股神巴菲特宣布卸任CEO

沃伦·巴菲特在5月3日伯克希尔·哈撒韦公司年度股东大会结束时宣布将于今年年底辞去公司CEO一职。

双语精读

Berkshire Hathaway: Oracle required

伯克希尔·哈撒韦公司：亟需先知

Surprising people at the age of 94 is no mean feat. But that is what Warren Buffett did at the end of Berkshire Hathaway's annual shareholder meeting on May 3rd, when he announced that he would be stepping down as the company's chief executive at the end of the year.

在94岁的高龄震惊众人绝非易事。但沃伦·巴菲特在5月3日伯克希尔·哈撒韦公司年度股东大会结束时就做到了这一点，当时他宣布将于今年年底辞去公司CEO一职。

Mr Buffett gave most of Berkshire's directors no advance notice of his decision. Nor did he tell Greg Abel, his presumptive successor.

巴菲特没有把这一决定提前通知伯克希尔的大多数董事。也没有告诉格雷格·阿贝尔，人们认为阿贝尔可能是他的接班人。

Berkshire Hathaway was a textile-maker when Mr Buffett bought it in 1965. In the years that followed he turned it into an immense insurance firm and a sprawling conglomerate with interests in everything from energy to sweets.

巴菲特于1965年收购伯克希尔·哈撒韦公司时，该公司还只是一家纺织品制造商。在接下来的几年里，巴菲特将其变成了一家大型保险公司和庞大的企业集团，业务范围包括从能源到糖果的各个领域。

He employed a value-investing strategy, seeking out companies that appeared cheap relative to their intrinsic value. From 1965 to the end of last year, Berkshire's market value had increased by more than 5,500,000%, with a compounded annual return of almost 20%.

他采用了价值投资策略，寻找那些相对于内在价值，看起来比较便宜的公司。从1965年到去年年底，伯克希尔的市值增长率超过了百分之550万，复合年回报率接近20%。

Mr Abel has been with the company for a quarter of a century. His next challenge goes beyond filling Mr Buffett's shoes as an "oracle".

阿贝尔已在该公司工作了四分之一个世纪。他的下一个挑战不仅仅是接替巴菲特成为“先知”。

Berkshire's strategy is becoming more difficult to pull off. Over the past year, Mr Buffett has aggressively sold stocks, including a large chunk of its stake in Apple. Now, for the first time in two decades, Berkshire owns more cash than listed equities.

伯克希尔的策略越来越难以实施。过去一年，巴菲特大举抛售股票，其中包括大量持有的苹果公司股票。现在，伯克希尔拥有的现金20年来首次超过上市股票。

Mr Buffett's decision to withdraw from the stockmarket has so far benefited the company. The problem, for Messrs Buffett and Abel, is working out what to do with the enormous pile of cash.

巴菲特退出股市的决定直到目前是让公司受益的。对于巴菲特和阿贝尔来说，问题在于如何处置堆积如山的现金。

Lately Mr Buffett has griped that there is not much out there to buy at a reasonable price. Even after the recent market tumult, valuations of listed companies are high relative to their historical levels.

最近，巴菲特抱怨称，市场上很难找到价格合理的投资标的。即使在近期股市动荡之后，上市公司的估值相对于历史水平仍然偏高。

One option would be to expand more aggressively overseas. Another option would be to stray from value investing in the hope of finding firms worthy of capital allocation.

一种选择是更积极地在海外扩张。另一个选择是偏离价值投资策略，以期找到值得资本配置的公司。

That seems unlikely, at least for now. Such a move would transform Berkshire's culture and risk the ire of Mr Buffett's admirers. After 25 years at the firm, Mr Abel is unlikely to pull an immediate handbrake turn.

至少现在看来，这种做法不太可能实现。这一举动将改变伯克希尔的文化，并可能招致巴菲特崇拜者的不满。在公司任职25年后，阿贝尔不太可能立即来个急转弯。

Absent a change of strategy, Berkshire will have to wait for a market downturn. Mr Buffett has a history of spotting such opportunities. He snapped up a large stake in Wells Fargo, an American bank, during a slump in 1990.

既然策略没有改变，那么伯克希尔将不得不等待市场低迷期的到来。巴菲特历来善于发现此类机遇。他在1990年的一次低迷期抢购了美国银行富国银行的大量股份。

He invested in companies including Johnson & Johnson and Kraft Foods following the global financial crisis of 2007-09. The list goes on. Berkshire's shareholders must hope that Mr Abel has the same vision.

他在2007-09年全球金融危机后投资了包括强生、卡夫食品在内的多家公司。这样的例子不胜枚举。伯克希尔的股东们必须祈祷，阿贝尔也拥有同样的远见。

词汇预习

financial [高考]
美[faɪˈnænʃl] | 英[faɪˈnænʃl]
adj. 金融的；财政的；[非正式]有钱的
immediate [高考]
美[ɪˈmiːdiət] | 英[ɪˈmiːdiət]
adj. 直接的；最接近的；立即的；目前的
executive [高考]
美[ɪɡˈzekjətɪv] | 英[ɪɡˈzekjətɪv]
adj. 行政的；决策的；经营的；[计算机]执行指令
n. 行政主管；行政部门；决策者
option [高考]
美[ˈɑːpʃn] | 英[ˈɒpʃn]
n. 选项；选择；选择权；可选择的事物
v. 购买（或出售）…的选择权
unlikely [高考]
美[ʌnˈlaɪkli] | 英[ʌnˈlaɪkli]
adj. 不太可能的
enormous [高考]
美[ɪˈnɔːrməs] | 英[ɪˈnɔːməs]
adj. 巨大的；庞大的
textile [高考]
美[ˈtekstaɪl] | 英[ˈtekstaɪl]
n. 纺织品
vision [高考]
美[ˈvɪʒn] | 英[ˈvɪʒn]
n. 视力；视觉；幻觉；眼光；洞察力；想象力
v. 幻想；设想
advance [高考]
美[ədˈvæns] | 英[ədˈvɑːns]
n. 前进；进展；预付金
v. 前进；预付；增长；推进
adj. 预先的；提前的
pile [高考]
美[paɪl] | 英[paɪl]
n. 桩；堆；摞；桩柱
v. 堆放；摞起；叠放；放置
cash [高考]
美[kæʃ] | 英[kæʃ]
n. 现金
vt. 付现款；兑现
adj. 现金的
annual [高考]
美[ˈænjuəl] | 英[ˈænjuəl]
adj. 每年的；年度的；一年生的
n. 年刊；一年生植物
expand [高考]
美[ɪkˈspænd] | 英[ɪkˈspænd]
v. 使 ... 膨胀；详述；扩张；增加；张开
withdraw [高考]
美[wɪðˈdrɔː] | 英[wɪðˈdrɔː]
vt. 撤回；取回；撤退；提款
vi. 撤退；退缩；走开
insurance [高考]
美[ɪnˈʃʊrəns] | 英[ɪnˈʃʊərəns]
n. 保险；保险费；安全保障
chief [高考]
美[tʃiːf] | 英[tʃiːf]
adj. 主要的；首要的
n. 首领
transform [高考]
美[trænsˈfɔːrm] | 英[trænsˈfɔːm]
v. 使改观，使变形，使转化；变换（电流）的电压；（数）变换（数学实体）
n.（数，语言学）变换式，转换句；（数，语言学）转换规则
worthy [高考]
美[ˈwɜːrði] | 英[ˈwɜːði]
adj. 有价值的；可尊敬的；值得的；配得上的
n. 知名人士；杰出人物
finding [高考]
美[ˈfaɪndɪŋ] | 英[ˈfaɪndɪŋ]
n. 调查(或研究)的结果；[律] 裁决
immense [高考]
美[ɪˈmens] | 英[ɪˈmens]
adj. 巨大的；广大的；[口]非常好的
would [高考]
美[wʊd , wəd] | 英[wʊd , wəd]
aux. 将；可能；大概；总会；愿意；will的过去式
stake [四级]
美[steɪk] | 英[steɪk]
n. 桩；赌注；利害关系
v. 用桩支撑；下注
downturn [四级]
美[ˈdaʊntɜːrn] | 英[ˈdaʊntɜːn]
n. 低迷时期
intrinsic [四级]
美[ɪnˈtrɪnzɪk , ɪnˈtrɪnsɪk] | 英[ɪnˈtrɪnzɪk , ɪnˈtrɪnsɪk]
adj. 内在的；固有的；本质的
do with [四级]
美[dʊ wɪð] | 英[duː wɪð]
处理；利用；忍受；需要；相处
relative to [四级]
美[ˈrɛlətɪv tu] | 英[ˈrelətiv tu:]
关于；相对于
worthy of [四级]
美['wɜːrðə əv] | 英['wɜːðɪ əv]
值得...的
slump [六级]
美[slʌmp] | 英[slʌmp]
v. 大幅度下跌；猛然瘫坐；使倒下
n. 暴跌；低潮状态；(土地)下沉
aggressively [六级]
美[əˈɡrɛsɪvlɪ] | 英[ə'ɡresɪvlɪ]
adv. 侵略地；攻击地；有干劲地
successor [六级]
美[səkˈsesər] | 英[səkˈsesə(r)]
n. 接班人；继任人
stray [六级]
美[streɪ] | 英[streɪ]
n. 走失的家畜；浪子
adj. 迷途的；偏离的
v. 迷路；偏离
feat [六级]
美[fiːt] | 英[fiːt]
n. 技艺；功绩；技艺表演
chunk [六级]
美[tʃʌŋk] | 英[tʃʌŋk]
n. 大块，厚块；大量，大部分；〈语言学〉话语组成部分，组块；矮胖的人或物
vt. （高尔夫球）没击中
vi. 发出猛冲的声音
oracle [专八]
美[ˈɔːrəkl] | 英[ˈɒrəkl]
n. 神谕；神谕处；传达神谕的人；能提供可靠意见的人
tumult [专八]
美[ˈtuːmʌlt] | 英[ˈtjuːmʌlt]
n. 骚乱；嘈杂声；烦乱
allocation [考研]
美[ˌæləˈkeɪʃn] | 英[ˌæləˈkeɪʃn]
n. 分配；配置；安置
pull off [考研]
美[pʊl ɔːf] | 英[pʊl ɒf]
v. 脱，拿掉，拿下；努力实现；赢得；把（车、船等）开离
following [考研]
美[ˈfɑːloʊɪŋ] | 英[ˈfɒləʊɪŋ]
adj. 接着的；下列的
prep. 在 ... 以后
n. 追随者；下列各项

重点讲解

Berkshire Hathaway: Oracle required

伯克希尔·哈撒韦公司：亟需先知

mean adj. 平庸的；平均的

【例】This should be clear even to the meanest intelligence.

就是对智力最平庸的人来说，这也应当是非常明了的。

the mean temperature 平均气温

step down (as) 退位；让位

【例】She stepped down as captain of the team.

她放弃了队长头衔。

【反义词】come into office/take up the post 上任；就职

Surprising people at the age of 94 is no mean feat. But that is what Warren Buffett did at the end of Berkshire Hathaway’s annual shareholder meeting on May 3rd, when he announced that he would be stepping down as the company’s chief executive at the end of the year.

在94岁的高龄震惊众人绝非易事。但沃伦·巴菲特在5月3日伯克希尔·哈撒韦公司年度股东大会结束时就做到了这一点，当时他宣布将于今年年底辞去公司CEO一职。

mean adj. 平庸的；平均的

【例】This should be clear even to the meanest intelligence.

就是对智力最平庸的人来说，这也应当是非常明了的。

the mean temperature 平均气温

step down (as) 退位；让位

【例】She stepped down as captain of the team.

她放弃了队长头衔。

【反义词】come into office/take up the post 上任；就职

Mr Buffett gave most of Berkshire’s directors no advance notice of his decision. Nor did he tell Greg Abel, his presumptive successor.

巴菲特没有把这一决定提前通知伯克希尔的大多数董事。也没有告诉格雷格·阿贝尔，人们认为阿贝尔可能是他的接班人。

notice n. 通知；告知

【例】Please give us two weeks' notice if your schedule changes.

如果您的行程有变，请提前两周告知。

I can't finish the report at such short notice.

你这么晚才告诉我，我没法写完报告。

巴菲特于1965年收购伯克希尔·哈撒韦公司时，该公司还只是一家纺织品制造商。在接下来的几年里，巴菲特将其变成了一家大型保险公司和庞大的企业集团，业务范围包括从能源到糖果的各个领域。

employ v. 雇佣；运用；使用（某种手段）

【例】The police had to employ force to enter the building.

警察不得不强行进入大楼。

【近义词】use/utilize v. 运用；利用

He employed a value-investing strategy, seeking out companies that appeared cheap relative to their intrinsic value. From 1965 to the end of last year, Berkshire’s market value had increased by more than 5,500,000%, with a compounded annual return of almost 20%.

他采用了价值投资策略，寻找那些相对于内在价值，看起来比较便宜的公司。从1965年到去年年底，伯克希尔的市值增长率超过了百分之550万，复合年回报率接近20%。

employ v. 雇佣；运用；使用（某种手段）

【例】The police had to employ force to enter the building.

警察不得不强行进入大楼。

【近义词】use/utilize v. 运用；利用

Mr Abel has been with the company for a quarter of a century. His next challenge goes beyond filling Mr Buffett’s shoes as an “oracle”.

阿贝尔已在该公司工作了四分之一个世纪。他的下一个挑战不仅仅是接替巴菲特成为“先知”。

fill one’s shoes 做好前任的工作

【例】You got some large shoes to fill.

你前任的工作做得很好，你可要努力/珠玉在前。

【搭配】to fill the role/vacancy 填补职位空缺

pull off sth 完成困难的事

【例】We have pulled off the difficult team challenge.

我们完成了很难的团队挑战。

【近义词】pull through sth 完成困难的事

Berkshire’s strategy is becoming more difficult to pull off. Over the past year, Mr Buffett has aggressively sold stocks, including a large chunk of its stake in Apple. Now, for the first time in two decades, Berkshire owns more cash than listed equities.

伯克希尔的策略越来越难以实施。过去一年，巴菲特大举抛售股票，其中包括大量持有的苹果公司股票。现在，伯克希尔拥有的现金20年来首次超过上市股票。

fill one’s shoes 做好前任的工作

【例】You got some large shoes to fill.

你前任的工作做得很好，你可要努力/珠玉在前。

【搭配】to fill the role/vacancy 填补职位空缺

pull off sth 完成困难的事

【例】We have pulled off the difficult team challenge.

我们完成了很难的团队挑战。

【近义词】pull through sth 完成困难的事

Mr Buffett’s decision to withdraw from the stockmarket has so far benefited the company. The problem, for Messrs Buffett and Abel, is working out what to do with the enormous pile of cash.

巴菲特退出股市的决定直到目前是让公司受益的。对于巴菲特和阿贝尔来说，问题在于如何处置堆积如山的现金。

relative to

1. 相对于；相比于

【例】The task is challenging relative to the students’ abilities.

相对于学生的能力来说，这个任务挺有挑战性。

2. 有关的；相关的

【例】Keep your comments relative to what is under discussion.

你的发言要与正在讨论的问题相关。

Lately Mr Buffett has griped that there is not much out there to buy at a reasonable price. Even after the recent market tumult, valuations of listed companies are high relative to their historical levels.

最近，巴菲特抱怨称，市场上很难找到价格合理的投资标的。即使在近期股市动荡之后，上市公司的估值相对于历史水平仍然偏高。

relative to

1. 相对于；相比于

【例】The task is challenging relative to the students’ abilities.

相对于学生的能力来说，这个任务挺有挑战性。

2. 有关的；相关的

【例】Keep your comments relative to what is under discussion.

你的发言要与正在讨论的问题相关。

One option would be to expand more aggressively overseas. Another option would be to stray from value investing in the hope of finding firms worthy of capital allocation.

一种选择是更积极地在海外扩张。另一个选择是偏离价值投资策略，以期找到值得资本配置的公司。

stray v. 迷路；偏离

【例】He strayed into a dark forest.

他误入了一片幽暗森林。

Her thoughts stayed to her childhood.

她走了神，回想起自己的童年。

【拓展】a stray dog 流浪狗；走丢的狗

go astray 误入歧途

That seems unlikely, at least for now. Such a move would transform Berkshire’s culture and risk the ire of Mr Buffett’s admirers. After 25 years at the firm, Mr Abel is unlikely to pull an immediate handbrake turn.

至少现在看来，这种做法不太可能实现。这一举动将改变伯克希尔的文化，并可能招致巴菲特崇拜者的不满。在公司任职25年后，阿贝尔不太可能立即来个急转弯。

stray v. 迷路；偏离

【例】He strayed into a dark forest.

他误入了一片幽暗森林。

Her thoughts stayed to her childhood.

她走了神，回想起自己的童年。

【拓展】a stray dog 流浪狗；走丢的狗

go astray 误入歧途

Absent a change of strategy, Berkshire will have to wait for a market downturn. Mr Buffett has a history of spotting such opportunities. He snapped up a large stake in Wells Fargo, an American bank, during a slump in 1990.

既然策略没有改变，那么伯克希尔将不得不等待市场低迷期的到来。巴菲特历来善于发现此类机遇。他在1990年的一次低迷期抢购了美国银行富国银行的大量股份。

snap up sth 抢购某物

【例】The train tickets were snapped up within seconds.

火车票几秒内就抢购一空。

vision n. 神示；幻象；远见

【例】a leader of vision 有远见的领袖

【拓展】visionary adj. 有远见卓识的

【近义词】foresight n. 远见

【反义词】short-sightedness n. 目光短浅

hindsight n. 事后的领悟

He invested in companies including Johnson & Johnson and Kraft Foods following the global financial crisis of 2007-09. The list goes on. Berkshire’s shareholders must hope that Mr Abel has the same vision.

他在2007-09年全球金融危机后投资了包括强生、卡夫食品在内的多家公司。这样的例子不胜枚举。伯克希尔的股东们必须祈祷，阿贝尔也拥有同样的远见。

snap up sth 抢购某物

【例】The train tickets were snapped up within seconds.

火车票几秒内就抢购一空。

vision n. 神示；幻象；远见

【例】a leader of vision 有远见的领袖

【拓展】visionary adj. 有远见卓识的

【近义词】foresight n. 远见

【反义词】short-sightedness n. 目光短浅

hindsight n. 事后的领悟

课后练习

What did Buffett recently do that surprised people?
A. He announced that he would step down as Berkshire's CEO.
B. He announced a business plan at the shareholder meeting.
C. He formally appointed Greg Abel as his successor.
D. He revealed a decline in profit of Berkshire.
How did Buffett turn Berkshire Hathaway into a highly profitable company?
A. By upgrading its textile-making business.
B. By expanding its range of production.
C. By using a value-investing strategy.
D. By attracting external investment.
What is the problem for Abel to deal with as a successor?
A. Transforming Berkshire’s investing strategy.
B. Buying back the stocks that have been sold.
C. Using the large amount of cash properly.
D. Finding reasonably priced stocks to buy.
What options may Abel take?
A. Wait for a market revival and buy strong stocks.
B. Invest overseas and wait for a market downturn.
C. Expand overseas and hold more cash than stocks.
D. Shift away from value investing and adopt new strategies.