巴菲特给股东的信 英文版
1975巴菲特致股东的信(英文)
巴菲特致股东的信1975To the Stockholders of Berkshire Hathaway Inc.:Last year,when discussing the prospects for1975,we stated“the outlook for1975is not encouraging.”This forecast proved to be distressingly accurate.Our operating earnings for1975 were$6,713,592,or$6.85per share,producing a return on beginning shareholders’equity of7.6%. This is the lowest return on equity experienced since1967.Furthermore,as explained later in this letter,a large segment of these earnings resulted from Federal income tax refunds which will not be available to assist performance in1976.On balance,however,current trends indicate a somewhat brighter1976.Operations and prospects will be discussed in greater detail below,under specific industry titles.Our expectation is that significantly better results in textiles,earnings added from recent acquisitions,an increase in equity in earnings of Blue Chip Stamps resulting from an enlarged ownership interest,and at least a moderate improvement in insurance underwriting results will more than offset other possible negatives to produce greater earnings in1976.The major variable—and by far the most difficult to predict with any feeling of confidence—is the insurance underwriting result.Present very tentative indications are that underwriting improvement is in prospect.If such improvement is moderate, our overall gain in earnings in1976likewise will prove moderate.More significant underwriting improvement could give us a major gain in earnings.Textile OperationsDuring the first half of1975sales of textile products were extremely depressed,resulting in major production curtailments.Operations ran at a significant loss,with employment down as much as 53%from a year earlier.In contrast with previous cyclical slumps,however,most textile producers quickly reduced production to match incoming orders,thus preventing massive industry-wide accumulation of inventories.Such cutbacks caused quite prompt reflection at the mill operating level when demand revived at retail.As a result,beginning about midyear business rebounded at a fairly rapid rate. This“V”shaped textile depression,while one of the sharpest on record,also became one of the shortest ones in our experience.The fourth quarter produced an excellent profit for our textile division,bringing results for the year into the black.On April28,1975we acquired Waumbec Mills Incorporated and Waumbec Dyeing and Finishing Co.,Inc.located in Manchester,New Hampshire.These companies have long sold woven goods into the drapery and apparel trade.Such drapery materials complement and extend the line already marketed through the Home Fabrics Division of Berkshire Hathaway.In the period prior to our acquisition,the company had run at a very substantial loss,with only about55%of looms in operation and the finishing plant operating at about50%of capacity.Losses continued on a reduced basis for a few months after acquisition.Outstanding efforts by our manufacturing, administrative and sales people now have produced major improvements,which,coupled with thegeneral revival in textiles,have moved Waumbec into a significant profit position.We expect a good level of profits from textiles in1976.Continued progress is being made in the movement of Waumbec goods into areas of traditional marketing strength of Berkshire Hathaway, productivity should improve in both the weaving and finishing areas at Manchester,and textile demand continues to firm at decent prices.We have great confidence in the ability of Ken Chace and his team to maximize our strengths in textiles.Therefore,we continue to look for ways to increase further our scale of operations while avoiding major capital investment in new fixed assets which we consider unwise,considering the relatively low returns historically earned on large scale investment in new textile equipment.Insurance UnderwritingThe property and casualty insurance industry had its worst year in history during1975.We did our share—unfortunately,even somewhat more.Really disastrous results were concentrated in auto and long-tail(contracts where settlement of loss usually occurs long after the loss event)lines.Economic inflation,with the increase in cost of repairing humans and property far outstripping the general rate of inflation,produced ultimate loss costs which soared beyond premium levels established in a different cost environment.“Social”inflation caused the liability concept to be expanded continuously,far beyond limits contemplated when rates were established—in effect, adding coverage beyond what was paid for.Such social inflation increased significantly both the propensity to sue and the possibility of collecting mammoth jury awards for events not previously considered statistically significant in the establishment of rates.Furthermore,losses to policyholders which otherwise would result from mushrooming insolvencies of companies inadequately reacting to these problems are divided through Guaranty Funds among remaining solvent insurers.These trends will continue,and should moderate any optimism which otherwise might be justified by the sharply increased rates now taking effect.Berkshire Hathaway’s insurance subsidiaries have a disproportionate concentration of business in precisely the lines which produced the worst underwriting results in1975.Such lines produce unusually high investment income and,therefore,have been particularly attractive to us under previous underwriting conditions.However,our“mix”has been very disadvantageous during the past two years and it well may be that we will remain positioned in the more difficult part of the insurance spectrum during the inflationary years ahead.The only segment to show improved results for us during1975was the“home state”operation, which has made continuous progress under the leadership of John Ringwalt.Although still operating at a significant underwriting loss,the combined ratio improved from1974.Adjusted for excess costs attributable to operations still in the start-up phase,underwriting results are satisfactory.Texas United Insurance Company,a major problem a few years ago,has made outstanding progress since George Billing has assumed command.With an almost totally new agency force,Texas United was the winner of the“Chairman’s Cup”for achievement of thelowest loss ratio among the home state companies.Cornhusker Casualty Company,oldest and largest of the home state companies,continues its outstanding operation with major gains in premium volume and a combined ratio slightly under100.Substantial premium growth is expected at the home state operation during1976;the measurement of success,however,will continue to be the achievement of a low combined ratio.Our traditional business at National Indemnity Company,representing well over half of our insurance volume,had an extraordinarily bad underwriting year in1975.Although rates were increased frequently and significantly,they continually lagged loss experience throughout the year. Several special programs instituted in the early1970s have caused significant losses,as well as a heavy drain on managerial time and energies.Present indications are that premium volume will show a major increase in1976,and we hope that underwriting results will improve.Reinsurance suffered the same problems as our direct business during1975.The same remedial efforts were attempted.Because reinsurance contract settlements lag those of direct business,it well may be that any upturn in results from our direct insurance business will precede those of the reinsurance segment.At our Home and Automobile Insurance Company subsidiary,now writing auto business only in the Cook County area of Illinois,experience continued very bad in1975resulting in a management change in October.John Seward was made President at that time,and has energetically and imaginatively implemented a completely revamped underwriting approach. Overall,our insurance operation will produce a substantial gain in premium volume during1976. Much of this will reflect increased rates rather than more policies.Under normal circumstances such a gain in volume would be welcome,but our emotions are mixed at present.Underwriting experience should improve—and we expect it to—but our confidence level is not high.While our efforts will be devoted to obtaining a combined ratio below100,it is unlikely to be attained during 1976.Insurance InvestmentsGains in investment income were moderate during1975because premium volume remained flat and underwriting losses reduced funds available for investment.Invested assets,measured at cost at yearend,were close to identical with the level at the beginning of the year.At the end of1974the net unrealized loss in the stock section of our portfolio amounted to about $17million,but we expressed the opinion,nevertheless,that this portfolio overall represented good value at its carrying value of cost.During1975a net capital loss of$2,888,000before tax credits was realized,but our present expectation is that1976will be a year of realized capital gain. On March31,1976our net unrealized gains applicable to equities amounted to about$15million. Our equity investments are heavily concentrated in a few companies which are selected based on favorable economic characteristics,competent and honest management,and a purchase price attractive when measured against the yardstick of value to a private owner.When such criteria are maintained,our intention is to hold for a long time;indeed,our largest equity investment is467,150shares of Washington Post“B”stock with a cost of$10.6million, which we expect to hold permanently.With this approach,stock market fluctuations are of little importance to us—except as they may provide buying opportunities—but business performance is of major importance.On this score we have been delighted with progress made by practically all of the companies in which we now have significant investments.We have continued to maintain a strong liquid position in our insurance companies.In last year’s annual report we explained how variations of1/10of1%in interest rates result in million dollar swings in market value of our bonds.We consider such market fluctuation of minor importance as our liquidity and general financial strength make it highly improbable that bonds will have to be sold at times other than those of our choice.BankingIt is difficult to find adjectives to describe the performance of Eugene Abegg,Chief Executive of Illinois National Bank and Trust of Rockford,Illinois,our banking subsidiary.In a year when many banking operations experienced major troubles,Illinois National continued its outstanding record.Against average loans of about$65million,net loan losses were$24,000, or.04%.Unusually high liquidity is maintained with obligations of the ernment and its agencies,all due within one year,at yearend amounting to about75%of demand deposits.Maximum rates of interest are paid on all consumer savings instruments which make up more than $2million,it consistently has generated favorable earnings.Positioned as we now are with respect to income taxes,the addition of a solid source of taxable income is particularly welcome.General ReviewYour present management assumed responsibility at Berkshire Hathaway in May,1965.At the end of the prior fiscal year(September,1964)the net worth of the Company was$22.1million,and 1,137,778common shares were outstanding,with a resulting book value of$19.46per share.Ten years earlier,Berkshire Hathaway’s net worth had been$53.4million.Dividends and stock repurchases accounted for over$21million of the decline in company net worth,but aggregate net losses of$9.8million had been incurred on sales of$595million during the decade.In1965,two New England textile mills were the company’s only sources of earning power and, before Ken Chace assumed responsibility for the operation,textile earnings had been erratic and, cumulatively,something less than zero subsequent to the merger of Berkshire Fine Spinning and Hathaway Manufacturing.Since1964,net worth has been built to$92.9million,or$94.92per share.We have acquired total,or virtually total ownership of six businesses through negotiated purchases for cash(or cash and notes)from private owners,started four others,purchased a31.5%interest in a large affiliate enterprise and reduced the number of outstanding shares of Berkshire Hathaway to979,569.Overall,equity per share has compounded at an annual rate of slightly over 15%.While1975was a major disappointment,efforts will continue to develop growing and diversified sources of earnings.Our objective is a conservatively financed and highly liquid business—possessing extra margins of balance sheet strength consistent with the fiduciary obligations inherent in the banking and insurance industries—which will produce a long term rate of return on equity capital exceeding that of American industry as a whole.Warren E.Buffett,Chairman。
某年巴菲特给股东的信英文原版
某年巴菲特给股东的信英文原版Dear Shareholders,The year 2020 was a challenging one for all of us. Along with the rest of the world, we faced an unprecedented crisis brought on by the COVID-19 pandemic. Against this backdrop, I am pleased to report that Berkshire Hathaway performed reasonably well in an extremely difficult environment.Our operating businesses demonstrated resilience and continued to deliver solid results. Our insurance operations reported underwriting gains, though these were offset by lower investment income in a low interest rate environment. We continued to invest in our various subsidiaries, and our manufacturing and service businesses continued to grow.In addition, we made several strategic investments during the year, including our purchase of a large stake in the natural gas pipeline company Dominion Energy, which we believe will create significant value for our shareholders over the long term. We also invested in various pharmaceutical companies, as we believe that this sector will continue to experience growth in the years to come.Overall, we believe that our diversification and long-term focus have helped us weather this challenging year. While thepandemic will undoubtedly have an ongoing impact on our businesses, we remain confident in our ability to navigate these obstacles and continue creating value for our shareholders over the long term.Of course, none of this would be possible without the hard work and dedication of our employees, who have shown tremendous commitment and adaptability during this challenging time. On behalf of the entire Berkshire Hathaway team, I thank them for their efforts.Looking ahead, we remain focused on seeking out attractive investment opportunities, maintaining our strong financial position, and delivering value for our shareholders. While the future is always uncertain, we remain confident in the resilience of our business model and the ability of our team to navigate whatever challenges lie ahead.Thank you for your continued support of Berkshire Hathaway.Sincerely,Warren E. Buffett。
2024年巴菲特致股东的信英文版
2024年巴菲特致股东的信英文版Dear Shareholders, I am pleased to report that Berkshire Hathaway had another successful year in 2024. Despite facing some challenges and uncertainties in the global economy, we were able to navigate through them and achieve strong results for our investors.Our operating businesses continue to perform well and generate significant cash flow. We have made severalstrategic acquisitions in various industries, bolstering our competitive position and expanding our portfolio of companies. Our investments in Apple, Amazon, and other technology companies have also continued to provide solid returns.One of the key highlights of the year was our commitmentto sustainability and environmental stewardship. We havetaken significant steps to reduce our carbon footprint andinvest in renewable energy, demonstrating our dedication to being a responsible corporate citizen.Looking ahead, we remain cautiously optimistic about the future. While there are always risks and uncertainties in the market, we believe that our diversified portfolio and strong capital position will enable us to weather any storm and continue delivering value to our shareholders.I would like to take this opportunity to thank our incredible team of employees, whose hard work and dedication have been instrumental to our success. I would also like to express my gratitude to our loyal shareholders for their continued support and trust in Berkshire Hathaway.In conclusion, I am confident that Berkshire Hathaway is well-positioned for long-term success and will continue to create value for our shareholders for many years to come.。
巴菲特致股东的信2024英文
巴菲特致股东的信2024英文Dear Shareholders, I am pleased to report that our company has continued to perform well in 2024, despite facing some challenges in the global market. Our diversified portfolio of businesses has allowed us to weather economic uncertainties and emerge stronger.One of the key highlights of the year was our successful acquisition of a leading technology company, which has expanded our presence in the digital space. This strategic move has positioned us for future growth opportunities and enhanced our capabilities in addressing the evolving needs of consumers.I am also pleased to announce that our core businesses have maintained their competitive edge in their respective industries. Our insurance and energy sectors have delivered solid financial results, while our consumer goods divisionhas seen strong demand for our products in both domestic and international markets.Looking ahead, we remain focused on optimizing our operations and driving innovation across all our businesses. We are committed to delivering long-term value to our shareholders and ensuring sustainable growth for our company.I would like to take this opportunity to thank our dedicated employees for their hard work and commitment to excellence. Their contributions have been instrumental in our success and I am confident that they will continue to drive our company forward.In closing, I want to express my gratitude to our shareholders for their continued support and confidence in our company. We are optimistic about the future and look forward to achieving greater success together.。
巴菲特致股东信2024英文
巴菲特致股东信2024英文Here is the English essay on the topic "Warren Buffett's Letter to Shareholders 2024":In the ever-evolving landscape of the global economy, one name stands tall as a beacon of financial wisdom and strategic foresight –Warren Buffett. As the revered chairman and CEO of Berkshire Hathaway, Buffett's annual letter to shareholders has become a much-anticipated event, offering a glimpse into the inner workings of his investment philosophy and the performance of the conglomerate he has so meticulously built.The year 2024 has been a remarkable one for Berkshire Hathaway, marked by a diverse array of achievements and strategic decisions that have solidified the company's position as a powerhouse in the financial world. Buffett's unwavering commitment to long-term value creation, coupled with his ability to navigate the ebbs and flows of the market, has once again proven to be a key driver of the company's success.One of the standout accomplishments of the past year has been Berkshire's continued expansion into the renewable energy sector.Recognizing the growing global demand for sustainable energy solutions, Buffett has spearheaded a series of strategic investments that have positioned the conglomerate as a major player in this rapidly evolving landscape. From the acquisition of cutting-edge solar and wind power generation facilities to the development of innovative energy storage technologies, Berkshire's foray into the renewable energy space has not only demonstrated the company's foresight but also its ability to capitalize on emerging trends.Alongside the company's renewable energy initiatives, Buffett has also been vigilant in his efforts to streamline and optimize Berkshire's vast portfolio of businesses. Through a series of strategic divestitures and acquisitions, the legendary investor has further strengthened the conglomerate's competitive edge, ensuring that each of its subsidiaries is well-positioned to thrive in their respective industries. This unwavering focus on operational efficiency and portfolio optimization has been a hallmark of Buffett's leadership, and it has continued to pay dividends for Berkshire's shareholders.One area that has garnered significant attention in Buffett's 2024 letter is the company's commitment to fostering a culture of innovation and entrepreneurship. Recognizing the importance of nurturing new ideas and disruptive technologies, Berkshire has established a dedicated venture capital arm that has invested in a diverse array of promising startups. From cutting-edge fintechsolutions to groundbreaking advancements in the field of biotechnology, these strategic investments have not only diversified Berkshire's portfolio but have also positioned the conglomerate at the forefront of the next wave of innovation.Moreover, Buffett's letter has highlighted the company's continued emphasis on responsible corporate governance and sustainable business practices. Recognizing the growing importance of environmental, social, and governance (ESG) factors in the investment landscape, Berkshire has implemented a comprehensive framework to ensure that its operations and decision-making processes are aligned with the principles of sustainability and social responsibility. This commitment to ESG has not only strengthened the company's brand reputation but has also resonated with a growing number of socially conscious investors.Perhaps one of the most remarkable aspects of Buffett's 2024 letter is his unwavering commitment to the long-term success of Berkshire Hathaway. In an era marked by short-term thinking and volatile market fluctuations, Buffett has steadfastly maintained his focus on building a resilient and enduring business that can weather the storms of economic uncertainty. Through his careful allocation of capital, his strategic partnerships, and his unwavering dedication to the principles of value investing, Buffett has continued to deliver exceptional returns for Berkshire's shareholders, solidifying theconglomerate's position as a true bastion of financial stability and growth.As the world grapples with the ongoing challenges of the post-pandemic era, Buffett's 2024 letter to shareholders serves as a testament to the enduring power of disciplined, long-term investing. With his keen insights, his unwavering commitment to excellence, and his unparalleled ability to navigate the complexities of the global economy, Buffett has once again demonstrated why he is regarded as one of the most influential and respected figures in the world of finance. As Berkshire Hathaway continues to evolve and adapt to the changing tides of the market, investors around the world will undoubtedly look to Buffett's wisdom and guidance as they chart their own paths to success.。
巴菲特致股东信2024年 英文原文
巴菲特致股东信2024年英文原文(中英文实用版)Title: Buffett's Letter to Shareholders 2024Dear Shareholders,As we step into another year of Berkshire Hathaway's journey, I am delighted to report our continued progress and achievements. The past year has been filled with challenges and opportunities, and I believe our company has navigated them effectively. In this letter, I would like to share my thoughts on our performance, the state of our businesses, and the outlook for the future.尊敬的股东们，随着伯克希尔·哈撒韦公司迈进新的一年，我很高兴地向大家报告我们持续的发展和取得的成果。
过去的一年充满了挑战和机遇，我相信我们的公司在应对这些挑战方面表现得相当出色。
在这封信中，我想谈谈我们的业绩、业务状况以及未来的展望。
Looking back, Berkshire's performance in 2024 has been satisfactory. Our revenue and earnings have shown steady growth, reflecting the strength of our diverse portfolio of businesses. I am particularly pleased with the progress made by our subsidiaries, which continue to be the driving force behind our success.回顾过去，伯克希尔在2024年的表现令人满意。
1975年巴菲特致股东的信（附英文版全文）
1975年巴菲特致股东的信（附英文版全文）致伯克希尔·哈撒韦全体股东：去年讨论公司1975年的前景时，我们预测今年的前景不是那么令人满意。
不幸的是，这个预言成真了。
1975年我们的营业利润为6,713,592美元，也就是每股收益6.85美元，初始股东权益回报率为7.6%。
这是自1967年以来最低的回报率。
然而，正如这封信后面分析的那样，营业利润中相当大的一部分来自联邦所得税退税，这并不能使1976年的业绩有所改善。
但是，权衡比较之下，目前的局势表明1976年有些事情会有所好转。
下面几个具体的行业中会有关于运营和前景的进一步分析讨论。
我们的预计是：纺织业的业绩会有明显改善，近期的收购会使得收益增加，蓝筹股的权益回报率会因所有权的扩大而提高，并且保险承保利润的增加至少可以抵消其他的不利影响，使1976年产生可观的利润。
目前最善变并且完全没有把握、难以预测的是保险承保业绩。
现在初步迹象表明，承保的前景会有所改善。
如果这方面的改善是缓慢的，那我们整体盈利的增加也会很缓慢。
保险承保业务如果可以大幅提高，那么我们的营业利润也会大量增加。
•纺织业务1975年上半年纺织品的销售下降，导致主要产品的生产缩减了。
经营损失显著，资产使用率比去年同期下降了53%。
然而，与以往的周期性衰退相比，多数纺织品生产商根据订单迅速减少了产量，因此，防止了全行业的大规模存货累积。
当零售恢复正常需求时，这种消减对工厂经营水平的影响也就显而易见了。
结果是，年中业务开始以以较快的速度回升。
这“V”字形的纺织业的衰退，是记录中最明显的一次，同时也是持续时间最短的一次。
第四季度我们的纺织部门获得了极好的利润，使全年业绩扭亏为盈。
1975 年4 月28 日，我们收购了位于新罕布什尔州曼彻斯特的Waumbec Mills Incorporated公司和Waumbec Dyeing and Finishing Co.公司。
这些公司由销售编织品发展到衣饰和服装贸易。
巴菲特2023给股东的信 英文版
巴菲特2023给股东的信英文版Warren Buffett's Letter to Shareholders 2023Dear Shareholders,I am pleased to report to you on the performance of Berkshire Hathaway in 2023. It has been another eventful and successful year for our company, and I am proud to share with you our achievements and challenges.Financial PerformanceDespite the challenging economic conditions, Berkshire Hathaway has continued to perform well in 2023. Our net income for the year was $35 billion, a 10% increase from the previous year. Our investments in various sectors such as insurance, utilities, and manufacturing have continued to yield strong returns, and we remain confident in the long-term prospects of our diversified portfolio.Investment StrategyAs you know, our investment strategy is focused on finding high-quality companies with strong fundamentals and long-term growth potential. This year, we have made significant investments in various industries, including technology,healthcare, and consumer goods. We believe that these investments will generate sustainable returns for our shareholders over the coming years.Corporate GovernanceAt Berkshire Hathaway, we believe that good corporate governance is essential to the long-term success of our company. We are committed to transparency, accountability, and ethical business practices in all aspects of our operations. Our board of directors is comprised of experienced and independent individuals who provide strategic guidance and oversight to our management team.Environmental, Social, and Governance (ESG) InitiativesIn recent years, there has been a growing awareness of the importance of ESG factors in investment decision-making. At Berkshire Hathaway, we are committed to integrating ESG considerations into our investment strategy and corporate operations. We are actively working to reduce our carbon footprint, promote diversity and inclusion in our workforce, and enhance our corporate governance practices.Outlook for the FutureLooking ahead, we remain optimistic about the future prospects of Berkshire Hathaway. We believe that our diversified business model, strong balance sheet, and long-term investment approach will continue to drive sustainable growth for our company and deliver value to our shareholders. As always, we are focused on creating long-term value for our shareholders and stakeholders, and we are confident that Berkshire Hathaway will continue to prosper in the years to come.In conclusion, I would like to thank you, our shareholders, for your continued support and trust in Berkshire Hathaway. Your investment in our company enables us to pursue our mission of creating long-term value for all our stakeholders. I look forward to another successful year ahead.Sincerely,Warren E. BuffettChairman and CEOBerkshire Hathaway。
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巴菲特给股东的信英文版
Dear Shareholders,
I wanted to take this opportunity to update you on the current state of Berkshire Hathaway and provide some insights into our recent activities.
Firstly, I am pleased to report that 2020 was another successful year for Berkshire Hathaway, despite the challenges brought about by the global pandemic. Our net earnings for the year were $42.5 billion, and our operating earnings were $21.9 billion. This success was largely driven by the outstanding performance of our operating businesses, as well as the improving market conditions.
Our insurance subsidiaries, in particular, had an exceptional year. Both GEICO and Berkshire Hathaway Reinsurance Group reported strong results, and we are confident in the long-term prospects of these businesses.
In addition to our operating businesses, we also made several significant investments during the year. Some of the notable investments include a substantial purchase of Apple stock, as well as new investments in Verizon Communications and Chevron Corporation. We believe that these investments align with our long-term financial goals and will continue to generate value for our shareholders in the years to come.
In terms of capital allocation, we continue to prioritize the repurchase of Berkshire Hathaway shares. In 2020, we repurchased a record $24.7 billion worth of shares, a further indication of our
confidence in the intrinsic value of our company. We will continue to pursue this strategy in the future, as long as we believe that repurchases represent good value for our shareholders.
Looking ahead, we remain optimistic about the future prospects of Berkshire Hathaway. Our strong balance sheet, diversified portfolio, and talented management team position us well to navigate any challenges that may come our way. We will continue to seek out attractive investment opportunities and grow our businesses organically in order to create long-term value for our shareholders.
Lastly, I want to express my gratitude to you, our shareholders, for your ongoing support and confidence in Berkshire Hathaway. We are committed to delivering on our promises and working tirelessly to generate superior returns for all of our shareholders.
Sincerely,
Warren Buffett。