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is petent and honest； and the market does not overvalue the business。
但是这不包含我们保险公司所拥有的三家企业，即使它们的股价再怎么涨，我们也不会卖，事实上我们把这些投资与前面那些具控制权的公司一样地看待，它们不像是一般的商品可以卖来卖去，反而像是Berkshire企业的一部份，不管市场先生提出再怎么高的天价也一样，只是在此我要加一条但书，除非因为我们的保险公司发生钜额亏损，必须出售部份的持股来弥补亏损，当然我们会尽所能避免这种情况发生。
However； our insurance panies own three marketable mon stocks that we would not sell even though they became far overpriced in the market。 In effect； we view these investments exactly like our successful controlled businesses … a permanent part of Berkshire rather than merchandise to be disposed of once Mr。 Market offers us a sufficiently high price。 To that； I will add one qualifier： These stocks are held by our insurance panies and we would； if absolutely necessary； sell portions of our holdings to pay extraordinary insurance losses。 We intend； however； to manage our affairs so that sales are never required。
当然查理跟我决定要拥有并持有一家公司的股份，是同时综合了个人想法与财务方面的考量，对某些人来说，我们这样的做法可能有点不合常规， （查理跟我长期以来一直遵从奥美广告创办人�；大卫奥美的建议，在年轻时发展出你自己的特异风格，这样子等你到老时，人们就不会觉得你是个怪胎），的确，近年来在交易频繁的华尔街，我们的态度看起来有些特立独行，在那个竞技场内，所有的公司与股份，都不过是交易的筹码而已。
A determination to have and to hold； which Charlie and I share； obviously involves a mixture of personal and financial considerations。 To some； our stand may seem highly eccentric。 （Charlie and I have long followed David Oglivy's advice： 〃Develop your eccentricities while you are young。 That way； when you get old； people won't think you're going ga…ga。〃） Certainly； in the transaction…fixated Wall Street of recent years； our posture must seem odd： To many in that arena； both panies and stocks are seen only as raw material for trades。
但是我们的态度完全符合我们本身的人格特质，这就是我们想要过的生活，丘吉尔曾经说过，我们很清楚我们要如何去塑造我们想要的模式，因此我们宁愿跟我们喜欢与推崇的对象往来，就算是因此，会比跟一些我们讨厌或是不喜欢的人打交道，少得到一些投资报酬也没有关系，我想我们是大概不可能再遇到像这三家主要的被投资公司组成份子一样，令我们所喜爱与推崇。
以下所列就是我们永恒的持股
Our attitude； however； fits our personalities and the way we want to live our lives。 Churchill once said； 〃You shape your houses and then they shape you。〃 We know the manner in which we wish to be shaped。 For that reason； we would rather achieve a return of X while associating with people whom we strongly like and admire than realize 110％ of X by exchanging these relationships for uninteresting or unpleasant ones。 And we will never find people we like and admire more than some of the main participants at the three panies … our permanent holdings … shown below：
No。 of Shares Cost Market
（000s omitted）
3；000；000 Capital Cities/ABC； Inc。 。。。。。。。。。。。 517；500 1；035；000
6；850；000 GEICO Corporation 。。。。。。。。。。。。。。。。。。 45；713 756；925
1；727；765 The Washington Post pany 。。。。。。。。9；731 323；092
在这些公司上，我们实在看不出买下并控制一家企业或是购买部份股权
有什么基本上的差异，每次我们都试着买进一些长期看好的公司，我们的目标是以合理的价格买到绩优的企业，而不是以便宜的价格买进平庸的公司，查理跟我发现买到货真价实的东西才是我们真正应该做的。
We really don't see many fundamental differences between the purchase of a controlled business and the purchase of marketable holdings such as these。 In each case we try to buy into businesses with favorable long…term economics。 Our goal is to find an outstanding business at a sensible price； not a mediocre business at a bargain price。 Charlie and I have found that making silk purses out of silk is the best that we can do； with sow's ears； we fail。 （It must be noted that your Chairman； always a quick study； required only 20 years to recognize how important it was to buy good businesses。 In the interim； I searched for 〃bargains〃 … and had the misfortune to find some。 My punishment was an education in the economics of short…line farm implement manufacturers； third…place department stores； and New England textile manufacturers。）
必须特别注意的是，本人虽然以反应快速著称，不过却花了二十年才明白要买下好企业的重要性，刚开始我努力寻找便宜的货色，不幸的是真的让我找到了一些，所得到的教训是在农具机械、三流百货公司与新英格兰纺织工厂等经济形态上上了一课。
Of course； Charlie and I may misread the fundamental economics of a business。 When that happens； we will encounter problems whether that business is a wholly…owned subsidiary or a marketable security； although it is usually far easier to exit from the latter。 （Indeed； businesses can be misread： Witness the European reporter who； after being sent to this country to profile Andrew Carnegie； cabled his editor； 〃My God； you'll never believe the sort of money there is in running libraries。〃）
当然查理跟我确实会误判一家企业的基础竞争力，结果是我们面临了一大堆问题与挑战，不管是买下全部或是部份的股权，当然后者要脱身相对容易一点， （确实企业很可能会被误判，一位欧洲记者被派驻到美国采访卡内基，发了一封电报给他的编辑主管说到，老天你一定不敢相信经营博物馆竟然可以赚那么多钱）
In making both control purchases and stock purchases； we try to buy not only good businesses； but ones run by high…grade； talented and likeable managers。 If we make a mistake about the managers we link up with； the controlled pany offers a certain advantage because we have the power to effect change。 In practice； however； this advantage is somewhat illusory： Management changes； like marital changes； are painful； time…consuming and chancy。 In any event； at our three marketable…but permanent holdings； this point is moot： With Tom Murphy and Dan Burke at Cap Cities； Bill Snyder and Lou Simpson at GEICO； and Kay Graham and Dick Simmons at The Washington Post； we simply couldn't be in better hands。
在进行取得控制权或是部份股权投资时，我们不但试着去找一家好公司，同时最好是能够由品格才能兼具且为我们喜爱的管理者经营，如果是看错了人，在具控制权的情况下，我们还有机会发挥影响力来改变，事实上这种优势有点不太实际，因为更换管理阶层，就像是结束婚姻关系一样，过程是相当地费时痛苦且要看运气，不论如何，我们三�