To My Fellow Shareholders:

各位股东朋友：

I will no longer be writing Berkshire’s annual report or talking endlessly at the annual meeting.

我不会再亲自撰写伯克希尔公司的年度报告，也不会再在每年的股东大会上滔滔不绝唠叨了。

Sort of.

也不完全是说我不再说话了。

Greg Abel will become the boss at yearend. He is a great manager, a tireless worker and an honest communicator. Wish him an extended tenure.

格雷格·阿贝尔将在年底正式接任公司掌门人。他是一位出色的管理者，工作不知疲倦，沟通坦诚可靠。祝他任期长久顺利！

I will continue talking to you and my children about Berkshire via my annual Thanksgiving message. Berkshire’s individual shareholders are a very special group who are unusually generous in sharing their gains with others less fortunate. I enjoy the chance to keep in touch with you. Indulge me this year as I first reminisce a bit. After that, I will discuss the plans for distribution of my Berkshire shares. Finally, I will offer a few business and personal observations.

不过呢，我还会通过每年感恩节前的这封信，继续和你们、还有我的几个子女聊聊伯克希尔公司的事。伯克希尔的个人股东群体非常特别——你们总是格外慷慨，乐于把财富分享给那些境况不如自己的人。我很珍惜能和大家保持联系的机会。在今年的感恩节前夕，请允许我先稍稍回忆一下往事，接着聊聊我持有的伯克希尔股票未来的分配计划，最后再说点商业和个人方面的感悟。

As Thanksgiving approaches, I’m grateful and surprised by my luck in being alive at 95. When I was young, this outcome did not look like a good bet. Early on, I nearly died.

感恩节快到了，想到自己95岁还能活得好好的，我既感恩又有点为我的运气惊讶。年轻时，还真不好说我大概率会长命——我小时候差点儿就没命了。

When I experienced a bad bellyache in 1938, Dr. Hotz dispatched me to St. Catherine’s Hospital for an emergency appendectomy. During the next three weeks, I felt like I was in a nunnery, and began enjoying my new “podium.” I liked to talk – yes, even then – and the nuns embraced me. To top things off, Miss Madsen, my third-grade teacher, told my 30 classmates to each write me a letter. I probably threw away the letters from the boys but read and reread those from the girls; hospitalization had its rewards.

1938年，我突然肚子疼得厉害，霍茨医生把我送到圣凯瑟琳医院做了紧急阑尾手术。接下来三周，我感觉自己仿佛住进了全是修女的修道院。但还挺享受被修女护士呵护的感受。那时候我就爱说话了，修女们也挺喜欢我。更暖心的是，我的三年级老师麦德森小姐让班上30个同学每人给我写了一封信。我大概把男同学的信都扔了，但女同学的信却反复读了好多遍——住院原来也是有福利啊！

I lived a few teenage years in Washington, DC (when my dad was in Congress) and in 1954 I took what I thought would be a permanent job in Manhattan.

十几岁时，我在华盛顿特区住过几年（那时我爸在国会任职）。1954年，我以为自己会在纽约安顿下来，找了份以为会干一辈子的工作。

New York had unique assets – and still does. Nevertheless, in 1956, after only 1½ years, I returned to Omaha, never to wander again. Subsequently, my three children, as well as several grandchildren, were raised in Omaha. My children always attended public schools (graduating from the same high school that educated my dad (class of 1921), my first wife, Susie (class of 1950) 。

纽约的确有它独特的魅力——现在依然如此。但1956年，只待了一年半，我就回到了奥马哈家乡，从此再没想过搬离家乡。后来，我的三个孩子，还有好几个孙辈，都是在奥马哈长大的。他们全都上的公立学校——跟我爸、我第一任妻子苏茜上的是同一所高中。

I feel very lucky to have had the good fortune to make many lifelong friends, to meet both of my wives, to receive a great start in education at public schools, to meet many interesting and friendly adult Omahans when I was very young, and to make a wide variety of friends in the Nebraska National Guard. In short, Nebraska has been home.

我觉得自己非常幸运：一生结交了许多挚友，遇到了两位良妻，优异的公立教育为我打下了坚实基础，年纪轻轻就认识了家乡的不少有趣又友善的成人，还在内布拉斯加州国民警卫队结识了形形色色的朋友。简而言之，内布拉斯加州就是我的家。

Looking back I feel that both Berkshire and I did better because of our base in Omaha than if I had resided anywhere else. The center of the United States was a very good place to be born, to raise a family, and to build a business. Through dumb luck, I drew a ridiculously long straw at birth.

回过头看，我觉得无论是对伯克希尔公司还是对我自己而言，扎根奥马哈都比待在其他任何地方都要好。美国中部真是个出生、成家、创业的绝佳之地。而我，纯粹靠运气，相当于一出生就抽到了一根好得离谱的命运的好签。

Those who reach old age need a huge dose of good luck, daily escaping banana peels, natural disasters, drunk or distracted drivers, lightning strikes, you name it.

人要活到高龄，其实要靠日常每天的好运气——比如能够躲开让人摔跤的香蕉皮、自然灾害、酒驾或分心的司机、雷劈……等等危险，不计其数。

I was born in 1930 healthy, reasonably intelligent, white, male and in America. Wow! Thank you, Lady Luck.

我1930年出生，身体健康、脑子还算灵光、又是白人男性，还生在美国。哇！真是得感谢幸运女神！

Father Time, to the contrary, now finds me more interesting as I age. And he is undefeated; for him, everyone ends up on his score card as “wins.” When balance, sight, hearing and memory are all on a persistently downward slope, you know Father Time is in the neighborhood. I was late in becoming old – its onset materially varies – but once it appears, it is not to be denied.

但时间老人可不讲情面。随着我的年纪越大，时间老人对我也越 “感兴趣” 了。人是抗不过时间老人的——每个生命最终都会被败在他手下。当你发现自己的平衡力、视力、听力还有记忆力都在持续下滑，你就知道，时间老人已经在你家门口转悠了。我算是较晚才开始变老的，衰老的起点因人而异，但一旦衰老进程启动，就躲不掉了。

To my surprise, I generally feel good. Though I move slowly and read with increasing difficulty, I am at the office five days a week where I work with wonderful people.

不过说来奇怪，我总体感觉其实还不错。虽然走路慢了，看书也越来越吃力，但我每周五天都去办公室，和一群很棒的同事共事。

My unexpected longevity, however, has unavoidable consequences of major importance to my family and the achievement of my charitable objectives.

但我的出人意料的长寿，也带来了一些无法回避的重大后果——关系到我的家人，也影响我慈善目标的进程。

Let’s explore them.

咱们来聊聊这些情况。

My children are all above normal retirement age, having reached 72, 70 and 67. It would be a mistake to wager that all three – now at their peak in many respects – will enjoy my exceptional luck in delayed aging. To improve the probability that they will dispose of what will essentially be my entire estate before alternate trustees replace them, I need to step up the pace of lifetime gifts to their three foundations. My children are now at their prime in respect to experience and wisdom but have yet to enter old age. That “honeymoon” period will not last forever.

我的孩子们都已超过正常退休年龄，他们的年纪分别是72岁、70岁和67岁。他们三人在许多方面都处于最佳状态，但要下决断说他们会像我一样幸运地延年益寿是不对地。为了让他们能在候补受托人接替他们之前妥善分发我几乎全部遗产，我需要加快向他们各自的基金会捐赠的步伐。我的孩子们现在正值阅历和智慧的黄金时期，但尚未步入老年。但时间老人不会让他们享有的健康 “蜜月期” 永远持续下去。

I have assured my children that they do not need to perform miracles nor fear failures or disappointments. These are inevitable, and I have made my share. They simply need to improve somewhat upon what generally is achieved by government activities and/or private philanthropy, recognizing these other methods of redistribution of wealth have shortcomings as well.

我已经告诉我的孩子们：他们不必创造奇迹，也不必害怕失败或事情不如意。这些本来就是人生常态，我自己也犯过不少错。他们只要比政府项目或传统慈善做得稍微好一点就行——当然，那些对财富进行再分配的方式本身也有短板。

If my children simply do a decent job, they can be certain that their mother and I would be pleased. Their instincts are good and they each have had years of practice with very small sums initially that have been irregularly increased to more than $500 million annually. All three like working long hours to help others, each in their own way.

我的孩子们只需要办事基本靠谱，我和他们的母亲就心满意足了。我的孩子们本性善良，而且早就开始实践了：最初只是打理一些小钱，后来逐年增加，现在每年经手的捐款总额已超5亿美元。他们三个都喜欢长时间地以各自地方式投入慈善助人的事业。

Greg Abel has more than met the high expectations I had for him when I first thought he should be Berkshire’s next CEO. He understands many of our businesses and personnel far better than I now do, and he is a very fast learner about matters many CEOs don’t even consider. I can’t think of a CEO, a management consultant, an academic, a member of government – you name it – that I would select over Greg to handle your savings and mine. My hope is that his health remains good for several decades. With a little luck, Berkshire should require only five or six CEOs over the next century. It should particularly avoid those whose goal is to retire at 65, to become look-at-me rich or to initiate a dynasty.

公司里接我的班的格雷格·阿贝尔的表现远远超出了我当初选他接任CEO时的期望。他对伯克希尔很多业务和人员的了解，已经比我深入得多。而且他学东西极快，连很多CEO根本不会去关注的事，他也在认真琢磨。我找不到任何其他CEO、管理顾问、学者、政府官员、或什么其他人，能够比格雷格更称职地打理股东和我本人的毕生积蓄。我真心希望他身体能一直健康几十年。只要再有一点点运气，伯克希尔在未来一百年可能也就只需要五六个CEO。尤其要避开那些一门心思想65岁退休、想要炫富、或者想打造家族王朝的人。

One unpleasant reality: Occasionally, a wonderful and loyal CEO of the parent or a subsidiary will succumb to dementia, Alzheimer’s or another debilitating and long-term disease. Charlie and I encountered this problem several times and failed to act. This failure can be a huge mistake. The Board must be alert to this possibility at the CEO level and the CEO must be alert to the possibility at subsidiaries. This is easier said than done; I could cite a few examples from the past at major companies. Directors should be alert and speak up is all that I can advise.

但有个不会令人愉悦的现实：偶尔，我们拥有的一家公司或其子公司的本来是优秀、忠诚的CEO会患上痴呆、阿尔茨海默症或其他长期致残疾病。查理和我就多次遇到这样的CEO，却迟迟没采取行动——这是个巨大的错误。董事会必须对各位CEO级别的管理者的健康风险保持警觉，各位CEO自己也要关注子公司管理层人员的类似问题。说起来容易做起来难——我可以举出几家大公司过去的真实例子。我唯一能建议的是：董事们要睁大眼睛，发现问题就及时发声。

During my lifetime, reformers sought to embarrass CEOs by requiring the disclosure of the compensation of the boss compared to what was being paid to the average employee.

我这一生中，看到公司治理的改革派总想通过强制披露CEO薪酬与普通员工薪酬的对比信息，来给大公司的CEO们施加道德压力。

But the good intentions didn’t work; instead they backfired. Based on the majority of my observations – the CEO of company “A” looked at his competitor at company “B” and subtly conveyed to his board that he should be worth more. Of course, he also boosted the pay of directors and was careful who he placed on the compensation committee. The new rules produced envy, not moderation. The ratcheting took on a life of its own. What often bothers very wealthy CEOs – they are human, after all – is that other CEOs are getting even richer. Envy and greed walk hand in hand. And what consultant ever recommended a serious cut in CEO compensation or board payments?

但改革派的良好愿望没换来好结果，反而适得其反。据我观察，多数情况下，甲公司的CEO从法律要求公示的材料，看到乙公司的CEO的薪酬后，就会 “委婉” 地向自家公司的董事会暗示：“我我我，我也该值更高的报酬。” 当然，这位CEO也会顺手给董事会的成员也涨薪，还精心挑选薪酬委员会成员来保障自己的薪酬如意。所以，要求公布CEO薪酬的新法律非但没能节制管理层薪资额度，反而引发了嫉妒。加薪的单向齿轮一旦转动，就只能继续向前。毕竟，再富有的CEO也是人——让他们难受是看到别的CEO的报酬更高。贪婪和嫉妒总是手拉手同行。而且，谁见过有管理咨询顾问会真心建议大幅削减CEO或董事的薪酬呢？

Berkshire has less chance of a devastating disaster than any business I know. And, Berkshire has a more shareholder-conscious management and board than almost any company with which I am familiar (and I’ve seen a lot). Finally, Berkshire will always be managed in a manner that will make its existence an asset to the United States and eschew activities that would lead it to become a supplicant. Over time, our managers should grow quite wealthy – they have important responsibilities – but do not have the desire for dynastic or look-at-me wealth.

伯克希尔是我所知所有企业中，会遭遇毁灭性经营灾难的可能性最低的公司。而且，我们的管理层和董事会对股东利益的关注度，也远超过我见过的几乎所有公司（而我见过的公司确实不少）。更重要的是，伯克希尔公司永远会以服务美国为宗旨，绝不会去做那些让公司沦为需要政府营救的乞讨者的事。时间长了，我们的管理者当然会变得富有——因为他们承担的责任重大——但他们并不追求建立家族王朝，也不是爱炫富刷存在感的人。

Our stock price will move capriciously, occasionally falling 50% or so as has happened three times in 60 years under present management. Don’t despair; America will come back and so will Berkshire shares.

我们的股价会起伏不定，偶尔还会像过去60年我管理下那样，发生三次暴跌50%的情况。别灰心，美国会复苏，伯克希尔的股价也会涨回来的。

A Few Final Thoughts

最后再唠叨几句

One perhaps self-serving observation. I’m happy to say I feel better about the second half of my life than the first. My advice: Don’t beat yourself up over past mistakes – learn at least a little from them and move on. It is never too late to improve. Get the right heroes and copy them.

我得说：我对自己人生的后半段，比前半段要满意得多。当然这是有一点自圆其说了。我的建议是：别为过去的错误过度自责，从中吸取一点教训，然后向前看。改善自己，永远不晚。选对榜样，然后向他们学习。

Remember Alfred Nobel, later of Nobel Prize fame, who – reportedly – read his own obituary that was mistakenly printed when his brother died and a newspaper got mixed up. He was horrified at what he read and realized he should change his behavior.

想想阿尔弗雷德·诺贝尔的故事吧。据说他哥哥去世时，有报纸误把他当成死者发讣告，称他为造火药杀人的商人。诺贝尔读后大为震惊，于是决定改变行为，后来设立了诺贝尔奖来为自己留下好名声。

Decide what you would like your obituary to say and live the life to deserve it.

好好想好自己的讣告希望怎么写，然后努力活成配得上那篇讣告的样子。

Greatness does not come about through accumulating great amounts of money, great amounts of publicity or great power in government. When you help someone in any of thousands of ways, you help the world. Kindness is costless but also priceless. Whether you are religious or not, it’s hard to beat The Golden Rule as a guide to behavior.

一个人的伟大，不是靠积累巨额财富、出名或担任政府高官得来的。当你用任何方式帮助他人时，你就是在帮助这个世界。善意不需要成本，却无比珍贵。无论你是否信教，希望他人怎样对待你，你就怎样对待他人。很难有比这个《黄金法则》更有教益的了。

I write this as one who has been thoughtless countless times and made many mistakes but also became very lucky in learning from some wonderful friends how to behave better (still a long way from perfect, however). Keep in mind that the cleaning lady is as much a human being as the Chairman.

写下这些话的我，也曾无数次鲁莽行事、犯过不少错误。但幸运的是，我从一些了不起的朋友那里学会了如何做得更好（虽然离完美还差得远）。永远记住：清洁工跟董事长都一样是应该尊重的人。

I wish all who read this a very happy Thanksgiving. Yes, even the jerks; it’s never too late to change. Remember to thank America for maximizing your opportunities. But it is – inevitably – capricious and sometimes venal in distributing its rewards.

祝每一位读到这封信的朋友，也包括世上的混蛋们，感恩节快乐！寻求改变自我永远不晚。要记住感谢美国，是它最大限度地给了我们机会。当然，这个国家分配社会报偿的方式有时也显得荒诞无理，甚至有点不堪。

Choose your heroes very carefully and then emulate them. You will never be perfect, but you can always be better.

要非常细心选好自己的榜样，然后努力向他们看齐。你永远不会十全十美，但你永远可以进步。