Worst Year For Berkshire Hathaway（巴菲特旗下公司業(yè)績創(chuàng)歷史新低）

　　Warren Buffett conceded that his holding company, Berkshire Hathaway, turned in its worst performance on record as the financial crisis drew the world's economy into a deepening recession, and gave investors little reason to believe a turnround is imminent.
隨著經濟危機的加劇，巴菲特的公司又創(chuàng)業(yè)績新低，但是他向投資者表示，情況即將發(fā)生變化。

　　In his annual letter to Berkshire shareholders, Mr Buffett recounted how frozen credit markets dovetailed with tumbling home and stock prices to imperil many banks and produce "a paralysing fear that engulfed the country".
　　在他寫給伯克希爾股東的年度信件中，巴菲特詳述了陷入凍結的信貸市場如何與暴跌的房價、股價結合在一起，危及眾多銀行，引發(fā)“一種席卷全國的令人癱瘓的恐懼”。

　　"By year end," he wrote, "investors of all stripes were bloodied and confused, much as if they were small birds that had strayed into a badminton game."
　　“到年底，”他寫道，“各類投資者都傷痕累累且困惑不解，仿佛他們是誤入一場羽毛球賽的小鳥?！?/P>

　　The billionaire also urged his legions of followers to remember that the stock market usually rises – the S&P 500 index has produced annual increases in 75 per cent of the past 44 years – and may do so again even if the downturn persists.
　　這位億萬富翁也敦促他的大批追隨者記住，股市通常都會上漲——標準普爾500指數(shù)在過去44年中有75%的年份都有升幅——而且即使衰退繼續(xù)下去，股市也有可能再次上漲。

　　"We're certain, for example, that the economy will be in shambles throughout 2009 – and, for that matter, probably well beyond – but that conclusion does not tell us whether the stock market will rise or fall," he wrote.
　　“例如，我們可以肯定的是，整個2009年——還可能在更長時期——經濟都將一團糟，但這個結論并沒有告訴我們股市將上升還是下降，”他寫道。

　　Regardless, Mr Buffett wrote, Berkshire will stick with a strategy that has produced an annual compound growth in book value of 20.3 per cent.
　　無論如何，巴菲特寫道，伯克希爾都將繼續(xù)堅持其投資戰(zhàn)略，這一戰(zhàn)略為其帳面價值帶來了20.3%的年度復合增長率。

　　It would maintain its "Gibraltar-like" financial strength, improve the competitive position of its existing businesses and make new acquisitions that bolster earnings.
　　伯克希爾將保持其“直布羅陀般”強大的財務實力，提高現(xiàn)有業(yè)務的競爭地位，進行新的、能提高盈利的收購。

　　That mindset did not help Berkshire navigate the financial crisis unscathed. Net income dropped 59 per cent in 2008 to $4.99bn, or $3,224 a share, from $12.2bn, or $8,548, a year earlier. Revenue fell 8.8 per cent to $107.8bn from $118.2bn.
　　但這種心態(tài)未能幫助伯克希爾逃脫金融危機的打擊。在2008年，公司凈收入下降了59%，至49.9億美元，即每股3224美元，而上年同期的數(shù)字分別為122億美元、每股8548美元。營業(yè)收入減少8.8%，從1182億美元降至1078億美元。