巴菲特致股东的信原文精读Day107：

巴神原文：On September 30, 1981 Berkshire received a tax ruling from the U.S. Treasury Department that, in most years, should produce a significant benefit for charities of your choice.

Each Berkshire shareholder - on a basis proportional to the number of shares of Berkshire that he owns - will be able to designate recipients of charitable contributions by our company. You'll name the charity; Berkshire will write the check. The ruling states that there will be no personal tax consequences to our shareholders from making such designations.

Thus, our owners now can exercise a perquisite that, although routinely exercised by the owners in closely-held businesses, is almost exclusively exercised by the managers in more widely-held businesses.

英文释义：1.“ruling”意为“裁决”；

2.“proportional”意为“成比例的”；“designate”意为“指定”；“recipients”意为“接受方”；

3.“perquisite”意为“特权”；“routinely”意为“常规地”；“closely-held”意为“股权集中”；“widely-held”意为“股权分散”。

投资解读：1981年9月30日，伯克希尔收到来自美国财政部的一项税收裁定：在大多数年份，股东选择的慈善捐赠将得到一项很有价值的福利。

每一位伯克希尔的股东，都可以指定伯克希尔慈善捐赠的受赠对象，然后按照其在伯克希尔的持股数量，成比例地计算捐赠额。股东可以指定慈善机构，伯克希尔则负责填写支票。根据财政部的裁定，我们的股东做这样的指定，不会对个人所得税产生影响。

因此，我们的股东现在就可以行使这一特权。通常而言，在股权集中的公司，股东才有指定捐赠的权利；在股权分散的公司，这一权利几乎由公司管理层所垄断。

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。今天的内容，主要是讲伯克希尔的股东慈善捐赠计划，虽然跟投资的关系不大，但我们可以看出，巴菲特充分保障了股东行使指定捐赠的权利，这也体现了他“股东利益至上”的价值观。