巴菲特致股东的信原文精读Day331：

原文：consistently rational prices are produced by rational owners，both current and prospective. All of our policies and communications are designed to attract the business-oriented long-term owner and to filter out possible buyers whose focus is short-term and market-oriented. To date we have been successful in this attempt，and Berkshire shares have consistently sold in an unusually narrow range around intrinsic business value. We do not believe that a NYSE listing will improve or diminish Berkshire’s prospects for consistently selling at an appropriate price；the quality of our shareholders will produce a good result whatever the marketplace.（1988）

释义：1.“prospective”意为“潜在的”；

2.“filter out”意为“滤除”。

精译：持续的合理股价，是由现有和潜在的理性股东所决定的。我们所有的政策和沟通，都是为了吸引那些以业务为导向的长期股东，并滤除那些以短期和市场为导向的潜在买家。截至目前，我们做得不错，伯克希尔的股价始终围绕着内在价值窄幅波动。我们不认为在纽交所上市会改善或削弱伯克希尔维持合理股价的前景；无论市场如何，以我们股东的质量，都会有不错的结果。（1988年）

心得：巴菲特的逻辑是：有理性的大股东和管理层，才会培育出理性的股东群体；有理性的股东群体，才会有理性的股价表现。先做好自己，再以己率人，则事无不成。

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