XX年巴菲特给股东的信(英文原版)1980年巴菲特给股东的信（英文原版）berkshirehathawayinc.totheshareholdersofberkshirehathawayinc.：operatingearningsimprovedto$41.9millionin1980from$36.0millionin1979，butreturnonbeginningequitycapital（withsecuritiesvaluedatcost）fellto17.8%from18.6%.webelievethelatteryardsticktobethemostappropriatemeasureofsingle-yearmanagerialeconomicperformance.informeduseofthatyardstick，however，requiresanunderstandingofmanyfactors，includingaccountingpolicies，historicalcarryingvaluesofassets，financialleverage，andindustryconditions.inyourevaluationofoureconomicperformance，wesuggestthattwofactorsshouldreceiveyourspecialattentionforexample，wescofinancial，controlledbyberkshirebutonly48%ownedandover-simplifiedbutdidelecttojoinevenifwearethatmanagement.（wecan’tresistpausinghereforashortcommercial.oneusageofretainedearningsweoftengreetwithspecialenthusiasmwhenpracticedbycompaniesinwhichwehaveaninvestmentinterestisrepurchaseoftheirownshares.thereasoningissimple：ifafinebusinessissellinginthemarketplaceforfarlessthanintrinsicvalue，whatmorecertainormoreprofitableutilizationofcapitalcantherebethansignificantenlargementoftheinterestsofallownersatthatbargainprice。thecompetitivenatureofcorporateacquisitionactivityalmostguaranteesthepaymentofafullatleastifmeasuredbythecriterionofapositiverealinvestmentreturntoowners.this“hurdlerate”thereturnonequitythatmustbeachievedbyacorporationinordertoproduceanyrealreturnforitsindividualownerseventhoughtheyhavenotspentapennyoftheir“earnings”）.theinvestorsinthisbracketwouldactuallybebetteroffwithacombinationofstablepricesandcorporateearningsonequitycapitalofonlyafewpercent.第1页共8页explicitincometaxesalone，unaccompaniedbyanyimplicitinflationtax，nevercanturnapositivecorporatereturnintoanegativeownerreturn.（eveniftherewere90%personalincometaxratesonbothdividendsandcapitalgains，somerealincomewouldbeleftfortheowneratazeroinflationrate.）buttheinflationtaxisnotlimitedbyreportedincome.inflationratesnotfarfromthoserecentlyexperiencedcanturnthelevelofpositivereturnsachievedbyamajorityofcorporationsintonegativereturnsforallowners，includingthosenotrequiredtopayexplicittaxes.（forexample，ifinflationreached16%，ownersofthe60%plusofcorporateamericaearninglessthanthisrateofreturnwouldberealizinganegativerealreturnifhewerewillingtotakeonlyhalfofhispaycheckincash（hiswage“dividend”）andconsistentlyaddtheotherhalf（his“retainedearnings”）toasavingsaccount.neitherthishigh-savingwageearnernorthestockholderinahigh-savingcorporationwhoseannualdividendrateincreaseswhileitsrateofreturnonequityremainsflatistrulyindexed.forcapitaltobetrulyindexed，returnonequitymustrise，i.e.，businessearningsconsistentlymustincreaseinproportiontotheincreaseinthepricelevelwithoutanyneedforthebusinesstoaddtocapitalemployed.（increasedearningsproducedbyincreasedinvestmentdon’tcount.）onlyafewbusinessescomeclosetoexhibitingthisability.andberkshirehathawayisn’toneofthem.we，ofcourse，haveacorporatepolicyofreinvestingearningsforgrowth，diversityandstrength，whichhastheincidentaleffectofminimizingthecurrentimpositionofexplicittaxesonourowners.however，onaday-by-daybasis，youwillbesubjectedtotheimplicitinflationtax，andwhenyouwishtotransferyourinvestmentinberkshireintoanotherformofinvestment，orintoconsumption，youalsowillfa第2页共8页ceexplicittaxes.s...
