation committee. The new rules produced envy, not moderation.
但这些善意并没有奏效，反而适得其反。根据我的大部分观察 ——A 公司的 CEO 会盯着竞争对手 B 公司的 CEO，巧妙地向董事会传达自己理应薪酬更高。当然，他也会提高董事薪酬，并谨慎挑选薪酬委员会成员。新规则催生的是嫉妒，而非节制。
The ratcheting took on a life of its own. What often bothers very wealthy CEOs – they are human, after all – is that other CEOs are getting even richer. Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?
这种薪酬螺旋式上升愈演愈烈。真正让极其富有的 CEO 们困扰的是 —— 毕竟他们也是人 —— 其他 CEO 变得更富有。嫉妒与贪婪相伴而行。又有哪个顾问会建议大幅削减 CEO 薪酬或董事报酬呢？
In aggregate, Berkshire’s businesses have moderately better-than-average prospects, led by a few non-correlated and sizable gems. However, a decade or two from now, there will be many companies that have done better than Berkshire; our size takes its toll.
总体而言，在几个互不相关、体量巨大的优质资产带动下，伯克希尔的业务前景略好于平均水平。然而，一二十年后，会有很多公司表现优于伯克希尔；我们的体量会带来拖累。
Berkshire has less chance of a devastating disaster than any business I know. And, Berkshire has a more shareholder-conscious management and board than almost any company with which I am familiar (and I’ve seen a lot). Finally, Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant. Over time, our managers should grow quite wealthy – they have important responsibilities – but do not have the desire for dynastic or look-at-me wealth.
伯克希尔遭遇毁灭性灾难的可能性，比我所知的任何企业都要小。而且，伯克希尔拥有几乎我所熟悉的所有公司中（我见过很多）最具股东意识的管理层和董事会。最后，伯克希尔的经营方式永远会让它成为美国的一份资产，并避免沦为需要求助的对象。随着时间推移，我们的管理者会变得相当富有 —— 他们肩负着重要责任 —— 但没有建立王朝或炫富的欲望。
Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years under present management. Don’t despair; America will come back and so will Berkshire shares.
我们的股价会随意波动，偶尔会下跌 50% 左右，在现任管理层管理的 60 年里已经发生过三次。不要绝望；美国会复苏，伯克希尔的股票也会。
A Few Final Thoughts
最后的几点想法
One perhaps self-serving observation. I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them. You can start with Tom Murphy; he was the best.
这里或许有一点自我感慨。我可以欣慰地说，我人生的后半生比前半生让我更满意。我的建议是：别为过去的错误苛责自己—— 从中吸取哪怕一点点教训，然后继续往前走。想要变得更好，永远都不晚。找对值得你敬佩的人，然后向他们学习。你可以从汤姆・墨菲开始，他就是最棒的榜样。
Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read and realized he should change his behavior.
记住阿尔弗雷德・诺贝尔，也就是后来设立诺贝尔奖的那位。据说，他的哥哥去世时，报纸搞错了，提前刊登了他的讣告。他读到内容后大为震惊，意识到自己必须改变人生。
Don’t count on a newsroom mix-up: Decide what you would like your obituary to say and live the life to deserve it.
别指望报社也会搞错你的讣告：先想清楚，你希望自己的讣告写些什么，然后活成配得上那段文字的样子。
Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.
伟大，并非来自积累巨额财富、博取大量曝光，或是掌握政治权力。你可以用成千上万种方式去帮助别人，每一次伸出援手，你都在让世界变得更好。善良无需成本，却是无价之宝。无论你是否有宗教信仰，黄金法则（己所不欲，勿施于人） 都是最好的行为准则。
I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however). Keep in mind that the cleaning lady is as much a human being as the Chairman.
写下这些话的我，也曾无数次考虑不周，犯过许多错误。但我足够幸运，从一些了不起的朋友身上学会了如何做得更好（当然，离完美仍差得很远）。请记住：保洁阿姨和董事长一样，都是平等的人。
I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change. Remember to thank America for maximizing your opportunities. But it is – inevitably – capricious and sometimes venal in distributing its rewards.
祝所有读到这里的人，感恩节快乐。是的，哪怕是那些一时糊涂的人—— 改变永远不嫌晚。记得感谢美国，是它给了你最大化的机会。但不可避免的是，它在分配回报时，有时任性，有时逐利。
Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.
精心选择你的榜样，然后努力成为他们那样的人。你永远无法完美，但你永远可以变得更好。
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・哈撒韦及其子公司业务多元，涵盖保险与再保险、公用事业与能源、货运铁路、制造业、服务业及零售业。公司普通股在纽约证券交易所上市，交易代码为 BRK.A 和 BRK.B。
– End –
—— 完 ——
Contact
联系方式
Marc D. Hamburg 402-346-1400