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| 文件名: 巴菲特致股东信_2012.pdf | |
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BERKSHIRE HATHAWAY INC.To the Shareholders of Berkshire Hathaway Inc.:The per-share book value of both our Class A and Class B stock increased by 4.6% in 2011. Over the last 47 years (that is, since present management took over), book value has grown from $19 to $99,860, a rate of 19.8% compounded annually. *Charlie Munger, Berkshire’s Vice Chairman and my partner, and I feel good about the company’sprogress during 2011. Here are the highlights: The primary job of a Board of Directors is to see that the right people are running the business and to be sure that the next generation of leaders is identified and ready to take over tomorrow. I have been on 19 corporate boards, and Berkshire’s directors are at the top of the list in the time and diligence they have devoted to succession planning. What’s more, their efforts have paid off. As 2011 started, Todd Combs joined us as an investment manager, and shortly after yearend Ted Weschler came aboard. Both of these men have outstanding investment skills and a deep commitment to Berkshire. Each will be handling a few billion dollars in 2012, but they have the brains, judgment and character to manage our entire portfolio when Charlie and I are no longer running Berkshire. Your Board is equally enthusiastic about my successor as CEO, an individual to whom they have had a great deal of exposure and whose managerial and human qualities they admire. (We have two superb back-up candidates as well.) When a transfer of responsibility is required, it will be seamless, and Berkshire’s prospects will remain bright. More than 98% of my net worth is in Berkshire stock, all of which will go to various philanthropies. Being so heavily concentrated in one stock defies conventional wisdom. But I’m fine with this arrangement, knowing both the quality and diversity of the businesses we own and the caliber of the people who manage them. With these assets, my successor will enjoy a running start. Do not, however, infer from this discussion that Charlie and I are going anywhere; we continue to be in excellent health, and we love what we do. 免费但不免代价，回复即有精品资料等你拿！推荐大家“订阅”我的文库——注册会计师文库！ [hide][/hide]【重点关注】 考研文库入口： https://bbs.pinggu.org/forum.php?mod=collection&action=view&ctid=343 注册会计师文库入口： https://bbs.pinggu.org/forum.php?mod=collection&action=view&ctid=451 学术界文库入口： https://bbs.pinggu.org/forum.php?mod=collection&action=view&ctid=952&fromop=my 文库广场官方文库入口： https://bbs.pinggu.org/forum.php?mod=collection&action=view&ctid=1075 文库广场 点击此处创建文库 【独家发布】【2014考研全程指导（报考指南+复习大纲+复习资料+备考经验+综合信息）】 https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2236115&from^^uid=2764498 【独家发布】【德勤——企业财务报表分析】 https://bbs.pinggu.org/forum.php?mod=viewthread&tid=2414634&from^^uid=2764498 同时欢迎大家关注我的博客—— http://blog.sina.com.cn/u/1969126945 |
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