新闻 
巴菲特的来时路:从卖汽水的小男孩到打工仔时期的投资
巴菲特的来时路:从卖汽水的小男孩到打工仔时期的投资巴菲特的来时路:从卖汽水的小男孩到打工仔时期的投资
这种“利用资产创造被动收入、产出现金流”的安排，跟后来伯克希尔的经营之道是不是有类似之处？以60年代国家补偿保险、70年代喜诗糖果喜诗糖果、80年代斯科特-费策集团集团、90年代盖可车险、21世纪IMC等为例，查理与沃伦负责收购持续产出现金流的生意（特殊情况下也会收购飞安国际、BHE等需要持续投资但回报率可接受的资本密集型生意），不介入日常经营，精心挑选经理人负责具体经营——绝大多数情况下仍由原经理层团队继续担纲，制定理性、有效的激励机制，为子公司营造“田园诗歌般”的环境，子公司将现金流输送回母公司。
在这种公司架构之下，查理与沃伦专注于两件事：一是伯克希尔整体的资本配置，二是为子公司经理人营造最优的环境。除此之外，就是查理与沃伦年复一年地为优秀的子公司经理人们鼓掌、喝彩。
1987年股东信：如果把伯克希尔旗下这7家核心子公司看成一个整体，那么这家公司在1987年实现净利润约1亿美元，资本回报率高达惊人的57%。你在别处几乎不可能找到这么高的股东回报水平，更别说我们的子公司规模大、业务多元且杠杆极低。作为参考：根据《幸运杂志》报道，在全美最大的500家工业企业及500家最大的服务型企业中，过去10年股东回报水平超过30%的总共仅有6家，即0.6%。在这1000家大公司中，业绩最好的是CCH公司的40%。
有这群优秀的伯克希尔子公司经理人，查理跟我真的不需要在经营层面做任何事。事实上，查理跟我做得越多，赚得或许反而会越少。在伯克希尔，我们没有所谓的大型公司会议，没有公司范围内的各类预算，也没有绩效考评，当然我们的某家子公司可能会在其业务范围内采取类似措施来提升业务。毕竟，有B夫人家族成员及赫尔德曼家族成员分别负责家具及制服业务，我们怎么可能去胡乱指点呢？
说到子公司的优异业绩，查理跟我的主要贡献就是给各位经理人鼓掌。查理跟我见过了太多企业的平庸表现，所以才会由衷地赞赏我们子公司经理人们的大师级表现。对于各家子公司经理人在1987年的表现，只有一种回应是恰当的：那就是持久而热烈的掌声。
英文原文：If these seven business units had operated as a single company, their 1987 after-tax earnings would have been approximately $100 million - a return of about 57% on equity capital. You’ll seldom see such a percentage anywhere, let alone at large, diversified companies with nominal leverage. Here’s a benchmark: In its 1988 Investor’s Guide issue, Fortune reported that among the 500 largest industrial companies and 500 largest service companies, only six had averaged a return on equity of over 30% during the previous decade. The best performer among the 1000 was Commerce Clearing House at 40.2%.
With managers like ours, my partner, Charlie Munger, and I have little to do with operations. In fact, it is probably fair to say that if we did more, less would be accomplished. We have no corporate meetings, no corporate budgets, and no performance reviews (though our managers, of course, oftentimes find such procedures useful at their operating units). After all, what can we tell the Blumkins about home furnishings, or the Heldmans about uniforms?
Our major contribution to the operations of our subsidiaries is applause. Charlie and I have seen so much of the ordinary in business that we can truly appreciate a virtuoso performance. Only one response to the 1987 performance of our operating managers is appropriate: sustained, deafening applause.
2002年股东信：这件事对公司管理层有什么启发吗？很简单：要想成功，就要与成功者在一起。
作为球童，很清楚艾迪：用哪种姿势给球员拖球杆不重要，重要的是为哪位球员拖球杆。我从艾迪身上学到这一点，因此，在伯克希尔我总是把球棒交到全美最好的经理人手中。
英文原文：What does this have to do with management? It’s simple–to be a winner, work with winners.
Eddie understood that how he lugged bats was unimportant; what counted instead was hooking up with the cream of those on the playing field. I’ve learned from Eddie. At Berkshire, I regularly hand bats to many of the heaviest hitters in American business.
[加西网正招聘多名全职sales 待遇优]
无评论不新闻，发表一下您的意见吧
在这种公司架构之下，查理与沃伦专注于两件事：一是伯克希尔整体的资本配置，二是为子公司经理人营造最优的环境。除此之外，就是查理与沃伦年复一年地为优秀的子公司经理人们鼓掌、喝彩。
1987年股东信：如果把伯克希尔旗下这7家核心子公司看成一个整体，那么这家公司在1987年实现净利润约1亿美元，资本回报率高达惊人的57%。你在别处几乎不可能找到这么高的股东回报水平，更别说我们的子公司规模大、业务多元且杠杆极低。作为参考：根据《幸运杂志》报道，在全美最大的500家工业企业及500家最大的服务型企业中，过去10年股东回报水平超过30%的总共仅有6家，即0.6%。在这1000家大公司中，业绩最好的是CCH公司的40%。
有这群优秀的伯克希尔子公司经理人，查理跟我真的不需要在经营层面做任何事。事实上，查理跟我做得越多，赚得或许反而会越少。在伯克希尔，我们没有所谓的大型公司会议，没有公司范围内的各类预算，也没有绩效考评，当然我们的某家子公司可能会在其业务范围内采取类似措施来提升业务。毕竟，有B夫人家族成员及赫尔德曼家族成员分别负责家具及制服业务，我们怎么可能去胡乱指点呢？
说到子公司的优异业绩，查理跟我的主要贡献就是给各位经理人鼓掌。查理跟我见过了太多企业的平庸表现，所以才会由衷地赞赏我们子公司经理人们的大师级表现。对于各家子公司经理人在1987年的表现，只有一种回应是恰当的：那就是持久而热烈的掌声。
英文原文：If these seven business units had operated as a single company, their 1987 after-tax earnings would have been approximately $100 million - a return of about 57% on equity capital. You’ll seldom see such a percentage anywhere, let alone at large, diversified companies with nominal leverage. Here’s a benchmark: In its 1988 Investor’s Guide issue, Fortune reported that among the 500 largest industrial companies and 500 largest service companies, only six had averaged a return on equity of over 30% during the previous decade. The best performer among the 1000 was Commerce Clearing House at 40.2%.
With managers like ours, my partner, Charlie Munger, and I have little to do with operations. In fact, it is probably fair to say that if we did more, less would be accomplished. We have no corporate meetings, no corporate budgets, and no performance reviews (though our managers, of course, oftentimes find such procedures useful at their operating units). After all, what can we tell the Blumkins about home furnishings, or the Heldmans about uniforms?
Our major contribution to the operations of our subsidiaries is applause. Charlie and I have seen so much of the ordinary in business that we can truly appreciate a virtuoso performance. Only one response to the 1987 performance of our operating managers is appropriate: sustained, deafening applause.
2002年股东信：这件事对公司管理层有什么启发吗？很简单：要想成功，就要与成功者在一起。
作为球童，很清楚艾迪：用哪种姿势给球员拖球杆不重要，重要的是为哪位球员拖球杆。我从艾迪身上学到这一点，因此，在伯克希尔我总是把球棒交到全美最好的经理人手中。
英文原文：What does this have to do with management? It’s simple–to be a winner, work with winners.
Eddie understood that how he lugged bats was unimportant; what counted instead was hooking up with the cream of those on the playing field. I’ve learned from Eddie. At Berkshire, I regularly hand bats to many of the heaviest hitters in American business.
[加西网正招聘多名全职sales 待遇优]
| 分享: |
| 注： | 在此页阅读全文 |
推荐: