2012年伯克希尔股东会问答：
CAROL LOOMIS: This comes — this question comes from a man who believes the stock — that Berkshire stock — is being held down some by your talking about the Buffett Rule.
卡罗尔·卢米斯：这个问题来自一位男士，他认为伯克希尔股票被压低了一些——因为您谈论巴菲特规则。
（注："Buffett Rule"指的是一项税收政策，也被称为“巴菲特税”。这项政策由美国总统奥巴马在2011年提出，旨在确保年收入超过100万美元的富人所缴纳的税率不低于中产阶级。）
I know you said you doubt that, but he suspects that at least 95 percent of the people in this arena believe that Berkshire Hathaway stock is undervalued.我知道您说过您对此表示怀疑，但他怀疑至少有95%的人在这个领域里认为伯克希尔·哈撒韦公司的股票被低估了。
If you don’t think it’s the Buffett Rule, could each of you give us your opinions about why the stock stays stuck at these levels?如果您不认为是巴菲特规则，你们每个人能否给我们您的意见，为什么股票会停留在这个水平？
WARREN BUFFETT: Yeah. We’ve run Berkshire now for 47 years. There have been several times — oh, four or five times — when we’ve thought it was significantly undervalued.沃伦·巴菲特：是的。我们经营伯克希尔已经47年了。有几次——哦，四五次——我们认为它被显著低估了。
We saw the price get cut in half at least four times — or roughly in half — in fairly short periods of time.我们至少看到价格在相当短的时间内被砍半——或者大致砍半——至少四次。
And I would say this: if you run any business for a long period of time, there are going to be times when it’s overvalued and sometimes when it’s undervalued.而我想说的是：如果你长期经营任何业务，总会有它被高估的时候，有时也会被低估。
Tom Murphy ran one of the most successful companies [Capital Cities] the world has ever seen, and in the early 1970s, his stock was selling for about a third of what you could have sold the properties for.汤姆·墨菲经营着世界上最成功的公司之一[Capital Cities]，在20世纪70年代初，他的股票售价大约只有你出售资产所得的三分之一。
And, you know, Berkshire, back in 2000/2001, whenever it was that I wrote in the annual report that we were also going to repurchase shares, was selling at what I thought was a very low price, and we didn’t get any repurchase.而且，你知道，伯克希尔，在2000/2001年左右，无论何时我在年度报告中写道我们也打算回购股票时，它的售价我认为非常低，我们并没有进行任何回购。
But that — stocks — the beauty of stocks is they do sell at silly prices from time to time. That’s how Charlie and I have gotten rich. You know, Ben Graham writes about it in Chapter 8 of the Intelligent Investor.股票的魅力在于它们有时会以愚蠢的价格出售。这就是查理和我致富的方式。你知道，本·格雷厄姆在《聪明的投资者》第八章中写到了这一点。
You know, next to — well, Chapters 8 and Chapters 20 are really all you need to do to get rich in this world.你知道，除了——嗯，第八章和第二十章真的就是你在这个世界上致富所需要的全部。
And Chapter 8 says that in the market you’re going to have a partner named “Mr. Market,” and the beauty of him as your partner is that he’s kind of a psychotic drunk — (laughter) — and he will do very weird things over time and your job is to remember that he’s there to serve you and not to advise you.第八章说，在市场中你会有一个名叫“市场先生”的伙伴，他作为你的伙伴的好处在于他有点像一个精神错乱的醉汉——（笑声）——他随着时间的推移会做一些非常奇怪的事情，你的任务是记住他是来为你服务的，而不是来给你提供建议的。
And if you can keep that mental state, then all those thousands of prices that Mr. Market is offering you every day on every major business in the world, practically, that he is making lots of mistakes, and he makes them for all kinds of weird reasons.如果你能保持这种心态，那么市场先生每天在世界上几乎所有的主要业务上给你提供的成千上万的价格，实际上他犯了很多错误，他因为各种奇怪的原因而犯错。
And all you have to do is occasionally oblige him when he offers to either buy or sell from you at the same price on any given day, any given security.你所需要做的就是偶尔在他提出以相同价格买卖任何特定证券时满足他的要求。
So it’s built into the system that stocks get mispriced, and Berkshire has been no exception to that.所以，股票被错误定价是系统内固有的，伯克希尔也不例外。
I think Berkshire, generally speaking, has come closer to selling around its intrinsic value, over a 47-year period or so, than most large companies.我认为，总的来说，伯克希尔在大约47年的时间里，其股票售价接近其内在价值的程度比大多数大公司都要高。
If you look at the range from our high to low in a given year and compare that to the range high and low on a hundred other stocks, I think you’ll find that our stock fluctuates somewhat less than most, which is a good sign.如果你看看我们一年内的最高价和最低价的范围，并将其与另外一百只股票的最高价和最低价的范围进行比较，我认为你会发现我们的股票波动幅度比大多数股票要小一些，这是一个好兆头。
But I will tell you, in the next 20 years, Berkshire will someday be significantly overvalued, and at some points significantly undervalued.但我告诉你，在接下来的20年里，伯克希尔总有一天会被显著高估，而在某些时候会被显著低估。
And that will be true for Coca-Cola and Wells Fargo and IBM and all of the other securities that — I don’t — I just don’t know in which order and at which times.可口可乐、富国银行、IBM以及所有其他证券也会如此——我不知道——我只是不知道它们的顺序和具体时间。
But the important thing is that you make your decisions based on what you think the business is worth.但重要的是，你的决策应该基于你认为企业的价值是多少。
And if you make your buy and sell decisions based on what you think a business is worth, and you stick with businesses that you think — you’ve got good reason to think — you can value, you simply have to do well in stocks.如果你的买卖决策是基于你认为企业的价值，并且你坚持投资那些你认为——有充分理由认为——你能估值的企业，你在股票市场上就一定会做得很好。
The stock market is the most obliging, money-making place in the world because you don’t have to do anything.股市是世界上最顺从、最赚钱的地方，因为你什么都不用做。
You know, you sit there with thousands of businesses being priced at the same price for the buyer and the seller, and you don’t — and it changes every day, and you’ve got lots of information about most of those businesses, and you don’t have to do anything.你知道，你坐在那里，成千上万的生意以相同的价格对买家和卖家进行定价，你不需要——而且它每天都在变化，你对这些生意中的大多数都有大量的信息，而你什么都不需要做。
Compare that to any other investment alternative you’ve got. I mean, you can’t do that with farms.与其他任何投资选择相比。我的意思是，你不能用这种方式对待农场。
If you own a farm and the guy has the farm next to you and you’d kind of like to buy him out or something, he’s not going to name a price every day at which he’ll buy your farm or sell you his farm, but you can do that with Berkshire Hathaway or IBM.如果你拥有一个农场，而你旁边的家伙也有一个农场，你可能会想收购他或者什么的，他不会每天给出一个价格，说他愿意买你的农场或者卖给你他的农场，但你可以用这种方式对待伯克希尔·哈撒韦或IBM。
It’s a marvelous game. The rules are stacked in your favor, if you don’t turn those rules upside down and start behaving like the drunken psychotic instead of the guy that’s there to take advantage of it.这是一个奇妙的游戏。如果你不颠倒这些规则并开始表现得像那些醉酒的精神病患者，而是利用这些规则，规则就会对你有利。
查理?
CHARLIE MUNGER: Well, what’s interesting about this place is I think we’ve had a lot more fun and we got rich enough so we bought businesses and stocks to hold instead of to resell.查理·芒格：嗯，这个地方有趣的是，我想我们有更多的乐趣，我们足够富有，以至于我们购买企业和股票是为了持有而不是为了转售。
It’s an enormously more constructive life. So as fast as you can work yourself into our position, the better off you’ll be. (Laughter)这是一个极其更有建设性的生活。所以，你越快让自己处于我们的位置，你就会越好。（笑声）
WARREN BUFFETT: And you should be very encouraged by the fact he’s only 88 and I’m only 81. Just think, it may take you a little while. (Laughs)沃伦·巴菲特：你应该非常受到鼓舞，因为他只有88岁，而我才81岁。想想看，你可能需要一点时间。（笑声）
超额收益来自于市场极端的错误定价；前提是在自己的能力圈内，可以评估企业的内在价值。
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