巴菲特2004年致股东的信（英文版）

Key Highlights:

1. Capital Allocation Challenges:
   We ended the year with $43 billion in cash equivalents, a position we view as suboptimal. While we actively pursued large-scale acquisitions, we remained disciplined, refusing to overpay for assets. As Charlie Munger and I often say, "Price is what you pay; value is what you get." This cash reserve, though unproductive in the short term, positions us to capitalize on opportunities during market dislocations .
2. Insurance Operations:
   • GEICO continued its growth, capturing 7.9% of the auto insurance market. Its success stems from a relentless focus on cost efficiency and technological innovation.
   • General Re completed the unwinding of its derivatives portfolio, a process initiated in 2002. This experience reinforced our view that derivatives are "financial weapons of mass destruction" due to their opacity and systemic risks .
3. Foreign Currency Holdings:
   We expanded our foreign exchange positions to $21.4 billion across 12 currencies, reflecting concerns over the U.S. trade deficit. As I wrote in a 2003 Fortune article, America’s persistent trade imbalance threatens long-term dollar stability. This hedge aims to protect Berkshire’s dollar-denominated assets while maintaining our confidence in the U.S. economy’s fundamental strength .
4. Corporate Governance:
   We criticized prevailing board practices, highlighting directors’ lack of skin-in-the-game. At Berkshire, all directors (and their families) hold over $4 million in Berkshire stock, aligning their interests with shareholders. We also shared a cautionary tale of a board that prioritized director fees over shareholder value, underscoring the importance of independent thinking .
5. Investment Philosophy:
   • Equity Strategy: Despite market gains, we focused on businesses with sustainable competitive advantages. Our largest holdings included Coca-Cola, American Express, and Wells Fargo.
   • Derivatives Caution: While we reduced exposure to most derivatives, we initiated long-term equity put options on major indices. These contracts, though complex, align with our risk tolerance and long-term horizon .

Excerpts on Key Themes:

• Trade Deficit Warning:
  "The U.S. trade deficit is a financial tapeworm that grows in proportion to our prosperity. If left unchecked, it will sap American economic vitality and alter our national character. We must address this issue with the urgency it deserves."
• Director Independence:
  "True independence isn’t about avoiding trivial conflicts of interest—it’s about having the courage to challenge management when necessary. Directors who derive significant income from board fees are unlikely to prioritize shareholder interests over their own careers."
• CEO Succession Planning:
  "We have identified three internal candidates to succeed me as CEO, each with unique strengths. However, finding a successor with the right blend of investment acumen and operational wisdom remains our most critical task."

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