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巴菲特致敬芒格:永远的伯克希尔·哈撒韦建筑师

yhpyan
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  北京时间2月24日晚间,伯克希尔哈撒韦公司发布2023财年年报,以及巴菲特的年度股东信。与往年不同的是,巴菲特的老搭档查理·芒格于去年11月去世,享年99岁。所以今年的年报,特别以一封巴菲特怀念老友的信开头。
  以下为巴菲特亲笔信原文:
  查理·芒格——伯克希尔·哈撒韦的建筑师
  查理·芒格于11月28日去世,距离他的百岁生日仅33天。
  尽管他生于内布拉斯加州奥马哈并在那里长大,但他生命中80%的时间居住在其他地方。因此,直到1959年,当他35岁的时候,我才第一次遇见他。到了1962年,他决定应该开始从事资金管理(行业)。
  三年后,他告诉了我——这是一件非常正确的事情——我买入伯克希尔的决定是愚蠢的。但是,他向我保证,既然我已经采取了行动,他会告诉我如何纠正我的错误。
  在接下来的叙述中,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,而我正是用这些资金购买了伯克希尔。而且,我们当时都没有想到查理会拥有伯克希尔的股份。
  然而,查理在1965年立即劝告我:“沃伦,忘掉再去买像伯克希尔这样的其他公司吧。但既然你现在控制了伯克希尔,就去增加那些以公平价格购买的出色企业,放弃以出色价格购买一般企业的做法。换句话说,抛弃你从你的英雄本·格雷厄姆那里学到的一切。这个方法有效,但只有在小规模操作时才行。”我在多次回头之后,终于遵循了他的指导。
  许多年后,查理成为我在运营伯克希尔时的合伙人,并且在我陷入老习惯时一再将我拉回理智。直到他去世,他一直担任这个角色,我们与那些早期与我们一起投资的人一道,最终的成就远远超过了查理和我曾经设想过的可能。
  实际上,查理是现在伯克希尔的“建筑师”,而我扮演着“总承包商”的角色,日复一日地实现他的愿景。
  查理从未试图为他作为创造者的角色而获取功劳,而是让我来接受掌声和荣誉。在某种意义上,他与我之间的关系既像哥哥又像慈爱的父亲。即使当他知道自己是对的时候,他也把控制权交给了我,当我(最终意识到)犯错时,他从未——从来没有——重复念叨我犯的错。
  在物质世界中,伟大的建筑物与其建筑师联系在一起,而那些浇筑混凝土或安装窗户的人很快就被遗忘了。伯克希尔已经成长为一家伟大的公司。尽管我长期以来一直负责施工队,但查理应永远被认为是建筑师。
  英文原文:
  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 with us, 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.
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