巴菲特致股东的信原文精读Day39：

巴神原文：B. Shareholder Quality: Five Buckets

Ownership of Berkshire now resides in five large “buckets”, one occupied by me as a “founder” of sorts. That bucket is certain to empty as the shares I own are annually distributed to various philanthropies.

Two of the remaining four buckets are filled by institutional investors, each handling other people’s money. That, however, is where the similarity between those buckets ends: Their investing procedures could not be more different.

In one institutional bucket are index funds, a large and mushrooming segment of the investment world. These funds simply mimic the index that they track. The favorite of index investors is the S&P 500, of which Berkshire is a component. Index funds, it should be emphasized, own Berkshire shares simply because they are required to do so. They are on automatic pilot, buying and selling only for “weighting” purposes.

英文释义：1.“buckets”意为“水桶”；“five buckets”引申意为“五种类型”；

2.“resides in”意为“位于”、“存在于”；“founder”意为“创始人”；

3.“annually”意为“一年一度地”；“philanthropies”意为“慈善”；

4.“remaining”意为“剩下的”、“其余的”；

5.“could not be more”意为“不能更…”；“could not be more different”意为“极其不同”、“千差万别”；

6.“index funds”意为“指数基金”；“mushrooming”意为“快速增长的”；“segment”意为“部分”；

7.“mimic”意为“模仿”；“track”意为“追踪”；

8.“component”意为“成分股”；

9.“automatic pilot”意为“自动驾驶员”；“weighting”意为“衡量权重”。

投资解读：巴菲特讲，伯克希尔的所有者大致可以划分为五种类型。其一是巴菲特本人，也就是伯克希尔的创始股东。由于巴菲特每年都会向多家慈善组织捐出自己所持的伯克希尔股份，所以这一类在将来会不复存在。

剩下的四种类型，有两种是机构投资者，他们都是打理客户的财富。不过，二者之间的相似之处，也仅此而已。论投资流程的话，二者可以说是千差万别。

其中一类机构投资者是指数基金，在投资的世界里，它的规模庞大且增长迅速。指数基金要做的，仅仅是模仿它们所追踪的指数。指数基金投资者的最爱是标普500指数，伯克希尔就是其成分股。要强调的是，指数基金仅仅是被动持有伯克希尔的股票。指数基金是自动运作的，它买卖股票仅仅是出于权重的考虑。

还有三类是什么样的投资者呢？为了给大家留点消化的时间，我们且听下回分解。

手抄原文：

大声朗读：大家请自由发挥，哈哈哈！大家的手抄原文，也可以在评论区上传打卡。很多朋友的英文书写都很棒，每天我会选一位字迹美观的转发~