以下是 1988 年巴菲特致股东的信英文版全文：
To the Stockholders of Berkshire Hathaway Inc.:
Introduction
Our investment philosophy has not changed. We continue to focus on finding businesses with durable competitive advantages that are run by able and trustworthy management and are available at prices that make sense. We are long-term oriented and are not swayed by short-term market fluctuations.
Operations
We are pleased to report that Berkshire Hathaway's net asset value increased by $569 million, or 20.0%, during the 1988 calendar year. This growth was achieved despite the stock market crash of October 19, which saw the market fall 22.7%. Many investors lost their shirts, but Warren Buffett wasn't one of them.
Business Value
One way to profit from market crashes is to think of listed shares as small parts of whole businesses. This approach helps you ignore market 'noise' and focus on a company's underlying value. In Buffett's words: "Whenever Charlie and I buy common stocks for Berkshire's insurance companies we approach the transaction as if we were buying into a private business. We look at the economic prospects of the business, the people in charge of running it, and the price we must pay. We view ourselves as business analysts—not as market analysts, not as macroeconomic analysts, and not even as security analysts."
Advisors Aim to Confuse
Your stockbroker might never admit it, but investing can be quite simple. Advertising this fact would be bad for the broking business, though. So, too often, investment matters become far too complicated. Buffett explains after reciting his Mr. Market analogy: "Ben's Mr. Market allegory may seem out-of-date in today's investment world, in which most professionals and academicians talk of efficient markets, dynamic hedging and betas. Their interest in such matters is understandable, since techniques shrouded in mystery clearly have value to the purveyor of investment advice. After all, what witch doctor has ever achieved fame and fortune by simply advising 'Take two aspirins'?"
An Ideal Time to Invest
Buffett explains that volatile markets are the ideal time to invest: "Many commentators have drawn an incorrect conclusion upon observing recent events: They are fond of saying that the small investor has no chance in a market now dominated by the erratic behavior of the big boys. This conclusion is dead wrong: Such markets are ideal for any investor—small or large—so long as he sticks to his investment knitting. Volatility caused by money managers who speculate irrationally with huge sums will offer the true investor more chances to make intelligent investment moves. He can be hurt by such volatility only if he is forced, by either financial or psychological pressures, to sell at untoward times."
Conclusion
We will continue to seek out investment opportunities that fit our criteria and to manage our capital in a way that we believe will provide the best possible returns for our shareholders.
Warren E. Buffett
