巴菲特致敬芒格：永遠(yuǎn)的伯克希爾·哈撒韋建筑師

智通財(cái)經(jīng)APP獲悉，2月24日晚間，伯克希爾哈撒韋公司發(fā)布2023財(cái)年年報(bào)，以及巴菲特的年度股東信。與往年不同的是，巴菲特的老搭檔查理·芒格于去年11月去世。所以今年的年報(bào)，特別以一封巴菲特懷念老友的信開頭。

巴菲特親筆信原文如下：

查理·芒格——伯克希爾·哈撒韋的建筑師

查理·芒格于11月28日去世，距離他的百歲生日僅33天。

盡管他生于內(nèi)布拉斯加州奧馬哈并在那里長(zhǎng)大，但他生命中80%的時(shí)間居住在其他地方。因此，直到1959年，當(dāng)他35歲的時(shí)候，我才第一次遇見他。到了1962年，他決定應(yīng)該開始從事資金管理(行業(yè))。

三年后，他告訴了我——這是一件非常正確的事情——我買入伯克希爾的決定是愚蠢的。但是，他向我保證，既然我已經(jīng)采取了行動(dòng)，他會(huì)告訴我如何糾正我的錯(cuò)誤。

在接下來的敘述中，請(qǐng)記住，查理和他的家人沒有在我當(dāng)時(shí)管理的小型投資合伙企業(yè)中投資一分錢，而我正是用這些資金購(gòu)買了伯克希爾。而且，我們當(dāng)時(shí)都沒有想到查理會(huì)擁有伯克希爾的股份。

然而，查理在1965年立即勸告我：“沃倫，忘掉再去買像伯克希爾這樣的其他公司吧。但既然你現(xiàn)在控制了伯克希爾，就去增加那些以公平價(jià)格購(gòu)買的出色企業(yè)，放棄以出色價(jià)格購(gòu)買一般企業(yè)的做法。換句話說，拋棄你從你的英雄本·格雷厄姆那里學(xué)到的一切。這個(gè)方法有效，但只有在小規(guī)模操作時(shí)才行。”我在多次回頭之后，終于遵循了他的指導(dǎo)。

許多年后，查理成為我在運(yùn)營(yíng)伯克希爾時(shí)的合伙人，并且在我陷入老習(xí)慣時(shí)一再將我拉回理智。直到他去世，他一直擔(dān)任這個(gè)角色，我們與那些早期與我們一起投資的人一道，最終的成就遠(yuǎn)遠(yuǎn)超過了查理和我曾經(jīng)設(shè)想過的可能。

實(shí)際上，查理是現(xiàn)在伯克希爾的“建筑師”，而我扮演著“總承包商”的角色，日復(fù)一日地實(shí)現(xiàn)他的愿景。

查理從未試圖為他作為創(chuàng)造者的角色而獲取功勞，而是讓我來接受掌聲和榮譽(yù)。在某種意義上，他與我之間的關(guān)系既像哥哥又像慈愛的父親。即使當(dāng)他知道自己是對(duì)的時(shí)候，他也把控制權(quán)交給了我，當(dāng)我(最終意識(shí)到)犯錯(cuò)時(shí)，他從未——從來沒有——重復(fù)念叨我犯的錯(cuò)。

在物質(zhì)世界中，偉大的建筑物與其建筑師聯(lián)系在一起，而那些澆筑混凝土或安裝窗戶的人很快就被遺忘了。伯克希爾已經(jīng)成長(zhǎng)為一家偉大的公司。盡管我長(zhǎng)期以來一直負(fù)責(zé)施工隊(duì)，但查理應(yīng)永遠(yuǎn)被認(rèn)為是建筑師。

英文原文如下：

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.