Chapter 15 12 partners, come back

As Buffett frequently flies between New York, Washington and Buffalo, he spends less and less time with his wife.Susie is obsessed with singing, Neil.Hidaka heard her sing in Omaha and suggested that she become a professional singer, which she really considered.bill.Ryan -- Buffett's friend, an investment manager -- arranged for her to audition at several nightclubs in Manhattan, including Tramps and the Ballroom.Buffett's friends in New York found her to sing well.Singer Roxon."If you were on the street, you wouldn't see her as a rich man's wife," Brandt said. When called back to New York to determine payment, Suzy began to discuss good packaging and going out to sing.She even talked to William of the talent agency.Morris signed the contract.

In the spring of 1977, while Buffett was busy buying the Evening News, Susie was singing at Café de France in Omaha.Her colleagues often stop by Buffett's house for a drink after the show.Buffett would stay with them for a while, then hide in the study, leaving Susie alone to entertain. "I have an impression," Peter said, "Dad was like a big man when Mum and the coffee shop people came. He was always upstairs reading. Mum and her friends were like children." The gap between the Buffett family is so obvious. When they celebrated their silver wedding anniversary in April 1977, Stan.Lipsey had a cartoonist draw a cartoon of Buffett and Susie dancing past each other on the wedding cake.

Their interests differed so much that Susie felt even more lost when there were no children at home.The frequent painter Kent.Bello thought their union was magical, like opposites attract.More often Warren is absorbed in an S&P volume or brooding alone like a shell.In terms of relationship, he was the complete opposite of Susie. Susie told Bello: "Warren is satisfied with a book and a 60-watt light bulb." Of course Susie wanted more than that.She is very outgoing and very emotional.She had a caring nature, and Warren certainly enjoyed it the most.The daughter said: "Mom spent a lot of time helping Dad to do what he wanted to do. Dad was very focused and eager, and he always did the same thing." Peter put it more clearly: "Mom's pain comes from being considerate of others. .” Until late at night, Susie had her own time to listen to music alone.

In an interview with WorldProphecy in Omaha about her stage career, Suzy said she was grateful to Warren for supporting her singing.In the interview, which was published two days after their 25th wedding anniversary, Susie's description of Buffett was redacted.Discussing the history of their relationship, Susie said she was "madly in love with another person" but eventually listened to her father and found Buffett to be "an amazing person."But she didn't say she was crazy about him, or that she still thought of Milton often.Brown's romance.After 25 years, she often wonders what life would have been like if she had married Brown.

(Brown was already a successful food broker in Des Moines.) It was just the husband and wife at the time, with married children working at 21st Century in Irvine, California, next to her college; Howie dropped out of Augustana University in South Dakota, and he was in Omaha He had started his own company—Buffett Excavation Company—to buy earth-moving equipment with the money he earned from Berkshire stock, and Pete Jr. had just started school at Stanford. In September 1977, Susie played one night at Orpheum, a palatial complex in Omaha that had hosted Al in the 1930s.Johnson and Barbara.stanwyck.On that particular night, Suzy sang a sentimental song, "Let's feel like we're still in love, okay?"

Suzy, 45, left her husband and moved out of Buffett's Farnan Street home in Omaha a few days later. Rented a room in San Francisco. (Howie is baffled by the prominence, Peter is expected.) Susie said (legally or otherwise) that she wasn't divorcing her husband, she just wanted to be self-sufficient. It was a blow to Buffett, who was shocked, helpless, and irreparable.He used to have a harbor to escape from all unhappiness, so that he could concentrate on his work, but now his harbor is shattered, his home is no longer warm and happy, he has lost Susie's comfort to his soul, no one can replace her .

"Susie has been my sun and rain for 25 years," he told his sister. Alone, Buffett doesn't understand why she feels alone, leaving the house.He wailed when he called her.Susie reassured that her departure was just an adjustment, which would be good for everyone. It was not a complete break. They could still talk on the phone, travel together, and even go to New York and Laguna for vacation as usual.They're still a couple, she assures, but the point is, "We each have what we need." Warren's daughter came home to be with him for a few weeks, and little Susie had Warren's warmth and attention.Coincidentally, her short-lived marriage was also on the verge of breaking up.She brought life to the empty house and helped her father with the housework before he ate popcorn all day and littered the floor with dirty laundry.Buffett also loved little Susie, and was amazed by her ability to manage the house. "She could clean up the laundry room in one afternoon." "He didn't talk about his mother often," recalled little Susie:

He had a hard time expressing his emotions at the time, and I remember him sitting in a chair reading a book, talking about the laundry room, and I said, "In a sense, nothing has changed. As long as you let mommy come back and open the door , closing the door and saying 'come back', you'd think she was still here." Those relatives and friends who have always admired Buffett for having a happy family were also shocked and saddened by this.But the Warrens are not divorced in the usual sense.While Susie stayed in California, they talked on the phone every day, and at Christmas they were reunited with the children at their beachside residence in Laguna.When spring came, Warren and Susie went to New York for a two-week vacation as usual.

Things are getting a little better, Buffett's daughter said.Buffett found little change in his wife. It can be seen that he is afraid only because he is worried about some big changes.He planned to live in Southern California, where he would be closer to most of the family, but that didn't happen.Partly because that would mean leaving his gentle and loyal secretary, Gollard.Kath.Of course, the main reason is that he hates changing his usual practice, abandoning everything he is familiar with and starting over. Instead, Susie lives in a rudimentary student flat filled with little girlish gadgets like a Mickey Mouse phone.She was content with this freedom and solitude, something she hadn't felt until middle age, after all.Susie had her own space in her life, and Warren didn't want to confront her about it.Their family members also understood that Susie had needs of her own.They also, as always, protect Warren so he can do his job better.His sister Roberta wrote: "We didn't let Warren get hurt. I don't know how that happened, it just builds up over time."

Susie loved Warren more than anyone, and she still cared about him.She's just as good at weaving relationships as Warren.She even persuaded several women in Omaha, one of whom was Asked, to take Warren to a movie or make him dinner.Menkes, a 31-year-old blonde waiter in a French café with a soft voice.Asked made some soup for Buffett and started visiting Warren.Susie is very supportive of this. If there's anyone in Omaha with more connections than Buffett, it's Askide.Menkes.She lives in a loft in the market district, surrounded by barbershops and coffee shops.She was born in Latvia and came to Omaha as a child.She lost her mother when she was young, and her father, who was a waiter, fostered her in an orphanage.The most commented on Askid by others is "survivor".she's a thrift store

regulars, but looks beautiful and smart even in old clothes.Such as a small figure and a good face, showing her blood.In the winter, she'd walk through snowdrifts in the Omaha wind, wrapped in an Afghan fur coat and with a red dog on a leash, looking like a character from "Dr. Shinwager." Asked seemed to know all the bohemians in Omaha.Buffett's nephew, Tom, lives upstairs from the French Café.Says Roger: "Whenever snow season hits in Omaha and people are stuck in a snowstorm, Asked and V. Melt's chef cook dinner for everyone." She likes being useful , but not pushy.When Suzy sang at the French Café, she always brought her tea in between.She has the virtue of being secretly considerate and humble. A year after Susie moved out of Buffett's house, Asked moved in.Warren's decision confused his son Howie, and everyone was puzzled.Painter Kent.Knowing that Askide is a regular at the thrift store, Bello is surprised that she has found the richest man in town.He asked Asked aloud, "What the hell is going on with you and Warren?" There were rumors that Buffett had a prostitute.But in fact they were a couple from the beginning.In terms of personality, Aschid and Buffett are very congenial.They are very relaxed and happy together.Buffett bought cheap stocks, and Askider went to the thrift store or went to the supermarket to buy cheap Pepsi for Buffett.She was in the garden when Buffett was in the study.She likes to stay at home, so Buffett doesn't have to worry about trivial matters.If Peter came home by night train, Askide would pick him up. Maybe she was too lonely in her past life, and Asked always catered to Buffett, without appearing ashamed and humble at all.Of course she would lightly disapprove of him, but the relationship seemed very strange.Asked got company and security, and Buffett got someone to go home and eat steak with.When Aschid moved into Buffett's house, he knew that he had no intention of marrying again and that he still loved his wife.She gave him a comfortable home and would leave Omaha spruced up to spend quality time with Susie. Asked would rather leave Omaha than stay in an empty home at first, and after a while she got used to his comings and goings and the Buffett family.It is worth mentioning that she and Buffett's wife are still close friends.They cook together when Susie comes to Omaha, even though Susie doesn't live on Farnam Street.in the Berkshires once a year.At the Hathaway party, the two women sat side by side and talked quietly, while Buffett spoke on stage. These three very different people are a perfect fit.Asked took care of Buffett's life, and Suzy was with him when Buffett left Omaha.They visit old friends in New York and California.In all formal occasions like the semi-annual Ben.Buffett always brings his wife with him when the Graham investment group gathers. On the surface, neither Buffett nor Suzy's personalities have changed.Iowa Retailer Joe."They were like any other couple," said Rosenfeld, who met with them often in California. Little Susie said her parents' "basic relationship" remained the same.Peter thinks it's "surreal" that they live 1,500 miles apart and it's like nothing is happening. howard.Newman (the son of one of Ben Graham's associates) even joked that Buffett has two women. "Ben wanted to do that too, but you succeeded," he joked.But Buffett is not a romantic playboy as the joke says.He treats the two women carefully and differently, as if planned.In fact Suzy and Asked are different types of people, not interchangeable like actors.It also made Buffett's friends feel discordant.Even though they are used to this kind of triangle relationship, they still find it incredible. One wonders what Buffett had in mind for such a marriage, or if he just reorganized a family structure that would allow him to continue his career.Peter once asked his father if his mother She said she wanted to marry him.Buffett himself is skeptical.But however confused his friends may have been, the truth was that he had found, or invented, a solution to his advantage.Maintaining a relationship with Susie, despite the distance, gave him a sense of stability he'd longed for, the kind of feeling he'd had when he was young and scrambling back to Omaha.It spared him the trauma of the divorce and the search for comfort again. Prudence is his hallmark. "I love life, and I arrange it to do what I want to do," he once told a reporter.He was untidy and disregarded social conventions, and still does. He did not intend to introduce his three-person ballet; in a commentary that was published in the newspaper, he only said that it was suitable for all three parties: "If you know everyone well, you will understand the relationship." .” In conversations with friends, Buffett did emphasize that Asked was thanks to Suzy.Don.Daly, Buffett's old pinball partner, visited him in Omaha after he lived in Buffett's house in Asquid, and naturally wanted to know about him.Don found that they slept together at night.Buffett told him the two women were friends."I think it was important to him that he said he wasn't going to do anything sneaky," Daley said. According to Peter, Buffett had a miserable first few years after Susie left. "He's very sad and out of his mind," said Peter.One of Buffett's closest girlfriends also said he was "very lonely," but she was interested in how he handled it.Only a few people know his pain.According to his son, Buffett also sometimes forgets the unpleasantness and concentrates on work.He would bustle about carefully arranging his new life, like a "blindfolded horse." His past experience was very rough. When he was a teenager, he came to Washington alone to work as a newspaper boy.Although he now owns several of these newspapers, his job remains largely unchanged.He still got up early, as if there was still a bundle of newspapers waiting for him to deliver in the office.Now there are two women taking care of him, and his voice on the phone is 5 degrees higher, as if he has never encountered any unpleasant things.His old chum Joe.Rosenfeld has never seen Buffett depressed—“never once, he’s thrown himself into Berkshire.” He said. Undeterred by his personal troubles, Buffett is picking himself up again. In the late 1970s, Buffett made a number of investments on behalf of Berkshire.When the stock market was weak, he enthusiastically used the large amount of liquid assets of Berkshire insurance companies to buy stocks, including Omradar.Hess, ABC, GEICO, but also General Foods, Knight Island Rescue, General Media, SAFECO, FW Wool, and many others. News that Buffett bought a certain stock can send the stock price up 10%.Broker Art.Rosell said, "The stock price of General Foods rose like it had wings, but Warren didn't admit that he was buying. He waited for everyone else to sell and the stock price fell back before buying. Charlie Munger cursed loudly:' These sons of bitches are on the trail again.'” Buffett also writes when he invests.A few times for economics publications, mostly for Berkshire.Hathaway writes annual reports.He's always keeping track of his progress.He didn't stop writing until after Buffett Partners opened.Now he writes more epistolary reports on investment, management and finance. We don't know when this started, but he later sorted out the letters.It started with a letter in the first half of 1978 about 1977, the time when Susie was away from home.This letter writes the most basic things, and it is estimated that not many people read it.Buffett has his way with a complete presentation of stocks: He looks for companies he understands, with honest and competent management, good prospects, and at a fair price.He has no intention of participating in short-term trading. His impetus for writing this letter about buying stocks was the strange phenomenon of the Wall Street Exchange in the late 1970s. Strange scene.Buffett's favorite stocks are everywhere, but no one wants to buy them. In the summer of 1977, Dow.The Jones Industrial Average plummeted to over 800 points, well below its average of 1969.The reason is because of the recession in the United States in the mid-1970s, with desperate news on the front pages of all newspapers: dollar depreciation, yen appreciation, fundamentalists in Iran, Red Army in Nicaragua, frequent OPEC activities, domestic Energy is in short supply, and America's role is widely believed to be diminishing.The duplicity of Nixon was ousted and replaced by Jimmy.Carter has virtue and incompetence.george.Bush turned his attention to the White House and was alarmed by the federal debt.He has vowed to achieve a balanced budget in his first term if he is elected. The U.S. economy faced a similar situation five years ago, but Wall Street pulled through, followed by the most powerful economic revival in history, which is no consolation.Financial cycles are only clear in retrospect.No one can predict the future.Any change in the market is only once. The most hated thing in the late 1970s was inflation, with all prices rising by 13%.Major prices on Wall Street are in double digits.There are also counterfeit sellers in the mainland, and only they can take advantage of the difficult times to make a fortune. Buffett sells gold, diamonds, art, real estate, rare metals, frozen foods, jojoba, and counsels others on how to weather the storm.His point of view is: "Don't believe the theory in the book." He was ridiculed everywhere for his objection to the idea that stocks represent the state of the nation's economy.In a 1979 letter, Buffett wrote that he was astonished to find that pension fund managers spent only 9 percent of their money in stocks that year, and that nothing could be more cowardly.They were supposed to be "a group of people who, in theory, should be best kept investing for the long term."He couldn't help adding: "We can't help but be happy about that." — he was referring to Berkshire's investment portfolio. Everyone says stocks are cheap, but it's a pity that pension fund managers are still waiting to "see the picture" until after the bear market has passed.Manufacturer Hanova pumped out 60% of the funds from the market, says senior investment advisor Victor.“Something is still unclear,” Mellon explained. Janney.Montgomery Scott's deputy manager Hands. H. Bill also holds this view: the low stock price does not mean that everyone should buy, and the future situation depends on many difficult issues. One of the most heart-wrenching predictions was made by BusinessWeek, whose cover title for its August 1979 issue was "Stocks Are Over."The article is very creative and it carefully describes the downturn in the stock market. So, it says, people should be investing in money markets, fast food or rare stamps, and of course stocks should give way.Stock prices are so low that a lingering recovery is proof that the stock market is dead—not just depressed. In any case, the US economy must accept the fact that stocks are dead forever - perhaps in the future, but never too soon. Buffett strongly disagrees with this statement.That same week, he contributed an article to the magazine Forbes criticizing the outdated wisdom of pension fund managers: No one knows what will happen in the future, and you only pay high prices to buy when everyone is optimistic.Uncertainty has actually been with long-term investors. This article reflects Buffett's greater eagerness to formally explain the industry, which is deeper and more advanced than his thinking in the 1960s.He said the fund's managers were concentrated on corporate bonds, which were paying 9.5 percent at the time.The reason was simple: Stocks had no coupons and were too risky, all the more so at the time. What Buffett sees is not superficial.In fact, the risk of stocks at that time was very low.What he looks at is not just the stock itself, but also the economic situation of the company before drawing a conclusion.Stocks, like bonds, are part of business assets.In fact, it also has a "coupon" - that is, the profit of the enterprise - but it cannot see itself. For example, Dow.The book value of a company in the Jones Index has increased by 13%, a very ordinary figure, but its stock is not trading at this level.The stocks Buffett sees are "Dow Jones bonds with a 13 percent coupon" -- much higher than the average bond rate.If he is a prudent shareholder, the stock will always give him a 13% gain. Even in a bear market, Buffett's own stocks continue to appreciate.Berkshire shares now have a par value of $290 per share, adding $140 million to Buffett's book value.One thing that people find confusing is that Buffett never asks for money from Berkshire when his salary is only $50,000. He wouldn't even sell a share, saying the beauty was too valuable; he wouldn't let the company pay any dividends.It would be sacrilegious to scrape some money off his thriving career. With two families to support, he turned to Charles, a broker in Omaha.Hyde complained: "Everything I have is related to Berkshire's life and death, and I want to make some extra money." By the end of the 70s, he personally bought some stocks.He is being generous with his money.For example, when buying Treding, Buffett invested in equity, and he put all his eggs in one basket. Either the investment failed or he became a killer. One of his assistants said he also bought copper futures -- a real speculation. "It's scary how easy the money comes," says a Berkshire employee. "He analyzes the stocks he's buying, and the money comes right away." When a friend suggested that Buffett try real estate, he laughed. He said: "Now that stocks are so easy to do, why should I try real estate?" Broker Art."Buffett made $3 million like bingo," Russell said. As rich as he is now, Buffett's life is simple, at least in Omaha. He drives himself—a Lincoln—to work at one of the suites in Kaiwitt Square.He and five other people were there to handle Berkshire's business.His main pastimes are playing bridge, reading economic books, enjoying sports games, and discussing performances with others.When he and Askide go out, they usually stop at Grant's, the humble steakhouse run by Buffett's former classmate. Buffett's world is getting bigger and bigger, and friends, companies, and his works are not limited to Omaha. For his fiftieth birthday in the summer of 1980, Susie threw a dance at the Archbishop's Club in New York. (His 40th birthday was spent on the golf course.) Buffett from Stan.Lipsey took a big bag of popcorn and kept stuffing it into his mouth.Also present was Jerry.Oran, his friend in Penny, middle school classmate Don.Danley, Walter, Graham-Newman's deputy.Schloss, Sandy.Gottsman -- he's the one who leaked about the toll bridge, Kay.Graham, Carol.Loomis and Marshall.Weinberg.Buffett brought a balance sheet for the Wilson slot machine, his first trade.Love song singer Suzy sang a long song for him.Friends congratulated him.The last item is to eat the barbecue provided by Munger. In the great room with its wood-paneled walls, all had a good time.They also all noticed that Buffett wanted to write something.Wearing scuffed shoes, combing back his hair, and protruding his mouth slightly, he looked like a professor.He was still in good shape, and his shaggy brow gave him a bit of a thinker's tinge.In fact, these happy people are excited for him, even a little adored.Whoever owns Berkshire stock -- now selling for $375 apiece -- is rich. The next year, Buffett got a sad phone call.He and Munger's good friend, currency trader Rich.Göring's wife died suddenly and tragically.Buffett called Goering in California from Omaha. "I can't stand it," Goering said. "I understand how you feel," Buffett said. "I was the same when my father died. It was like being beaten." After a pause, he said again: "Let's do this, you take your son and fly to Charlie's Island, let's live there together for three or four days." Buffett met him on a lake in Minnesota, on Munger's boat.Munger took them fishing on a motorboat.As he turned, water rushed in over the side of the boat.Goering told him to be careful. But Munger turned a blind eye and still stepped up the accelerator.It didn't take long for the ship to sink.Buffett was stuck at the bottom. Strong Göring managed to pull him up.Although they all said it didn't matter, Buffett kept shaking.He nearly drowned.Munger has since added a nickname called "Captain Munger". Goering was touched that Buffett put everything aside because of him. "He was very compassionate," "But people didn't see it. It was such a gift to me - only time will show it," he said. With the help of Goering and his associates, Buffett's letter began to circulate on Wall Street.The bankers made photocopies of these reports and circulated them among themselves in chain letters.This is the first time someone has followed Buffett.It was funny when he discovered that Berkshire had started to have a group of "single shareholders" who bought only one share just to get the reports. Munger said Buffett had the misfortune of running a public company—he would be happier with a private company in Omaha.That didn't make Buffett lose interest in the status quo.He found his niche in writing those letters.He could grab some aspect of Berkshire—an accounting matter or an insurance problem—and write a feature article.In this sense, his letter is an analysis of the company's problems.A person who reads the annual report of General Motors can only understand General Motors without seeing any prejudice against any official, that is, the article is rigorous and factual, just like the one published in "Sebury Stanton".Buffett's articles satirize sex, greed, fallible human nature, and himself. Articles are available in HBS Language and Poole.Richard's Yearbook Style.Seems like it wasn't written for Kay.Graham's, but for people all over Wall Street and all over the United States to read. Meet Jack Buffett.Byron felt this way as he read the letter.Richard, a young entrepreneur who didn't know Buffett.Yates just felt like an 'Epiphany': 'When I was 19,' "I was given a copy of Berkshire's annual report. It's a gift from the Lord," he wrote. Some have explained that this is because he is the only one who has shed light on the workings of American capitalism and Berkshire.There are tycoons, there are more people who write letters, but only here is a JP Morgan who writes and laughs at Will.Rogers' words.His articles are full of witty words and quotes from many sources, using many such as Pascal, Keynes, and May.West and Yogi.Bella's description of culture.The illusion given by the article is that he is a bumpkin. But these are just condiments, to adjust the taste of the article.What matters is that he skillfully raises some complex issues and explains them clearly. In the early '80s everyone found that three things always happened.The first is that Buffett is extremely worried about inflation, which is inherited from his father.He kept in mind what Lenin said, "The way to destroy capitalism is to destroy its currency."He himself added that politicians actually have the ability to control the issuance of currency.Therefore, he believes that abnormal inflation is always scary. "Prices are the same as chastity, people can keep the price stable, but they can't bring it back down." In fact, he was worried that inflation would damage long-term bonds, but it turned out not to be the case. But Buffett's insight enabled him and many avid readers to minimize the damage caused by inflation.He particularly appreciates his protection of the insurance industry.Inflation reduces the value of bonds, and most of the money in the insurance industry is in bonds -- a prudent approach in the past.Buffett has an underwriter Desperately in need of funds to invest in his own company, when bond losses mounted, Buffett found that insurance companies were reluctant to sell some of their assets to pay off debts as usual, because whoever sold the bonds would lose a lot.He also found that the money that insurers invested in bonds was not always their own. A large amount of funds to buy bonds come from policyholders and applicants for insurance (they are usually liquid), but in fact the money is only temporarily placed with the insurer. One of the ways for insurers to increase cash is to accept more insurance. Buffett believes that this can only lead to insurance companies expanding their business as much as possible, reducing insurance premiums to the point where they cannot make a profit, and eventually leading to huge losses.He stated this in his letter.Berkshire itself has only a few long-term bonds, and Buffett said that buying them is equivalent to "selling money" at the same price within 30 years.In a time of inflation, that's suicidal, like fixing the price of a 2010 Hathaway spindle. It's a pity that although people understand what inflation is, no one can prevent it.Buffett painfully pointed out that when he took over Berkshire, the book value of its stock was half an ounce of gold. Over the past 15 years, he tried every means to raise the stock price from the original $19.46 to $335.85, and it was still only worth half an ounce of gold. The best course he took was to invest in companies such as General Foods and RJ Reynolds Industries that could protect against the dangers of inflation.Buffett said that brand-name consumer goods such as Post cereal and Winston cigarettes can increase in price with inflation.He also bought agricultural and mining stocks such as Alcoa, Cleveland Cleaver Steel, Hardy & Harman, and Kaiser Aluminum and Chemicals.But he reminds readers that Berkshire, like anyone, has no cure for this problem.Inflation is a huge "corporate moth", which will "preemptively devour business investment every day regardless of the owner's life or death". On Wall Street, inflation has sparked a frenzied buying of corporate assets.Corporations, like people, were desperate to exchange money for something else, which led to the merger frenzy of the early 1980s.Old name brand companies such as Del.Monte, Domestic Airlines, Hedy, Studebaker, and Tropics were all bought at premium prices.That's forcing multimillionaire Buffett to take some unlikely steps at a time when Wall Street is in one of its most dire crises. In his view, the vanity of corporate managers leads them to make some stupid deals.These managers, elected by the survival of the fittest, are energetic, but often "animal brains."They judge their strengths based on their size, whereas Buffett uses a ruler to measure performance. (He thinks that's the only sensible goal.) Instead of buying small parts of companies cheaply, as Buffett does, these managers like to pay big bucks for entire companies all at once.But don't worry about them, these arrogant managers are confident that they can pay high prices. Many measures are as simple as in a children's story. A beautiful princess kisses him, and the handsome prince who was turned into a toad turns back.Therefore, they also believe that their genius kiss will bring huge benefits to the company... We have seen many such kisses, but miracles have never happened. This passage was written by Buffett in his 1981 report, during the time of the merger frenzy.In the second year, he couldn't help but want revenge.Many managers are issuing stock to pay for mergers.Buffett relentlessly dissects this naive technique.First he found that managers who acquired others were not only buying but also selling.All stable shareholders own a reduced percentage of the company due to the issuance of new shares.To disguise this fact, managers use the language of the buyer: "Company A bought Company B." But "If you think about it carefully, you should say something like this: "Sell part of A to buy B," which is harsh, but much more accurate." Why did they modify the wording?Most stocks, including the buyers themselves, are cheap. In this case, the merging party is buying in an unattractive currency, like the Americans in Paris with a depreciated dollar.While he was buying other businesses, he was selling off parts of his own company. Buffett advised these managers and directors to "think sharply" and ask themselves if they would be willing to sell the entire company at this price, and if not, why would they want to sell part of it? Small mistakes in business will slowly accumulate into big mistakes, not big victories. (Las Vegas was built on the transfer of wealth. At that time, people also thought that the loss of this kind of capital transaction was very small.) What disturbs Buffett most is that managers use shareholder money to expand their empires—their first duty should be to serve shareholders.Such a manager "is best to go to the government department." Buffett vividly compares CEOs to bureaucrats.But in life he was friendly with many managers, and he dined with them, so he was careful not to mention their names in his letters.Still, he was estranged from his corporate friends. （关于白领阶层犯罪，“用笔偷一大笔钱比用枪抢一点钱要安全得多”。）有人说巴菲特是个Dust Bowl的进步论者，可他除了不是草原上的社会主义者外什么都是……社会主义者认为商人是资本主义，巴菲特恰恰相反。他攻击总裁们当资本家不足却偏偏很自负。 这是巴菲特谈得最多的话题。这在企业经理和股东之间是正常的。他认为，其他股东的企业经理压力很大。这是他在1980年说的。当时修改后的《联邦法》迫使伯克希尔让罗克福德银行独立。巴菲特算了一下，这家银行占伯克希尔资产的4％，于是他让股东们按比例选择持有公司或银行的股票，或者两种各占一些。这完全由他们的喜好决定。唯一无选择权的是他自己，他得接受别人选剩的所有股票，因为切蛋糕的人必须对剩下的那块感到满意。 本着同样的精神，1981年由查理。芒格提出构想，巴菲特设计了一个企业慈善计划。每100万元的股票——当时卖到了470美元——由股东选择一个慈善团体，伯克希尔捐献2美元。如果有人持有100股，他就能决定让谁接受200美元的礼物，以此类推。在其他的公共公司里，股东们出钱，由公司经理或董事来选择慈善团体。巴菲特觉得这样太虚伪了，经理们是花股东的钱为自己捞名声。“许多经理对政府怎样分配纳税人的钱感到不满，自己却兴致勃勃地支配股东的钱。” 这些色彩使伯克希尔成了一个有私营色彩的公司。实际上，他正力求把伯克希尔办成巴菲特伙伴公司的公共部门。其近两千名股东中有一部分人是公司外的伙伴，当然大多数人不是，他写那些信的目的之一就是吸引并组织一个股东组，让他们像伙伴一样——换言之就是让他们跟着他走。 这个方法的独特性怎么形容都不过分。美国的公共公司不实行控股权接管制，因此经理们还鼓励别人多持股。在多数经理的眼中，股东只是一群流动的人——用菲尔。费舍的话说就像高速路上停车吃饭的人。伯克希尔被人接管的可能性非常小，巴菲特在信中也提到了这一点，这也正是他希望的“饭馆”模式：“我们希望股东对我们的服务和菜满意，以后年年来。” 在全家前往拉古纳海岸的途中，巴菲特假想收信人是出国一年的姐姐罗伯塔，他草草地在黄色法律用纸上写了7500字的长信。它由卡罗尔。卢斯编辑后发表在《幸福》杂志上，可信里全是他自己的观点，听起来就像与人交 谈一样，充满了简明的规劝。 这些书信作为报告以公司的名义印在粗纸上，封面上有一条竖黑带。里面没有喜诗糖业的巧克力照片，没有像别的总裁那样故作沉思状的巴菲特和芒格的照片，也没有自我炫耀的图表；里面只有文字。 巴菲特年度报告写得好是因为他读得多。这样的报告是典型的装饰公共关系的文件，它不披露公司的经营，但很能吸引新的投资者。别的许多报告里只有总裁们一些敷衍了事的话，甚至可能是别人捉刀的。巴菲特每年都要看几个报告，就是找不到与经理们谈话的感觉，也见不着对经营状况的介绍。 你们的董事长认为股东有权从经理那里得知公司的实际情况和他们的评估，不论是过去还是现在。你们这样要求私营公司，也该这样要求公共公司。 他很不高兴，因为有的经理说老巴菲特就是这样的鬼话。当企业状况不佳时他们就用一种“有弹性的评估体系”，就是说，“先把箭射到白板上，然后再把靶心画上去，用这样的办法来交代经营情况。” 他写的介绍专业会计知识的书很能鼓舞士气。他鼓励有意的经理们先打扮一下自己的公司再拿出去，这使得华尔街显得一派生机。但危险时经理们也会像欺骗公众一样欺骗他自己。许多人的经营目标不是经济效益最大化，而是报告上的结果。巴菲特说：“强调会计簿上的价值而忽略经济实力，长此以往只能是两者都一事无成。” 那么企业领导人到底该说些什么呢？理论上讲，他们该像经理们那样报告实情。巴菲特希望肯。察思能坦白地向他报告纺织厂的情况，他自己也要同样对待社会投资者，当然两者不可能同样详细。 实际上伯克希尔的报告很少美化自己，它只是向读者提供足够的信息，让他们自己去评估。在合作时期巴菲特一再向投资人说明，他不能事先保证成功的机率。就像个虔诚的教徒，他只有忏悔后才心安理得。如果他的报告还不很完美，那是因为他有点腻味了或是自以为是。有些笑话的意思很晦涩，连他自己也不完全明白。而他坦言失误和言不由衷的自我批评有时也显得太做作了。但他的谦虚不是为了欺骗别人，至少不是为了欺骗上层股东。 1982年他的股票卖到750美元。这个数字可反映伯克希尔在股票上的赢利。离开华盛顿到别处发展的时机成熟了。联储主席鲍。沃克一直在尽量榨它的油水。它先经历了经济停顿，然后又是通货膨胀。到了1982年沃克自信可以降低利率了。当时白宫里也是一派乐观景象，里根躲过了暗杀并开始实行减税。 华尔街在此之前一直惶惶不安。现在，就像躲在地下室里啃猫食的人抛去伪装获得解放一样，经纪人和银行家又充满自信地回到自己的岗位上。1982年夏天，利率不断下降。6月份国库券的利率还是13.32％，到8月就成了8.66％。股票开始时对这种刺激没什么反应。8月份股市连跌8天，道。琼斯跌到15年来的最低点777点。到了周五13日，它开始回升了11点，到下星期一又上升了几点。星期二上午10点41分，亨利。考夫曼，这位永远忧郁的带着水晶球的所罗门经济学家使情况顿时扭转。素有宿命论博士之称的考夫曼说，与过去安慰人的情况不同，他现在真的认为利率会继续下跌。这个消息使买股者大为恐慌。股票指数猛长了38.81点，是历史上一日内升得最快的一次。第二天的《华尔街日报》预言说：“有人认为这是80年代经济 腾飞的征兆。“人们轰动了。 到第二年5月1日，股票又长了100点；到10月又是100点。到1983年，经济增长恢复到了正常水平，通货膨胀率降到了3％。全世界的人都发现，石油不是太少，而是多得卖不出去了。债券市场仍然兴旺，长期利率从两年前的15％降到了11％。股市也是60年代以来从未见过的稳定。新股发行到处都是，这在投机时期是不可能的。华尔街的信托交易也恢复了。到5月份，指数达到1232点，比《商业周刊》说它完了时还高出66点。这家杂志现在又赶紧声称股市复活了，但它的订量少了42％。“华尔街到处传说着这家杂志重新发现了股票价值的惊人消息”，阿兰。阿尔本恨恨地说，“它当时的报道引起了一片恐慌。寡妇们在哭，孤儿们在泣，交易场地板上扔满了预售的单子。” 伯克希尔持有的股票中，《华盛顿邮报》买进时的中间价为511/16，现在窜到了73；阿弗利亚特买进时为5，当时除了伯克希尔外无人愿买，它到年底的收盘价达到了38 .国际公众广告公司从6 38 涨到52 ；GEICO买进时是最黑暗的时候，现在翻了39倍；两年前买的时代报现在也翻了一番； RJR涨了17％；通用食品涨了40％。巴菲特也有损失的地方，他在赚折扣的中间商弗兰多身上损失了300万，在生产绿色食品的斯佩里哈钦森那儿也损失了一些；这两家都是70年代买进的。巴菲特在一些金属股票的套利中也干得不好。可总的来说，伯克希尔从不名一股到1983年拥有13亿的市场股票已经十分了不起了。所有这些都是巴菲特从纺织厂中抽出的小钱积少成多赚的。 伯克希尔自己的股票那年也看好。开盘时为775，春天时只比100点少15点；9月30日为1245，比道。琼斯平均指数还高12点。巴菲特刚上任时，伯克希尔为18点，道。琼斯931点，现在是当初的50多倍，伯克希尔与道。琼斯的差距很小。road.琼斯那年收盘时为1259点，增长很明显；伯克希尔的股价升到1310美元。巴菲特的身价也因此涨到6亿2000万美元。用《福布斯》的话说，他现是全国最富的人之一。 股东们要求巴菲特分股。理由是——也是出于关心公共公司——低价的股票更有吸引力，能引起大众对它的兴趣。但他在1983年的信中拒绝分股，理由是把饼切成许多块并不能增加它的实际价值（不信你试试）。 当然分股肯定能吸引许多新的投资人，并能促进贸易，甚至至少在短期内可以提高伯克希尔股票的价格，但它只是把某个投资者占有的企业财产分配给另一个人。如果有人出更高的价，别人也得跟着买进。但从总体上讲，伯克希尔的持股人却不会变得更富，因为他们拥有的实体如喜诗糖业、 《布法罗新闻》等的实际价值没什么变化。“这些耗资巨大的行动只能决定让谁吃饼却不会让饼变大。”实际上总的一合计，由于要支付增长了的经纪人的报酬，伯克希尔的主人只能亏钱。经纪人推崇频繁买卖的“流动性”，巴菲特刚嘲笑说这样的买卖只对“服务员”有利，顾客们却要多付小费。 他的态度有点极端，凡是与“股东利益至上原则”相抵触的方法一概不采用。多数其他总裁没有这样的原则，他们甚至连想都没想过。但巴菲特的确很在乎。他有意组建一个意见一致的股东群，他们和他一样注意长期价值。 如果有人因为一个与价值无关的原因买股票——比如说分股——那么他什么时候都会卖出。巴菲特尽量不让这样的异教徒成为他的伙伴。从中我们可以看出他与伯克希尔的关系有多深，它是他的王国，就像英格兰对丘吉尔的重 要性一样。 巴菲特在同一份1983年年度报告中发表了几条原则，目的之一是吸引和稳定他想要的投资人。表面上看这些原则也没有什么特别的；提炼后人们会发现，其实巴菲特和芒格是承诺对投资人开诚布公并对他们的钱负责。这些原则的精神与19世纪的企业家奥利弗。察思的作风很像，好像巴菲特就是他的副本。可它与巴菲特自己的精神不一致。他的目标是找一个好行业并获益于它的长期发展，而不是审时度势地进入退出，或者用金融或不同方式的“分大饼”和“买大饼”（当然是在价格低的时候）。从讨厌变化这一角度看，巴菲特是很保守的。他直言道，其实他不愿借债，也不想玩抢位子的投资游戏，尽管这种态度会影响伯克希尔的利润。 不管价格多高，我们根本不想卖掉伯克希尔的好业务，也不愿发行股票和债券，只要我们还能从中获得一点好处，只要我们还对老板与工人间的关系感到满意。我们希望不要再在资金分配时犯选择这些行业的错误……不过，玩米兰牌不是我们的风格。 这段话在风平浪静时也许无人注意，可80年代的金融界不是普通时期。 美国到处都有恶意接管、垃圾债券和杠杆收购。企业家也不再是财大气粗的奥利弗。察思，他们成了华尔街上的操刀人和赌棍。那时的特点就是“流动性”，不仅股票，就连整个公司都被转手、肢解、重组、再分配。这段时期的信仰也反复无常，信誉只是诱饵，动荡则是必然结果。如果察思复活，我们可以想象他会吓成什么样。如果他再读读他公司的报告，他会不会认为一切都完了呢？