和巴菲特學點兒英文

03-05

北京時間2018年2月24日，將年滿88歲的巴菲特發表了第53封《巴菲特致股東信》(Warren Buffets Letters to Berkshire Shareholders)，在信中他介紹旗下伯克希爾哈撒韋公司（Berkshire Hathaway）2017年的運營情況和投資心態。

對投資者來說，巴菲特每年的致股東信是寶貴的學習資料。對投資沒興趣也可以用它來學學英文。這封17頁的信中有事實有原則，也有段子和詩，我們一起從中學點兒英文。

巴菲特致股東信原文鏈接：http://www.berkshirehathaway.com/letters/2017ltr.pdf
也可以下載附有我簡單標記的pdf版本：https://pan.baidu.com/s/1miXMYJA 密碼:6yrk

1. 真誠

我們可以從一篇文章的前三段來判斷這篇文章的基本風格，讀巴菲特的信，最大的感受是清楚直接，沒有模稜兩可，沒有廢話，讀起來誠意滿滿。這種風格具體表現在用數字和事實描述，不用不必要的形容詞和副詞。

我們來看前四段：

To the Shareholders of Berkshire Hathaway Inc.:
Berkshire』s gain in net worth during 2017 was $65.3 billion, which increased the per-share book value of both our Class A and Class B stock by 23%. Over the last 53 years (that is, since present management took over), per-share book value has grown from $19 to $211,750, a rate of 19.1% compounded annually.
The format of that opening paragraph has been standard for 30 years. But 2017 was far from standard: A large portion of our gain did not come from anything we accomplished at Berkshire.
The $65 billion gain is nonetheless real — rest assured of that. But only $36 billion came from Berkshire』s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the U.S. Tax Code. (Details of Berkshire』s tax-related gain appear on page K-32 and pages K-89 – K-90.)
After stating those fiscal facts, I would prefer to turn immediately to discussing Berkshire』s operations. But, in still another interruption, I must first tell you about a new accounting rule – a generally accepted accounting principle (GAAP)– that in future quarterly and annual reports will severely distort Berkshire』s net income figures and very often mislead commentators and investors.

先拿數據彙報fiscal facts，咱今年掙了多少錢，咋掙的，和往年比什麼意味著什麼。怕有些股東看不出什麼名堂來，他做了兩個"interruption"作出補充說明。

We will attempt to alleviate this problem by continuing our practice of publishing financial reports late on Friday, well after the markets close, or early on Saturday morning. That will allow you maximum time for analysis and give investment professionals the opportunity to deliver informed commentary before markets open on Monday. Nevertheless, I expect considerable confusion among shareholders for whom accounting is a foreign language.

解釋過背景知識後他提出了解決方案，以及為什麼要這麼做。最後他說：Nevertheless, I expect considerable confusion among shareholders for whom accounting is a foreign language. 該說的我都說了，你們這些不懂財務的股東還聽不懂的話我也理解。

這裡我們可以學習"something is a foreign language"這個表達，表示「對某事一竅不通」。類似的表達還有"something is (all) Greek to someone"。

2. 幽默

《紐約時報》評價巴菲特的這封信時說：Mr. Buffett』s annual letter is combed over for its investment advice and folksy wisdom as well as a few corny jokes. 我們來感受一下corny jokes。

在尋找獨立運營的公司收購時，巴菲特主要看中以下特質：長期的競爭力，高水平的管理，有形資產的良好回報，誘人的內在增長機會以及合理的價格。因此2017年他在併購上沒什麼大動作（drought of acquisitions)，對此他解釋說：

Why the purchasing frenzy? In part, it』s because the CEO job self-selects for 「can-do」 types. If Wall Street analysts or board members urge that brand of CEO to consider possible acquisitions, it』s a bit like telling your ripening teenager to be sure to have a normal sex life.
Once a CEO hungers for a deal, he or she will never lack for forecasts that justify the purchase. Subordinates will be cheering, envisioning enlarged domains and the compensation levels that typically increase with corporate size. Investment bankers, smelling huge fees, will be applauding as well. (Don』t ask the barber whether you need a haircut.) If the historical performance of the target falls short of validating its acquisition, large 「synergies」 will be forecast. Spreadsheets never disappoint.

有些CEO們就像是正值青春期荷爾蒙分泌旺盛的年輕人一樣急於證明自己，頭腦一熱，乾柴烈火一點就著。而投機銀行家們就像是理髮店裡的Tony老師們一樣，不僅鼓勵你剪髮造型，還會勸你染燙做營養...

他說：別人越大膽，咱們就該越謹慎。The less the prudence with which others conduct their affairs, the greater the prudence with which we must conduct our own. 這樣咱們才能睡個好覺，過個好年。

Our aversion to leverage has dampened our returns over the years. But Charlie and I sleep well. Both of us believe it is insane to risk what you have and need in order to obtain what you don』t need.

3. 讀首詩

巴菲特說股跌如山倒，綠燈一下子變紅燈也是可能的，誰也不知道啥時候咱們的股票會下跌，但是咱有錢沒債啥也不用怕。說到這裡他還動情地吟了首諾貝爾文學獎得主、英國詩人Kipling的《假如》：

In the next 53 years our shares (and others) will experience declines resembling those in the table. No one can tell you when these will happen. The light can at any time go from green to red without pausing at yellow.

When major declines occur, however, they offer extraordinary opportunities to those who are not handicapped by debt. That』s the time to heed these lines from Kipling』s If:
「If you can keep your head when all about you are losing theirs...
If you can wait and not be tired by waiting...
If you can think – and not make thoughts your aim...
If you can trust yourself when all men doubt you...
Yours is the Earth and everything that』s in it.」

這一段是《假如》的節選，譯成中文大概是：

如果眾人在失去理智卻歸咎與你時...
如果你能夠等待，卻不因此而厭煩...
如果你善於思索，又不只是想想而已...
如果在所有人懷疑猜忌你時...

那麼你就可以擁有整個世界及其萬物。

Kipling 「如果你在每天清晨讀一遍這首詩，你將成為高尚的人; 如果你在每晚讀一遍這首詩，你將成為聖潔的人。」推薦你也完整地讀讀這首詩:

4. 學4個表達

我們可以從文中學到很多簡潔漂亮的表達，在此只享4個。

1. 企業的發動機: engine

Let』s now move on to operations, beginning with property-casualty (「p/c」) insurance, a business I do understand and the engine that for 51 years has powered Berkshire』s growth.

保險業是Berkshire財富帝國的「基石」「搖錢樹」，在這裡巴菲特形容它是「engine」，發動機，有了它整個企業才能跑起來。我們是不是就可以說淘寶是阿里巴巴的engine？

2. 不準確，離譜：off the mark

My guess at this time is that the insured losses arising from the hurricanes are $100 billion or so. That figure, however, could be far off the mark.

「不準確」除了用inaccurate外，還可以用off the mark。咱們想說「八九不離十」就可以是Thats not off the mark.

3. 起起伏伏：surge and swoon

Stocks surge and swoon, seemingly untethered to any year-to-year buildup in their underlying value.

說到起伏咱們能想到up and down，在這裡我們學到一個類似的表達surge and swoon，surge是波濤洶湧突飛猛進，swoon表示昏倒、低迷。

4. Berkshire, it should be emphasized, has not performed brilliantly since the 2012 substitution. But brilliance wasn』t needed: After all, Berkshire』s gain only had to beat that annual .88% bond bogey – hardly a Herculean achievement.

Hercule是希臘神話中的大力神，它的形容詞是Herculean，如果一件事非常難，要耗費很多力氣和功夫，就可以稱它為a Herculean task. 在這裡hardly a Herculean achievement時說「這算不上是件難事」。

讀完整份信，最喜歡老爺子這段話：

Seizing the opportunities then offered does not require great intelligence, a degree in economics or a familiarity with Wall Street jargon such as alpha and beta. What investors then need instead is an ability to both disregard mob fears or enthusiasms and to focus on a few simple fundamentals. a willingness to look unimaginative for a sustained period — or even to look foolish — is also essential.

巴菲特真是個有趣的人啊～