2月24日,伯克希尔公司发布巴菲特一年一度致股东信。
这是芒格去年11月去世后,巴菲特首封股东信。巴菲特在股东信最开头写了一篇短文纪念芒格,他称芒格是伯克希尔哈撒韦的“建筑师”,而自己则是“总承包商”,为他的愿景日复一日地进行建设。
巴菲特形容他和芒格的关系“亦兄亦父”:
在某种程度上,他和我的关系既是哥哥,又是慈爱的父亲。即使他知道自己是对的,他也会给我控制权,当我犯错时,他从不——从不——提醒我我的错误。
以下为纪念文中英文全文:
查理·芒格于11月28日去世,离他100岁生日只有33天。
虽然在奥马哈出生长大,但他一生中80%的时间都住在其他地方。因此,直到1959年他35岁时,我才第一次见到他。1962年,他决定要从事理财。
三年后,他告诉了我——没错!我买下伯克希尔公司的控股权是一个愚蠢的决定。但是,他向我保证,既然我已经采取了行动,他会告诉我如何改正我的错误。
在我接下来要讲述的事情中,请记住,查理和他的家人没有在我当时管理的小型投资合伙企业中投资一分钱,而我用他们的钱购买了伯克希尔公司。此外,我们都没想到查理会拥有伯克希尔公司的股票。
就算是这样,查理还是在1965年立刻建议我:“沃伦,不要再有买像伯克希尔这样的公司的想法。但既然你已经控制了伯克希尔,就购入那些能以公平价格购买到的优秀企业,而不是继续寻找那些低价的平庸企业。换句话说,放弃你从你的英雄本·格雷厄姆那里学到的一切。它有效,但只能小规模实践时。”在多次进展不顺后,我遵循了他的指示。
许多年后,查理成为我经营伯克希尔公司的合伙人,当我的旧习惯浮现时,他不断地把我拉回理智。直到他去世,他一直扮演着这个角色,我们一起,以及那些早期投资我们的人,最终取得了比查理和我所梦想的要好得多的成就。
实际上,查理是现在伯克希尔哈撒韦的“建筑师”,而我则是“总承包商”,为他的愿景日复一日地进行建设。
查理从未试图把自己作为创作者的功劳揽在自己身上,而是让我来领奖。在某种程度上,他和我的关系既是哥哥,又是慈爱的父亲。即使他知道自己是对的,他也会给我控制权,当我犯错时,他从不——从不——提醒我我的错误。
在现实世界中,伟大的建筑是与建筑师联系在一起的,而那些浇筑混凝土或安装窗户的人很快就会被遗忘。伯克希尔已经成为一家伟大的公司。虽然长期以来我一直负责着施工队;查理应该永远被认为是建筑师。
Charlie Munger – The Architect of Berkshire Hathaway
Charlie Munger died on November 28, just 33 days before his 100th birthday.
Though born and raised in Omaha, he spent 80% of his life domiciled elsewhere. Consequently, it was not until 1959 when he was 35 that I first met him.
In 1962, he decided that he should take up money management.Three years later he told me – correctly! – that I had made a dumb decision in buying control of Berkshire. But, he assured me, since I had already made the move, he would tell me how to correct my mistake.
In what I next relate, bear in mind that Charlie and his family did not have a dime invested in the small investing partnership that I was then managing and whose money I had used for the Berkshire purchase. Moreover, neither of us expected that Charlie would ever own a share of Berkshire stock.
Nevertheless, Charlie, in 1965, promptly advised me: “Warren, forget about ever buying another company like Berkshire. But now that you control Berkshire, add to it wonderful businesses purchased at fair prices and give up buying fair businesses at wonderful prices. In other words, abandon everything you learned from your hero, Ben Graham. It works but only when practiced at small scale.” With much back-sliding,I subsequently followed his instructions.
Many years later, Charlie became my partner in running Berkshire and, repeatedly, jerked me back to sanity when my old habits surfaced. Until his death, he continued in this role and together we, along with those who early on invested withus, ended up far better off than Charlie and I had ever dreamed possible.
In reality, Charlie was the “architect” of the present Berkshire, and I acted as the “general contractor” to carry out the day-by-day construction of his vision.Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never –reminded me of my mistake.
In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.