别划走！这不仅是关于巴菲特的投资智慧，这更是一份写给2025年每一个人的人生操作系统。读完这篇深度剖析，你将收获的不仅仅是几个故事，而是：
- 一套穿越周期的投资哲学：让你在喧嚣中找到内心安宁，从而获得更好的长期回报。
- 一个终极的识人法则：巴菲特的绝不要混蛋原则，帮你过滤掉生活和工作中的毁灭者。
- 一份事业的终极指南：理解如何找到那份让你不再感觉是在工作的理想事业。
2021 股东来信第三部分（最后一部分）：
A Wonderful Man and a Wonderful Business
一位杰出的人物，一家卓越的企业
Last year, Paul Andrews died. Paul was the founder and CEO of TTI, a Fort Worth-based subsidiary of Berkshire. Throughout his life – in both his business and his personal pursuits – Paul quietly displayed all the qualities that Charlie and I admire. His story should be told.
去年，保罗·安德鲁斯与世长辞。保罗是TTI的创始人兼首席执行官，TTI是伯克希尔旗下、总部位于沃斯堡的子公司。其一生——无论事业抑或个人生活——始终低调地展现出查理和我所敬佩的全部品质。他的故事值得被铭记。
In 1971, Paul was working as a purchasing agent for General Dynamics when the roof fell in. After losing a huge defense contract, the company fired thousands of employees, including Paul. With his first child due soon, Paul decided to bet on himself, using 500 of his savings to found Tex-Tronics (later renamed TTI). The company set itself up to distribute small electronic components, and first-year sales totaled 112,000. Today, TTI markets more than one million different items with annual volume of 7.7 billion.
1971年，保罗在通用动力公司做采购。那一年，屋顶突然塌了——公司痛失一份巨额国防合同，随即裁掉了数千名员工，保罗也在其中。 更揪心的是，他的第一个孩子马上就要出生。 保罗做了一个决定：押注自己。 他拿出500美元积蓄，创办了名为 Tex‑Tronics 的小公司（后来改名为 TTI），专门分销小型电子元件。 创业第一年，销售额是112,000美元。 而今天，TTI已经经营超过一百万种产品，年销售额达77亿美元。
But back to 2006: Paul, at 63, then found himself happy with his family, his job, and his associates. But he had one nagging worry, heightened because he had recently witnessed a friend’s early death and the disastrous results that followed for that man’s family and business. What, Paul asked himself in 2006, would happen to the many people depending on him if he should unexpectedly die?
回到 2006 年——那一年，保罗 63 岁。 他有幸福的家庭、满意的事业，还有值得信赖的团队伙伴。生活看似圆满，但心里一直有个挥不去的担忧。 不久前，他亲眼见到一位朋友英年早逝，朋友的家庭和事业在短时间内就陷入了严重困境。这件事让保罗开始反问自己：如果有一天自己突然离开，那些依靠他生活和工作的无数人们，该怎么办？
译注：
其实我们都会问自己：如果有一天我不在了，我们现在拥有的这一切会怎样？我又有什么留下的，哪些留下的会继续安全吗？
- 在商业上这是一个关键的商业困境 — “托孤”的难题。
- 更深层次的是对抗死亡的本能——通过企业、家庭等延续自身的存在。
一个人的终极利益，在于其生命意义的完整实现。作为企业主的保罗想要实现自己的托孤，唯一的途径就是能完整地保全 TTI 的文化、团队和承诺。
在这一点上伯克希尔特别适合，也是巴菲特想讲的关键。我知道你的恐惧，我理解你的牵挂，我懂你不仅仅是想卖一个好价钱，更是在为你一生的心血找一个值得托付的归宿。竞争对手会毁了它，PE 会卖了它，只有伯克希尔，会像你一样爱护它，让它作为伯克希尔家族的一员，永远地传承下去。
For a year, Paul wrestled with his options. Sell to a competitor? From a strictly economic viewpoint, that course made the most sense. After all, competitors could envision lucrative “synergies” – savings that would be achieved as the acquiror slashed duplicated functions at TTI. But . . .
带着这个问题，他花了一年时间思考各种选择。 把公司卖给竞争对手？如果只从经济账来看，这条路最合乎逻辑。毕竟，竞争者会看到所谓的“协同效应”——裁掉 TTI 的重复岗位，就能节省一大笔钱。
Such a purchaser would most certainly also retain its CFO, its legal counsel, its HR unit. Their TTI counterparts would therefore be sent packing. And ugh! If a new distribution center were to be needed, the acquirer’s home city would certainly be favored over Fort Worth.
但问题是，这样的买家肯定会保留自己的首席财务官、法律顾问和人力资源部门，TTI 对应的岗位和员工就会被清理掉。更糟的是，如果将来需要新建分销中心，对方很可能选择自己的主场城市，而不是沃斯堡。
Whatever the financial benefits, Paul quickly concluded that selling to a competitor was not for him. He next considered seeking a financial buyer, a species once labeled – aptly so – a leveraged buyout firm. Paul knew, however, that such a purchaser would be focused on an “exit strategy.” And who could know what that would be?
无论经济账多么诱人，保罗很快就下了结论：把公司卖给竞争对手，不符合他的心意。接着，他考虑过另一种买家——财务型收购方，过去人们更直接地称为“杠杆收购公司”。保罗很清楚，这类买家最关心的是“退出策略”，而那种事，你永远猜不透它的时间和方式。
Brooding over it all, Paul found himself having no interest in handing his 35-year-old creation over to a reseller. When Paul met me, he explained why he had eliminated these two alternatives as buyers. He then summed up his dilemma by saying – in far more tactful phrasing than this – “After a year of pondering the alternatives, I want to sell to Berkshire because you are the only guy left.”
想来想去，他不愿把自己花 35 年心血打造的事业，交到一个只想着再转手的二道贩子手里。第一次见面时，保罗先解释为什么排除了前面两条路，然后用比我在这里说的更婉转的语气，总结了他的处境：“我考虑了一年，现在决定把公司卖给伯克希尔，因为你是唯一剩下的人选。”
So, I made an offer and Paul said “Yes.” One meeting; one lunch; one deal. To say we both lived happily ever after is an understatement. When Berkshire purchased TTI, the company employed 2,387. Now the number is 8,043. A large percentage of that growth took place in Fort Worth and environs.
于是，我提了报价，保罗说了“好”。一场会、一顿午餐、一桩交易。 说我们此后皆大欢喜，其实还算保守。在伯克希尔收购 TTI 时，公司有 2,387 名员工；如今这个数字是 8,043。很多新增岗位都落在沃斯堡及其周边地区。
Earnings have increased 673%. Annually, I would call Paul and tell him his salary should be substantially increased. Annually, he would tell me, “We can talk about that next year, Warren; I’m too busy now.”
公司利润已经增长了 673%。 每年，我都会打电话给保罗，说他的薪水该大幅调高；每年，他都会笑着回一句：
“沃伦，这事我们明年再说吧，我现在忙得很。”
When Greg Abel and I attended Paul’s memorial service, we met children, grandchildren, long-time associates (including TTI’s first employee) and John Roach, the former CEO of a Fort Worth company Berkshire had purchased in 2000. John had steered his friend Paul to Omaha, instinctively knowing we would be a match.
后来，格雷格·阿贝尔和我参加了保罗的追悼会。 我们在那里见到了他的子女、孙辈、长期伙伴（包括 TTI 的第一位员工），还有约翰·罗奇——他曾是伯克希尔在 2000 年收购的一家沃斯堡公司的首席执行官。正是约翰把他的朋友保罗介绍到了奥马哈，直觉上觉得我们会很合拍。事实也确实如此。
At the service, Greg and I heard about the multitudes of people and organizations that Paul had silently supported. The breadth of his generosity was extraordinary – geared always to improving the lives of others, particularly those in Fort Worth. In all ways, Paul was a class act.
在追思会上，格雷格和我听到了许多关于保罗的故事——他默默支持了成千上万的人与组织。 他的慷慨无边，总是以改善他人生活为目标，尤其关心沃斯堡的社区。 无论从哪一面看，保罗都是风范卓然的典范。
Good luck – occasionally extraordinary luck – has played its part at Berkshire. If Paul and I had not enjoyed a mutual friend – John Roach – TTI would not have found its home with us.
在伯克希尔的旅程中，运气——偶尔甚至是非凡的好运——一直伴随我们。 如果没有那位共同的朋友约翰·罗奇，TTI 可能永远不会成为伯克希尔的一员。
译注：
如果说前一部分是描述一个企业家的难题，那么巴菲特接下来说的数字和成果，则是一份精心呈现的品牌宣言。从员工到追悼会，这份传承性的资产，不会因为人的离去就消失，反而会融入企业的文化和团队精神，代代延续，推动未来的发展。这种无形的力量，才是真正宝贵和值得珍惜的。
伯克希尔的模式让保罗这种利他行为与利己目标（企业持久繁荣）统一了起来，在这里，利他不是对利润的消耗，而是对利润的长久保障。
这就是伯克希尔重要护城河之一。不仅在于其庞大的资本，更在于其几十年如一日积累下来的声誉资本。这种资本能带来高质量的、甚至是独家的交易机会，这本身就是一种巨大的竞争优势。
But that ample serving of luck was only the beginning. TTI was soon to lead Berkshire to its most important acquisition. Every fall, Berkshire directors gather for a presentation by a few of our executives. We sometimes choose the site based upon the location of a recent acquisition, by that means allowing directors to meet the new subsidiary’s CEO and learn more about the acquiree’s activities.
然而，那份好运只是个开场。 很快，TTI 就会把伯克希尔带向迄今最重要的一桩收购。 每到秋天，伯克希尔的董事们都会聚在一起，听几位高管作专题汇报。 有时，我们会把会址选在最近收购的公司所在城市，让董事们能和那家子公司的 CEO 面对面，顺便多了解一些业务细节。
In the fall of 2009, we consequently selected Fort Worth so that we could visit TTI. At that time, BNSF, which also had Fort Worth as its hometown, was the third-largest holding among our marketable equities. Despite that large stake, I had never visited the railroad’s headquarters.
2009 年秋，我们选定了沃斯堡——这样既能探访 TTI，又能顺路看看另一位邻居。 那时，同样以沃斯堡为“老家”的 BNSF，是我们在可交易股票中第三大的持仓。 虽然这笔投资规模不小，我却从没去过它的总部。
Deb Bosanek, my assistant, scheduled our board’s opening dinner for October 22. Meanwhile, I arranged to arrive earlier that day to meet with Matt Rose, CEO of BNSF, whose accomplishments I had long admired.
我的助理 Deb Bosanek 把董事会的开幕晚宴定在 10 月 22 日。 我自己则决定提前几个小时到达，只为见一见 BNSF 的首席执行官 Matt Rose——他的成绩，我一直很敬佩。
When I made the date, I had no idea that our get-together would coincide with BNSF’s third-quarter earnings report, which was released late on the 22nd. The market reacted badly to the railroad’s results. The Great Recession was in full force in the third quarter, and BNSF’s earnings reflected that slump. The economic outlook was also bleak, and Wall Street wasn’t feeling friendly to railroads – or much else.
我确定会面日期的时候，完全没想到它会碰巧撞上 BNSF 三季度财报的发布——就在 10 月 22 日晚上。 当天的市场反应并不友好。那是“大衰退”正酣的季度，BNSF 的盈利自然也受到了冲击。经济前景惨淡，华尔街对铁路行业——甚至也对几乎所有行业——都很冷淡。
On the following day, I again got together with Matt and suggested that Berkshire would offer the railroad a better long-term home than it could expect as a public company. I also told him the maximum price that Berkshire would pay. Matt relayed the offer to his directors and advisors. Eleven busy days later, Berkshire and BNSF announced a firm deal.
第二天，我又和 Matt 见了面。我告诉他，伯克希尔可以给这家铁路公司一个比它在公众市场更好的、也更长久的家，同时也直接告诉了他伯克希尔能出的最高价。 Matt 把报价提交给他的董事会和顾问。 十一天的密集商谈之后，伯克希尔和 BNSF 正式宣布达成收购。
And here I’ll venture a rare prediction: BNSF will be a key asset for Berkshire and our country a century from now. The BNSF acquisition would never have happened if Paul Andrews hadn’t sized up Berkshire as the right home for TTI. 这里，我愿意破例做个预言：一百年后，BNSF 仍会是伯克希尔的关键资产，也是我们国家的支柱之一。 而这一切，要追溯到保罗·安德鲁斯的那次决定——如果当年他没有认定伯克希尔是 TTI 的最佳归宿，我们与 BNSF 的这桩收购，大概永远不会发生。
Thanks I taught my first investing class 70 years ago. Since then, I have enjoyed working almost every year with students of all ages, finally “retiring” from that pursuit in 2018. Along the way, my toughest audience was my grandson’s fifth-grade class. The 11-year-olds were squirming in their seats and giving me blank stares until I mentioned Coca-Cola and its famous secret formula. Instantly, every hand went up, and I learned that “secrets” are catnip to kids.
感谢诸位！七十年前，我第一次登台教授投资课程。此后，我几乎年年与不同年龄的学生结缘，乐在其中，直到2018年才宣布在这方面“退休”。途中，最让我头疼的听众莫过于我孙子所在的五年级班——一群十一岁的孩子在座位上扭来扭去、目光游离，直到我提到可口可乐及其家喻户晓的神秘配方。刹那间，满教室的小手齐刷刷举起，我这才领悟到：对孩子们而言，“秘密”有着无与伦比的魔力。
译注：
从 TTI 到 BNSF 的飞跃，是一个完美的闭环。从一个基于信任、尊重的善意收购成为了伯克希尔的“运气”放大器，才让伯克希尔在一个巨大的可能无效的市场中，用极高的效率和确定性，抓住一个个定义未来的历史性机遇。
如果说收购 TTI 是为企业家提供一个灵魂归宿，那么接下来收购 BNSF 就是为优秀的管理者提供了一个战略级避风港。他背后是市场上稀缺的、耐心的、聪明的资本，更能解放优秀的企业家的镣铐，让他们发挥出最大的潜能。
他给学生们的建议——“投身于你热爱的领域，与你欣赏的人共事”——既是他的人生哲学，也是他收购TTI和BNSF背后最根本的原则。他收购的，正是那些已经踐行了这一原则的企业家和他们的事业。
Teaching, like writing, has helped me develop and clarify my own thoughts. Charlie calls this phenomenon the orangutan effect: If you sit down with an orangutan and carefully explain to it one of your cherished ideas, you may leave behind a puzzled primate, but will yourself exit thinking more clearly.
和写作一样，教学总能迫使我把自己的想法重新梳理，并更加看得清楚。 查理给这种现象起了个名字——“猩猩效应”： 如果你坐下来，耐心地向一只猩猩解释某个你非常珍视的观点，最后它可能是一脸疑惑地离开，但你自己一定会在离开时想得更透。
译注：
这种写作学习方法其实还有一个通俗易懂的名字：费曼学习法
Talking to university students is far superior. I have urged that they seek employment in (1) the field and (2) with the kind of people they would select, if they had no need for money.
当然，比跟猩猩交流更有趣的，是与大学生交谈。 我常对他们说，找工作的时候请记住两条简单的原则： （1）投身你即使不拿工资也愿意去做的领域；（2）与那些即使不付薪水，你也乐于一同工作的朋友为伍。
译注： 这可是关键所在，是为什么巴菲特能在11天内，以极大的确定性决定一笔可能定义伯克希尔未来的世纪收购的原因。
他真正想说的，不是因为他更聪明或更大胆，而是通过这几十年的自我训练，巴菲特已经把自己的原则打造得无比清晰，从而在关键时候做出高质量的决策。通过寻找“可口可乐似的秘方”，巴菲特一生都在寻找那种简单的、强大的、难以复制的秘方。以 TTI 为代表的秘方是保罗·安德鲁斯卓越的企业家精神和文化，而 BNSF 则是垄断性和不可替代性。
这也是巴菲特在充满了噪音、复杂的理论的投资世界中屡屡获胜的关键，不是追逐时髦而是大道至简：伯克希尔是由一群遵循正确人生原则的人所组成的价值共同体。
Economic realities, I acknowledge, may interfere with that kind of search. Even so, I urge the students never to give up the quest, for when they find that sort of job, they will no longer be “working.” Charlie and I, ourselves, followed that liberating course after a few early stumbles. We both started as parttimers at my grandfather’s grocery store, Charlie in 1940 and I in 1942. We were each assigned boring tasks and paid little, definitely not what we had in mind.
我承认，现实的经济情况常常会打断这样的寻找。 即便如此，我还是劝学生们——千万别放弃。 因为，一旦你找到这种工作，你就不再觉得自己是在“工作”。查理和我在找到这份自由之前，也跌跌撞撞了好一阵子。 我们第一次“就业”，都是在我祖父的杂货店打零工： 查理是 1940 年，我是 1942 年。 那时候，我们被分派去做枯燥的活儿，报酬不高，与理想相去甚远。
Charlie later took up law, and I tried selling securities. Job satisfaction continued to elude us.
后来，查理转去学法律，我则试着推销证券。 然而，工作带来的满足感依然遥不可及。
Finally, at Berkshire, we found what we love to do. With very few exceptions, we have now “worked” for many decades with people whom we like and trust. It’s a joy in life to join with managers such as Paul Andrews or the Berkshire families I told you about last year.
直到加入伯克希尔，我们才找到真正热爱的事业。 从那以后，除极少数例外，我们几十年来一直与自己喜爱、信任的人并肩“工作”。 能和保罗·安德鲁斯这样的经理人， 或去年我提到的那些伯克希尔家族合作， 是人生的一大乐事。
译注：
连巴菲特也经历过在现实面前低头的事情。但困难只能影响你前行的速度，并不能改变你的方向。
巴菲特和芒格的亲身经历展示出即便是股神的职业生涯，也并不是一条完美上升的曲线，依然有无聊的工作和路上的挫折。但短短几句话却生动地告诉了我们把时间花在你热爱的领域，会带来超额的长期回报。
即便现实可能有各种牵绊，也要持续寻找你真正热爱的工作，因为它能让你在人生和职业中进入长效的幸福和复利循环。
In our home office, we employ decent and talented people – no jerks. Turnover averages, perhaps, one person per year.
在总部，我们只聘请品行端正、才华出众的人——不会有“难缠之辈”。 员工的流动率很低，平均一年可能才有一个人离开。
译注：
绝不要混蛋是他为自己和员工创造并维持这个可以玩一辈子的游戏所必须设下的防护罩，不仅是企业长期价值的增长引擎，更是伯克希尔模式最关键的基石。
除了是如何既能赚大钱、又能让你每天都想跳着踢踏舞去上班的关键，更是伯克希尔制造好运、拿下像 BNSF 这样百年资产的根本。
当下是 2025 年 9 月了，再回头看 BNSF 这笔交易，虽然谈不上伟大，谈不上一帆风顺的运营和无限的增长，但依然提供了一个国家级的、永恒性资产最理想的所有权结构。
I would like, however, to emphasize a further item that turns our jobs into fun and satisfaction - - - - working for you. There is nothing more rewarding to Charlie and me than enjoying the trust of individual long-term shareholders who, for many decades, have joined us with the expectation that we would be a reliable custodian of their funds.
不过，还有一件事，我必须提一提—— 它让我们的工作不仅有趣，还充满成就感： 为你们效力。 对查理和我来说，没有什么比赢得长期股东的信任更令人满足的了。 几十年来，这些个人股东一路与我们并肩同行， 相信我们会是他们资金的可靠守护人。
Obviously, we can’t select our owners, as we could do if our form of operation were a partnership. Anyone can buy shares of Berkshire today with the intention of soon reselling them. For sure, we get a few of that type of shareholder, just as we get index funds that own huge amounts of Berkshire simply because they are required to do so.
当然，我们并不能像合伙制那样挑选股东。 任何人今天都可以买入伯克希尔的股票， 也可能打算很快卖出。 这样的短线股东我们也有； 同样，我们的部分大股东是指数基金—— 它们只是因为规则要求，被动持有大量伯克希尔股票。
To a truly unusual degree, however, Berkshire has as owners a very large corps of individuals and families that have elected to join us with an intent approaching “til death do us part.” Often, they have trusted us with a large – some might say excessive – portion of their savings.
但更令人感到特别的是—— 伯克希尔有一支规模庞大的股东队伍， 由众多个人和家族组成， 他们加入时的承诺几乎可以说是—— “相伴至生命尽头”。他们中很多人把很大一笔—— 甚至有人会说“大得过头”——的积蓄托付给我们。
译注： 从 2021 年到 2025 年这五年间的数据和市场表现，都强有力地印证了这一结论：伯克希尔由“匿名家族军团”构筑的信任护城河，在经历了一系列历史性的“压力测试”后，不仅没有被削弱，反而变得更加坚固。
宏观经济的惊涛骇浪、查理芒格的离去、阿贝尔接班人的确认，不仅未能动摇伯克希尔的根基，反而向全世界展示了它究竟有多么坚固。
Berkshire, these shareholders would sometimes acknowledge, might be far from the best selection they could have made. But they would add that Berkshire would rank high among those with which they would be most comfortable. And people who are comfortable with their investments will, on average, achieve better results than those who are motivated by ever-changing headlines, chatter and promises.
伯克希尔的一些股东坦言，他们的投资选择未必是世间最优，但若论舒心程度，伯克希尔却能稳居前列。 这并不意外——那些对自己持仓心安理得的人，往往比被市场头条、杂音和花哨承诺牵着走的人，取得更持久、更出色的成绩。
Long-term individual owners are both the “partners” Charlie and I have always sought and the ones we constantly have in mind as we make decisions at Berkshire. To them we say, “It feels good to ‘work’ for you, and you have our thanks for your trust.”
那些长期的个人持有者，就是查理和我一直以来苦苦寻找的“合伙人”，也是我们在伯克希尔做每一个决策时始终挂念的人。 在这里，我们真诚地向你们致意： “能为你们‘效劳’，是我们的荣幸——感谢你们的信任。”
The Annual Meeting
Clear your calendar! Berkshire will have its annual gathering of capitalists in Omaha on Friday, April 29th through Sunday, May 1st. The details regarding the weekend are laid out on pages A-1 and A-2. Omaha eagerly awaits you, as do I.
年度股东大会
请把时间空出来！伯克希尔一年一度的资本家盛会将于4月29日（周五）至5月1日（周日）在奥马哈举行。周末活动的具体安排详见 A-1 至 A-2 页。奥马哈翘首以待，我亦然。
I will end this letter with a sales pitch. “Cousin” Jimmy Buffett has designed a pontoon “party” boat that is now being manufactured by Forest River, a Berkshire subsidiary. The boat will be introduced on April 29 at our Berkshire Bazaar of Bargains. And, for two days only, shareholders will be able to purchase Jimmy’s masterpiece at a 10% discount. Your bargain-hunting chairman will be buying a boat for his family’s use. Join me. February 26, 2022 Warren E. Buffett Chairman of the Board
最后，容我来一段推销 我的“表亲”——吉米·巴菲特——设计了一款双体“派对船”， 由伯克希尔旗下子公司 Forest River 制造。 这款船将在 4 月 29 日我们的 Berkshire Bazaar of Bargains 上首次亮相。 仅在那两天，股东可以以九折的优惠购买吉米的代表作。 你那位爱淘实惠的董事长，也要买一艘给家人用。 来吧，加入我。 —— 2022 年 2 月 26 日 沃伦·E·巴菲特 董事会主席