11月25日，沃伦·巴菲特发布最新致股东信，宣布将其慈善捐赠总额增加逾10亿美元，同时更新了他去世后的财富分配计划。
巴菲特在致股东信中宣布，他将向家族慈善基金会捐赠价值11.5亿美元的伯克希尔股票，其中包括由他的三个孩子霍华德、彼得和苏茜经营的基金会。
94岁的巴菲特还分享了一份修改后的计划，他在遗嘱中为每个孩子指定了三名“继任者受托人”，以防他66岁至71岁的孩子发生任何事情，并补充说，在他去世后，管理他财产的三人必须一致决定分配任何资金。
据《福布斯》估计，巴菲特可能是有史以来最大的慈善家，他一生中向慈善事业捐赠了600多亿美元。其中大部分来自他向盖茨基金会捐赠的430多亿美元，该基金会由微软联合创始人比尔·盖茨担任主席。
现将这封致股东信翻译出来，分享给大家。
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BERKSHIRE HATHAWAY INC.
NEWS RELEASE
FOR IMMEDIATE RELEASE
November 25, 2024
Omaha, NE (BRK.A; BRK.B)–
伯克希尔哈撒韦公司
新闻发布
立即发布
2024年11月25日
内布拉斯加州奥马哈（BRK.A; BRK.B）—
Today，Warren E.Buffett will convert 1600 A shares into 2400000 B shares in order to give these B shares to four family foundations: 1500000 shares to The Susan Thompson Buffett Foundation and 300000 shares to each of The Sherwood Foundation, The Howard G. Buffett Foundation and NoVo Foundation.
今天，沃伦·巴菲特将把1600股A类股票转换为2400000股B类股票，以便将这些B类股票赠予四个家庭基金会：1500000股赠予苏珊·汤普森·巴菲特基金会，300000股赠予谢伍德基金会、霍华德·G·巴菲特基金会和诺沃基金会。
Mr.Buffett’s comments to his fellow shareholders follow:
巴菲特先生对他的股东们发表了以下评论：
1
巴菲特股权捐赠的安排及原因
The gifts I am making today reduce my holdings of Berkshire Hathaway Class A shares to 206363, a 56.6% decrease since my 2006 pledge. In 2004, before Susie, my first wife, died, the two of us owned 508998 Class A shares. For decades, we had both thought that she would outlive me and subsequently distribute the vast majority of our large fortune. That was not to be.
我今天所做的赠与使我在伯克希尔哈撒韦A类股票的持有量减少至206363股，自2006年承诺以来减少了56.6%。在2004年，在我的第一任妻子苏茜去世之前，我们两人拥有508998股A类股票。几十年来，我们一直认为她会比我活得更久，并随后分配我们巨额财富的绝大部分。但事实并非如此。
When Susie died, her estate was roughly $3 billion, with about 96% of this sum going to our foundation. Additionally, she left $10 million to each of our three children, the first large gift we had given to any of them. These bequests reflected our belief that hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing.
当苏茜去世时，她的遗产大约为30亿美元，其中约96%的金额将用于我们的基金会。此外，她还给我们的三个孩子每人留下了1000万美元，这是我们给他们的第一笔大额赠与。这些遗赠反映了我们的信念：极其富有的父母应该给孩子留足够的财富，让他们可以做任何事情，但又不能多到让他们无所事事。
Susie and I had long encouraged our children in small philanthropic activities and had been pleased with their enthusiasm, diligence and results. At her death, however, they were not ready to handle the staggering wealth that Berkshire shares had generated. Nevertheless, their philanthropic activities were dramatically increased by the 2006 lifetime pledge that I subsequently made and later expanded.
苏茜和我长期以来一直鼓励我们的孩子参与小规模的慈善活动，并对他们的热情、勤奋和成果感到满意。然而，在她去世时，他们并没有准备好处理伯克希尔股票所带来的惊人财富。尽管如此，他们的慈善活动因我在2006年做出的终身承诺而显著增加，后来我又扩大了这一承诺。
Buffett and his three children
The children have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings. These now account for 99½% of my wealth.
孩子们现在已经充分证明了我们的期望，并将在我去世后完全负责逐步分配我持有的伯克希尔股份。这些持股现在占我财富的99.5%。
2
巴菲特从未希望建立一个王朝
Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit. To date, I’ve been very lucky, but, before long, he will get around to me.
时间之父始终是赢家。它是无常的——实际上是不公平的，甚至残酷的——有时在出生时或不久之后就结束一个人的生命，有时则要等上一个世纪左右才会造访。到目前为止，我非常幸运，但不久之后，他会找到我。
There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.
然而，我避免引起他注意的好运也有其缺点。自2006年承诺以来，我孩子们的预期寿命显著下降。他们现在分别71岁、69岁和66岁。
I’ve never wished to create a dynasty or pursue any plan that extended beyond the children. I know the three well and trust them completely.Future generations are another matter. Who can foresee the priorities, intelligence and fidelity of successive generations to deal with the distribution of extraordinary wealth amid what may be a far different philanthropic landscape? Still, the massive wealth I’ve collected may take longer to deploy than my children live. And tomorrow’s decisions are likely to be better made by three live and well-directed brains than by a dead hand.
我从未希望建立一个王朝或追求任何超出自己孩子的计划。我非常了解这三个孩子，并完全信任他们。未来的几代人则是另一回事。谁能预见到后代在处理分配巨额财富时的优先事项、智慧和忠诚？尽管如此，我所积累的巨额财富可能需要比我的孩子们活得更久的时间才能分配。而明天的决策很可能由三个活着且方向明确的头脑来做出，而不是由一只死去的手来决定。
The Buffett family
As such, three potential successor trustees have been designated. Each is well known to my children and makes sense to all of us. They are also somewhat younger than my children.
因此，我指定了三位潜在的继任受托人。他们每个人都与我的孩子们非常熟悉，并且对我们所有人来说都是合理的。他们也比我的孩子们年轻一些。
But these successors are on the wait list. I hope Susie, Howie and Peter themselves disburse all of my assets.
但这些继任者仍在等待名单上。我希望苏茜、霍华德和彼得自己来分配我所有的资产。
Each respects my wish that the disposition program for my holdings of Berkshire shares in no way betrays the exceptional trust Berkshire shareholders bestowed upon Charlie Munger and me. The 2006-2024 period gave me the chance to observe each of my children in action and they have learned much about large-scale philanthropy and human behavior. Each has overseen teams of 20-30 for many years and has observed the unique employment dynamics affecting philanthropic organizations.
每个人都尊重我的愿望，即我在伯克希尔股票持有的处置计划中，绝不背叛伯克希尔股东对查理·芒格和我的特殊信任。2006年至2024年期间，我有机会观察我的每个孩子的表现，他们在大型慈善事业和人类行为方面学到了很多。他们每个人都管理过20到30人的团队多年，并观察了影响慈善组织的独特雇佣动态。
3
处理慈善捐款的一致性条款
Wealthy friends have been curious about the extraordinary confidence I have in my children and their possible alternates. They express particular surprise at my requirement that all foundation actions will require a unanimous vote. How can this be workable?
富有的朋友们一直就我对孩子们及其潜在替代者的非凡信心感到好奇。他们特别惊讶于我要求基金会的所有行动都需要通过一致性投票规则。这怎么可能行得通？
I’ve explained that my children will forever be besieged with earnest requests from very sincere friends and others.A second reality: When large philanthropic gifts are requested, a “no” frequently prompts would-be grantees to ponder a different approach – another friend, a different project, whatever. Those who can distribute huge sums are forever regarded as “targets of opportunity.” This unpleasant reality comes with the territory.
我解释说，我的孩子们将永远受到来自非常真诚的朋友和其他人的热切请求的困扰。第二个现实是：当请求大额慈善赠款时，一个“否”往往会促使潜在的受赠者考虑另一种方式——另一个朋友、不同的项目等等。那些能够分配巨额资金的人永远被视为“机会目标”。这种不愉快的现实是这个领域的常态。
Hence, the “unanimous decision” provision. That restriction enables an immediate and final reply to grant-seekers: “It’s not something that would ever receive my brother’s consent.” And that answer will improve the lives of my children.
因此，才有了“一致决定”的条款。这个限制使得对寻求赠款者的回复变得迅速而明确：“这不是我兄弟会同意的事情。”这个答案将改善我孩子们的生活。
The Buffett family
My unanimity clause, of course, is not a panacea – it clearly isn’t workable if you have nine or ten children or stepchildren. And it doesn’t solve the daunting problem of intelligently distributing many billions annually.
我的一致性条款当然不是灵丹妙药——如果你有九个或十个孩子或继子女，这显然是不可行的。而且它并没有解决每年明智地分配数十亿的艰巨问题。
4
给所有父母的建议
I have one further suggestion for all parents, whether they are of modest or staggering wealth. When your children are mature, have them read your will before you sign it.
我还有一个进一步的建议给所有父母，无论他们的财富是微薄还是惊人。当你的孩子们长大成人后，让他们在你签署遗嘱之前阅读它。
Be sure each child understands both the logic for your decisions and the responsibilities they will encounter upon your death. If any have questions or suggestions, listen carefully and adopt those found sensible. You don’t want your children asking “Why?” in respect to testamentary decisions when you are no longer able to respond.
确保每个孩子都理解你决定的逻辑以及他们在你去世后将面临的责任。如果有任何人有问题或建议，请仔细倾听并采纳那些合理的建议。你不希望在你无法回应时，孩子们对遗嘱决定问“为什么？”
Over the years, I have had questions or commentary from all three of my children and have often adopted their suggestions. There is nothing wrong with my having to defend my thoughts. My dad did the same with me.
多年来，我的三个孩子都曾向我提出问题或评论，并且我常常采纳他们的建议。我为自己的想法辩护并没有什么不妥。我父亲在我身上也做过同样的事情。
Buffett and wife Susan in 1960
I change my will every couple of years – often only in very minor ways – and keep things simple. Over the years, Charlie and I saw many families driven apart after the posthumous dictates of the will left beneficiaries confused and sometimes angry. Jealousies, along with actual or imagined slights during childhood, became magnified, particularly when sons were favored over daughters, either in monetary ways or by positions of importance.
我每隔几年就会修改一次遗嘱——通常只是非常小的修改——并保持简单。多年来，查理和我目睹了许多家庭因为遗嘱而四分五裂。这些遗嘱让受益人感到困惑，有时甚至愤怒。嫉妒，连同实际的或想象的童年时期的被轻视会被放大，尤其是当儿子比女儿在金钱上或地位上更受宠爱的时候。
Charlie and I also witnessed a few cases where a wealthy parent’s will that was fully discussed before death helped the family become closer. What could be more satisfying?
查理和我还见证了一些案例，其中有一位富有的父母在去世前通过充分讨论的遗嘱帮助家人更加团结。还有什么比这更令人满意的事情吗？
5
巴菲特及其家人的慈善理念
As I write this, I continue my lucky streak that began in 1930 with my birth in the United States as a white male. My two sisters had, of course, been explicitly promised by the 19th Amendment’s enactment in 1920 that they would be treated equally with males. This, after all, had been the message of our thirteen colonies in 1776.
在我写这篇文章时，我仍然享受着自1930年以来，作为美国白人男性的幸运。当然，我的两个姐妹在1920年的第19修正案中被明确承诺将与男性一样被平等对待。毕竟，这是我们在1776年所传达的信息，当时美国还是13个殖民地。
In 1930, however, I emerged in a country that hadn’t yet gotten around to fulfilling its earlier aspirations. Aided by Billie Jean King, Sandra Day O’Connor, Ruth Bader Ginsberg, and countless others, things began changing in the 1970s.
然而，在1930年，我出生在一个尚未实现其早期愿望的国家。在比莉·简·金、桑德拉·戴·奥康纳、鲁思·巴德·金斯伯格和无数其他人的帮助下，事情在1970年代开始发生变化。
So favored by my male status, very early on I had confidence that I would become rich. But in no way did I, or anyone else, dream of the fortunes that have become attainable in America during the last few decades. It has been mind-blowing – beyond the imaginations of Ford, Carnegie, Morganor even Rockefeller. Billions became the new millions.
得益于我的男性身份，我很早就相信自己将变得富有。但不管是我还是其它任何人，做梦都没想到过去几十年在美国可以获得的财富量级。这令人难以置信，也超出了福特、卡内基、摩根甚至洛克菲勒的想象。如今，数十亿相当于过去的百万。
Things didn’t look great when I arrived at the beginning of The Great Depression. But the real action from compounding takes place in the final twenty years of a lifetime. By not stepping on any banana peels, I now remain in circulation at 94 with huge sums in savings – call these units of deferred consumption – that can be passed along to others who were given a very short straw at birth.
我出生时，正是大萧条的开端，情况并不乐观。但真正的复利效应发生在一个人一生的最后二十年。通过不踩任何香蕉皮，94岁的我仍在滚雪球，我积累的巨额储蓄——可以称之为延迟消费的单位——可以传递给那些出生贫寒的人。
I am also lucky that my philanthropic philosophy has been enthusiastically embraced – and widened – by both of my wives. Neither I, Susie Sr. nor Astrid, who succeeded her, believed in dynastic wealth.
我也很幸运，我的慈善理念得到了我两位妻子的热情接受和扩展。我、苏茜和阿斯特丽德都不相信王朝般的财富传承。
Instead, we shared a view that equal opportunity should begin at birth and extreme “look-at me” styles of living should be legal but not admirable. As a family, we have had everything we needed or simply liked, but we have not sought enjoyment from the fact that others craved what we had.
The Buffett family
相反，我们共享的观点是，平等机会应该从出生开始。极端“炫耀式”的生活方式应该合法但不值得钦佩。作为一个家庭，我们拥有我们需要或喜欢的一切，但我们并没有因为其他人渴望我们所拥有的而寻求享受。
It also has been a particular pleasure to me that so many early Berkshire shareholders have independently arrived at a similar view. They have saved – lived well – taken good care of their families – and by extended compounding of their savings passed along large, sometimes huge, sums back into society. Their “claim checks” are being widely distributed to others less lucky.
我也特别高兴的是，许多早期的伯克希尔股东也独立地形成了类似的观点。他们节俭——生活优渥——把家庭照顾地很好，并通过不断积累财富，将大量，有时是巨额的资金回馈社会。他们的“索赔支票”正在广泛分发给那些不那么幸运的人。
6
巴菲特对孩子的赞赏
With this philosophy, I have lived the way I wanted to live since my late 20s, and I have now watched my children grow into good and productive citizens. They have different views in many cases from both me and their siblings but have common values that are unwavering.
凭借这种理念，我从20多岁开始就过着我想要的生活，现在我看到我的孩子们成长为优秀和有生产力的公民。他们在许多方面与我和他们的兄弟姐妹有不同的看法，但他们有着坚定不移的共同价值观。
Susie Jr., Howie and Peter have each spent far more time directly helping others than I have. They enjoy being comfortable financially, but they are not preoccupied with wealth. Their mother, from whom they learned these values, would be very proud of them.
小苏茜，霍华德和彼得，他们每个人直接帮助他人的时间都远远超过我。他们享受经济上的舒适，但并不沉迷于财富。他们从母亲身上学到了这些价值观，他们的母亲会为他们感到非常自豪。
As am I.
我也是。
The Buffett family in 1956 after their return to Omaha
本文来源/图源：芒格书院（ID：mungeracademia）
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