2. 用大师标准选择金融股
原文
While our main goal is to allow some shareholders to Berkshire shareholders to maximize the benefits obtained through the ownership of the holding company， but in the meantime we also expect from other shareholders who share to cheaper able minimal， I think this is the average person in the attached considerable importance to the operation of the family business， but we believe that this also applies to the above listed companies operating partnership business， the partnership interest must be able to join or exit of a partner to a reasonableway of evaluation， in order to maintain a fair Similarly， for listed companies， only let the stock price and the intrinsic value of the company， the fairness of the shareholders of the Company was able to maintain， of course， obviously， this ideal situation is difficult has been maintained， butAs a manager of the company by way of policy and communication to vigorously maintain this fairness.
Of course， the shares they hold more long time， Berkshire's performance will be the closer and his investment experience， and buy or sell shares when the price is compared to the intrinsic value of the discount or premium the extent of the smaller， which is why we hope that one of the reasons to attract shareholders to join the long-term willingness to invest， the whole， I think that on this point， we can be considered quite successful， Berkshire probably all large enterprises have up to company shareholders with long-term investment perspective.
——摘自1996年巴菲特写给全体股东的年报
译文
虽然我们的主要目标是让一些伯克希尔股东通过控股公司的所有权获得的利益最大化，但在此期间，我们也希望让一些股东从其他股东身上占到的便宜能最小，我相信，这是一般人在经营家族企业时非常重视的问题，但我们依然相信这也适用于上述上市公司的经营中。对于合伙企业而言，合伙获得的权益一定要在所有合伙人加入或者退出之时能够用科学合理的方法进行评估或考量，这才能做到相对公平。同理，对于那些上市企业而言，只有让企业自身的股价和其实际价值相互吻合，才能保证股东的公平性，也才能让其很好地维持下去。实际上，这种理想的情况不太可能一直维持下去，但作为企业的经理人完全可以通过其政策的变化和沟通的方式让其做到相对公平。
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