巴菲特致股东的信原文精读Day154：

巴神原文：This is my biennial letter to reemphasize Berkshire’s top priority which is that all of us continue to zealously guard Berkshire’s reputation. We can’t be perfect but we can try to be. As I’ve said in these memos for more than 25 years: “We can afford to lose money — even a lot of money. But we can’t afford to lose reputation — even a shred of reputation.” We must continue to measure every act against not only what is legal but also what we would be happy to have written about on the front page of a national newspaper in an article written by an unfriendly but intelligent reporter.

Sometimes your associates will say “Everybody else is doing it.” This rationale is almost always a bad one if it is the main justification for a business action. It is totally unacceptable when evaluating a moral decision. Whenever somebody offers that phrase as a rationale, in effect they are saying that they can’t come up with a good reason. If anyone gives this explanation, tell them to try using it with a reporter or a judge and see how far it gets them.

英文释义：1.“biennial”意为“两年一次的”；“zealously”意为“积极地”；

2.“shred”意为“极少量”；

3.“rationale”意为“基本原理”。

投资解读：这是我每两年一度的信，旨在强调伯克希尔的最高原则，那就是：我们所有人都要继续积极地守护伯克希尔的荣誉。我们也许并不完美，但我们却心向往之。“我们可以损失金钱，哪怕是亿万财富也在所不惜；但我们绝不能损失声誉，哪怕一丝一毫也不可以。”上面这句话，我至少说过25个年头啦。

我们必须继续坚持这条原则，以此作为我们一切行动的准绳：我们做的每件事，不仅仅要遵守法律，还要考虑到——如果一位不太友善但很聪明的记者，写了一篇关于我们的报道，发表在一份全国性报纸的头版头条，我们会不会乐见其文？

有时你的同事会说：“别人都是这么做的。”如果以此作为商业活动的评价标准，那就糟糕透了。当评价一项决策是否道德时，“法不责众”的想法是完全不可接受的。无论什么时候，如果有人以此作为行事准则，事实上他们是在说，他们编不出合适的理由。如果任何人给出这种解释，告诉他们：试试从记者或法官的角度衡量，看看离他们要求的差距有多远。

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，有巴菲特的很多著名金句，大家可以好好品味一番。今天是“十大新锐用户”投票第4天，请大家继续为我助力哦，谢谢啦！投票地址：网页链接