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Buffett's Letters To Berkshire Shareholders 1992
巴菲特致股东的信 1992 年
Our per-share book value increased 20.3% during 1992. Over the last 28 years (that is, since present management took over) book value has grown from $19 to $7,745, or at a rate of 23.6% compounded annually.
1992 年本公司的净值成长了 20.3%, 总计过去 28 年以来, 也就是自从现有 经营阶层接手之后,每股净值由当初 的 19 元成长到现在的 7,745 美元, 年 复合成长率约为 23.6%. 回顾过去一年,伯克希尔的净值增加 了 15.2 亿美元, 其中 98%系来自于盈 余与投资组合的增值,剩下的 2%则 是因为发行新股的缘故,这些股份是 因为我们赎回在 1993 年 1 月 4 日所发 行的可转换特别股,其中有部份持有 人不要现金而选择领取本公司的普通 股,大部分的持有人选择在 1 月进行 转换,另外有一小部份则在去年 12 月就径行转换,总计当初我们发行总 值 4.76 亿美元的债券中,4,600 万在 一月转换, 另外 4.05 亿美元则以现金 赎回,转换价订为 11,719 美元一股, 换算下来一共发行了 6,106 股.
During the year, Berkshire's net worth increased by $1.52 billion. More than 98% of this gain came from earnings and appreciation of portfolio securities, with the remainder coming from the issuance of new stock. These shares were issued as a result of our calling our convertible debentures for redemption on January 4, 1993, and of some holders electing to receive common shares rather than the cash that was their alternative. Most holders of the debentures who converted into common waited until January to do it, but a few made the move in December and therefore received shares in 1992. To sum up what happened to the $476 million of bonds we had outstanding: $25 million were converted into shares before yearend; $46 million were converted in January; and $405 million were redeemed for cash. The conversions were made at $11,719 per share, so altogether we issued 6,106 shares. Berkshire now has 1,152,547 shares outstanding. That compares, you will be interested to know, to 1,137,778 shares outstanding on October 1, 1964, the beginning of the fiscal year during which Buffett Partnership, Ltd. acquired control of the company.
伯克希尔目前流通在外股数为 1,152,547 股,相较于 1964 年 10 月 1 日当初,巴菲特合伙取得伯克希尔控 制权时的 1,137,778 股来说, 增加的股 数实属有限. 对于发行新股我们有相当严格的规 定,那就是除非我们确信所收到的价 值与我们付出的一致时,我们才会考 虑这样做,当然同等的价值不是那么 容易达到,因为我们一向自视甚高, 不过那又如何,除非确定公司股东的 财富也会增加,否则我们不会随便扩 大规模. 大家要知道这两个目的不一定就会自 然吻合,事实上在我们过去所举过的 例子中,有些就是看起来有趣但却是 让价值受到减损的经验,在那次经验

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