1965年巴菲特致股东信

📜 一、1965年股东信背景与历史脉络

📊 1. 当年美股三大指数表现

🏆 2. 当年全市场表现 Top 5 行业与热门领涨股票（含真实涨跌幅）

• 表现最佳 Top 5 行业/板块及涨幅：航空电子与国防 (+45%)、办公设备/半导体 (+38%)、汽车制造 (+28%)、化学工业 (+22%)、纺织与服装 (+19%)
• 表现最佳 Top 5 领涨股票及具体涨幅：Fairchild Camera (+210%)、Xerox (+115%)、Texas Instruments (+88%)、Boeing (+76%)、Polaroid (+65%)

3. 宏观与资本市场环境

美股处于Go-Go年代的牛市顶峰，道琼斯指数冲击千点大关，市场投机风气盛行。

4. 伯克希尔·哈撒韦公司动态

巴菲特（通过Buffett Partnership）控制了伯克希尔哈撒韦，解雇 Stanton 管理层，肯尼斯·蔡斯（Kenneth Chace）出任总裁。

5. 当年重大历史事件与新闻

越战全面升级；美国政府加紧物价管制；纺织业面临来自进口产品的剧烈竞争。

💡 二、1965年股东信核心要点与投资思想影响

1. 意识到困境企业（Turnaround/Cigar Butt）的陷阱：纺织主业持续受阻，即使投入大量资金也难以获得满意回报。

2. 资本再配置的萌芽：将纺织业务产生的自由现金流抽离，用于寻找更高回报的产业（为1967年收购国民保险公司奠定基础）。

3. 注重管理层的诚信与执行力，建立以资本回报率而非单纯销售额为核心的考核视角。

📄 三、1965年致股东信原文与中文对照

原文信息：

• 标题：1965 Letter to Berkshire Shareholders
• 作者：Malcolm Chace & Kenneth Chace
• 发表时间：1965-11-09
• 链接：1965-Berkshire-AR
• 中文翻译参考：芒格书院共读群友
• 整理：Terrellchen
• 校译：

November 9, 1965

1965 年 11 月 9 日

To the Stockholders of Berkshire Hathaway Inc.:

致伯克希尔·哈撒韦公司全体股东：

The fiscal year ended October 2, 1965 resulted in net earnings of $2,279,206 as compared to net earnings of $125,586 for the prior year. These net earnings do not reflect any nonrecurring losses incurred on the disposal of assets due to the permanent closing of the King Philip Plants A and E in Fall River, Massachusetts, as such losses have been charged to a reserve previously established for such purpose.

截至 1965 年 10 月 2 日，本财年净利润为 2,279,206 美元，而上一财年净利润为 125,586 美元。因永久关闭马萨诸塞州福尔里弗市 (Fall River,Massachusetts) 的菲利普国王工厂 (King Philip) A 分厂和 E 分厂而产生非经常性资产处置损失，这一损失完全不影响本财年的净利润，因为此类损失已被此前为此目的提存的准备金所冲销。

Because of loss carryovers, no federal income taxes were payable by the Corporation with respect to either of these years; however, to prevent any misleading interpretation of future earnings when loss carryovers shall not be available, the Corporation has included in computing net earnings for 1965 and 1964 a charge substantially equal to the federal income taxes that would have been payable with respect to results of operations during each of these years.

由于亏损结转，公司在过去几年每年都无需支付联邦所得税；但是，为避免在未来没有发生亏损结转而对当期收益产生任何误导性解释，公司已计算出 1965 年和 1964 年的净利润，其应税额度与过去几年每年应该支付的联邦所得税额度基本相等。

The Corporation is continuing to operate King Philip Plant D in Warren,Rhode Island, and the Hathaway Synthetic,Box Loom and Home Fabrics Divisions in New Bedford, Massachusetts.

公司在罗德岛州沃伦市 (Warren, Rhode Island) 菲利普国王的 D 分厂以及马赛诸塞州新贝德福德市 (New Bedford, Massachusetts) 的哈撒韦合成部门、梭箱织机部门和家居纺织品部门将继续运营。

During 1965 raw material, stock in process and cloth inventories were decreased by $1,411,967 and bank loans of $2,500,000 were paid off. Also, during the year the Corporation purchased 120,231 of its own shares, leaving a total of 1,017,547 shares outstanding at the end of the fiscal year.

在 1965 年，原材料、半成品和布料库存减少了 1,411,967 美元，且 250 万美元银行贷款已经还清。此外，本年度公司回购了 120,231 股股份，截至本财年结束发行在外的股份总数为 1,017,547 股。

The Corporation made a substantial reduction in its overhead costs during the fiscal year just ended. Approximately $811,812 was investedI by the Corporation during the year in the purchase of new machinery in a continuing effort to reduce costs and to improve quality. This program will continue during the current fiscal year.

在刚刚结束的本财年，公司大幅削减管理费用。年内，公司投资约 811,812 美元用于采购新机器以持续降低成本并提高产品质量，该事宜将在新财年继续推进。

A major portion of the machinery at King Philip Plant E Division has been sold. We expect to dispose of the remaining portion of this plant during the current fiscal year. This will complete the liquidation of our unprofitable plants. The proposed sale of the King Philip E Division will make it necessary to provide storage for raw cotton and grey cloth for the King Philip D Division at the Hathaway Division Plant C (former Langshaw MIill). Plans are under way to accomplish this within the current fiscal year.

菲利普国王工厂 E 分厂的大部分机器已被售出。我们预计在新财年将处置该工厂的剩余机器。这将加快我们对无利润工厂清算的进度。拟出售的 E 分厂将迫使我们必须把为菲利普国王工厂 D 分厂所准备的原棉和坯布储存在哈撒韦 C 分厂(前身是兰肖工厂 Langshaw Mill )。计划在新财年内实现这一目标。

After more than fifty years of service, Mr. Seabury Stanton resigned as a director and as President, and Mr.Kenneth V. Chace was elected to succeed him. At the same time, Mr. John K.Stanton resigned as a director and as Treasurer and Clerk. Mr. Harold V. Banks was elected to succeed him as Treasurer and Clerk.

西伯里·斯坦顿先生 (Seabury Stanton) 在经历了 50 多年的职业生涯后辞去了董事和总裁职务，这些空缺将由肯尼思·V·蔡斯先生 (Kenneth V. Chace) 接任。与此同时，约翰·K·斯坦顿先生 (John K. Stanton) 辞去董事职务，不再担任财务主管和董事会秘书。哈罗德·V·班克斯先生 (Harold V. Banks) 当选并接替他担任财务主管和董事会秘书。

All divisions of the Corporation currently have substantial backlogs of unfilled orders and we presently anticipate that operations for the coming year will continue to be profitable.

公司所有部门目前都有大量未交付的订单积压，我们预计来年的运营能继续实现盈利。

We wish to express our thanks to all the employees of the Corporation whose loyal cooperation and efforts have helped to make this year successful.

我们向公司全体员工表示感谢，有赖于他们的众志成城才能取得今年的成功。

Malcolm G. Chace, Jr.

马尔科姆·G·蔡斯二世

Chairman of the Board

董事长

Kenneth V. Chace

肯尼斯·V·蔡斯

President

总裁

沃伦·巴菲特 执笔