巴菲特致股东的信原文精读Day332：

原文：But we do believe that the listing will reduce transaction costs for Berkshire’s shareholders——and that is important. Though we want to attract shareholders who will stay around for a long time，we also want to minimize the costs incurred by shareholders when they enter or exit. In the long run，the aggregate pre-tax rewards to our owners will equal the business gains achieved by the company less the transaction costs imposed by the marketplace——that is，commissions charged by brokers plus the net realized spreads of market-makers. Overall，we believe these transaction costs will be reduced materially by a NYSE listing.（1988）

释义：1.“aggregate”意为“总计的”；“imposed by”意为“施加的”；

2.“commissions”意为“佣金”；“net realized spreads”意为“净实现价差”；“market-makers”意为“做市商”；

3.“materially”意为“极大地”。

精译：我们确信，上市将降低伯克希尔股东的交易成本，这一点非常重要。虽然我们想吸引长期股东，但我们也想尽量减少股东买进卖出所产生的交易成本。长期而言，所有股东的税前总回报将等于公司实现的业务收益减去市场征收的交易成本，也就是经纪商收取的佣金加上做市商获得的净实现价差。总的来说，伯克希尔在纽交所上市后，我们相信这些交易成本将大幅降低。（1988年）

心得：巴菲特非常关注长期股东利益，对于短期股东，他也希望能尽量降低其交易成本。伯克希尔在纽交所上市后，伯克希尔的流动性会大大增强，来自经纪商和做市商的交易成本会大幅降低，这也是巴菲特积极筹划公司上市的动力之一。

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