BERKSHIRE HATHAWAY INC.
To the Shareholders of Berkshire Hathaway Inc.
주주께 보내는 편지,
Charlie Munger, my long-time partner, and I have the job of managing a portion of your savings. We are
honored by your trust.
찰리멍거와 나(버핏)는 오래된 파트너입니다. 나(버핏)은 당신(주주)들의 저축의 일부를 관리하는 일을 하고있고, 저희를 믿고 맞기는것대해서 아주 영광스럽게 생각합니다
Our position carries with it the responsibility to report to you what we would like to know if we were the
absentee owner and you were the manager. We enjoy communicating directly with you through this annual letter, andthrough the annual meeting as well
우리가 회사의 주인이고 당신들은 관리자이라면, 우리는 당신들이 회사를 운영하는데 어떠한것들을 알고싶은지에 대해서 알리는데 책임이 있다고 생각합니다.
간단하게 말하면, 회사의 주인으로써 투자하는분들이 어떤것들을 알고싶어하는지 알려주는것들에 대해서 책임과 책무가 있다고 말하는거 같네요.
Absentee owner: 회사를 소유는하지만, 경영권을 가지고 있지 않는 사람들. (주주)
Our policy is to treat all shareholders equally. Therefore, we do not hold discussions with analysts nor large
institutions. Whenever possible, also, we release important communications on Saturday mornings in order to
maximize the time for shareholders and the media to absorb the news before markets open on Monday
우리 회사 규정은, 모든 주주들은 동등(동일)하기때문에 우리는 분석가와 큰 금융업체와 이야기를 하지 않습니다.
토요일 아침에 이 중요한 메세지를 보내는것은 주주님들과 미디어들이 월요일 장이 열리기전에 천천히 읽고
흡수할수있도록 시간 최대한 활용할수 있게급하기 위함입니다.
A wealth of Berkshire facts and figures are set forth in the annual 10-K that the company regularly files with
the S.E.C. and that we reproduce on pages K-1 – K-119. Some shareholders will find this detail engrossing; others
will simply prefer to learn what Charlie and I believe is new or interesting at Berkshir
Alas, there was little action of that sort in 2021. We did, though, make reasonable progress in increasing the
intrinsic value of your shares. That task has been my primary duty for 57 years. And it will continue to be
What You Own
Berkshire owns a wide variety of businesses, some in their entirety, some only in part. The second group
largely consists of marketable common stocks of major American companies. Additionally, we own a few non-U.S.
equities and participate in several joint ventures or other collaborative activities.
Berkshire는 다양한 비지니스를 소유하고 있습니다, 하나의 Entirey 비지니스 전체를 가지고있는경우,
두번째 구룹은 많은 부분을 미국 쉐어를 보유하고 있고, 나머지는 미국이 아닌 다른 국가들의 equidies (자산들)
그리고, 조인트 벤쳐 또는 협력 엑티비티에 참여 하고 있습니다.
Whatever our form of ownership, our goal is to have meaningful investments in businesses with both durable
economic advantages and a first-class CEO. Please note particularly that we own stocks based upon our expectations
about their long-term business performance and not because we view them as vehicles for timely market moves. That
oint is crucial: Charlie and I are not stock-pickers; we are business-pickers
여기서 중요한 부분인데, 버핏과 찰리가 중요하게 보은 요소는, 경기 변화에 관계없이 견고한 비지니스를 가진 또는 First-Class CEO, 최고의 경영자,
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