巴菲特致股东的信-1989年

Buffett’s Letters To Berkshire Shareholders 1989
巴菲特致股东的信 1989年
Our gain in net worth during 1989 was $1.515 billion, or 44.4%. Over the last 25 years (that is, since present management took over) our per-share book value has grown from $19.46 to $4,296.01, or at a rate of 23.8% compounded annually.
本公司1989年的净值增加了15亿1千5百万美元，较去年增加了44.4%，过去25年以来(也就是自从现有经营阶层接手后)，每股净值从19元成长到现在的4,296美元，年复合成长率约为23.8%。
What counts, however, is intrinsic value -the figure indicating what all of our constituent businesses are rationally worth. With perfect foresight, this number can be calculated by taking all future cash flows of a business -in and out - and discounting them at prevailing interest rates. So valued, all businesses, from manufacturers of buggy whips to operators of cellular phones, become economic equals.
然而真正重要的还是实质价值-这个数字代表组合我们企业所有份子合理的价值，根据精准的远见，这个数字可由企业未来预计的现金流量(包含流进与流出)，并以现行的利率予以折现，不管是马鞭的制造公司或是行动电话的业者都可以在同等的地位上，据以评估其经济价值。