Combining savings with compound interest works wonders. At Berkshire, Charlie and I have long focused on using retained earnings advantageously. Sometimes this job has been easy - at other times, more than difficult, particularly when we began working with huge and ever-growing sums of money.

储蓄与复利的结合会创造奇迹。在伯克希尔，长期以来，我和查理一直专注于有效利用留存收益。有时这项工作很容易，有时却很困难，特别是当我们开始与数额巨大且不断增长的资金打交道时。

In our deployment of the funds we retain, we first seek to invest in the many and diverse businesses we already own. Reinvestment in productive operational assets will forever remain our top priority.

在配置我们留存的资金时，我们首先寻求投资于我们已有的多种不同业务。对生产性资产的再投资将永远是我们的首要任务。

In addition, we constantly seek to buy new businesses that meet three criteria. First, they must earn good returns on the net tangible capital required in their operation. Second, they must be run by able and honest managers. Finally, they must be available at a sensible price.

此外，我们不断寻求收购符合三个标准的新企业。首先，它们的净有形资本必须取得良好回报；其次，它们必须由能干而诚实的管理者管理；最后，它们必须以合理的价格买到。

When we spot such businesses, our preference would be to buy 100% of them. But the opportunities to make major acquisitions possessing our required attributes are rare. Far more often, a fickle stock market serves up opportunities for us to buy large, but non-controlling, positions in publicly-traded companies that meet our standards.

当我们发现这样的公司，我们的首选是购买其100%的股权。但是，能够满足我们大额收购要求的标的很少。通常情况下，变化无常的股市给我们提供了机会，让我们可以大量买进符合标准的上市公司股份（未达到控股标准）。

Whichever way we go - controlled companies or only a major stake by way of the stock market - Berkshire’s financial results from the commitment will in large part be determined by the future earnings of the business we have purchased.

无论我们采取哪种方式——控股或者通过股市购买大额股份，伯克希尔的财务业绩将在很大程度上取决于我们所购买公司的未来收益。

In our controlled companies, (defined as those in which Berkshire owns more than 50% of the shares), the earnings of each business flow directly into the operating earnings that we report to you. What you see is what you get.

在我们的控股公司中，（指那些伯克希尔持股超过50%的公司），每个公司的利润都直接进入到了我们所对你汇报的经营利润中。所见即所得。

In the non-controlled companies, in which we own marketable stocks, only the dividends that Berkshire receives are recorded in the operating earnings we report. The retained earnings? They’re working hard and creating much added value, but not in a way that deposits those gains directly into Berkshire’s reported earnings.

而在那些非控股公司中，我们持有的是可交易证券，只有伯克希尔收到的红利才会记录在我们报告的经营利润中。留存收益则在“努力工作”，创造大量的附加值，但不会将利润直接计入伯克希尔的经营利润中。

以上内容节选自《巴菲特2020年致股东信》

由数字人巴菲特播报

本视频由七华软件用人工智能技术生成