巴菲特致股东的信原文精读Day345：

原文：Investors possessing those characteristics are in a small minority, but we have an exceptional collection of them. I believe well over 90%—probably over 95%—of our shares are held by those who were shareholders of Berkshire five years ago. And I would guess that over 95% of our shares are held by investors for whom the holding is at least double the size of their next largest. Among companies with at least several thousand public shareholders and more than $1 billion of market value, we are almost certainly the leader in the degree to which our shareholders think and act like owners. Upgrading a shareholder group that possesses these characteristics is not easy.（1983）

释义：1.“exceptional”意为“异常的”；

2.“upgrading”意为“升级”、“提升”。

精译：拥有这些特质的投资者是少数，但在伯克希尔却占多数。我相信，我们90%以上的股份（甚至可能超过95%），是由伯克希尔五年前的股东持有的。我猜测，我们95%以上的股份，其由投资者重仓持有的，他们持有的伯克希尔至少是自身第二大持仓规模的两倍。在超过数千名公众股东和超过10亿美元市值的公司中，论股东像企业主一样思考和行动的程度，我们几乎肯定是行业翘楚。拥有这些特质的股东群体并保持进化殊为不易。（1983年）

心得：伯克希尔股东的忠诚度极高，巴菲特给出了两组数据：一是90%以上的股份都是由“五年老粉”持有的；二是95%以上的股份，都是由伯克希尔的“唯粉”持有的。“唯粉”区别于“通粉”，是指那些将主要持仓放在伯克希尔而非分散投资的人。

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