股东信解读
Gregory E. Abel · 首封致股东信 · 2026年2月28日发布
信件背景
2025年是伯克希尔历史上的转折之年。沃伦·巴菲特在年会上正式宣布由 Gregory E. Abel 接任CEO，结束了长达六十年的掌舵生涯。这封致股东信是 Abel 作为CEO发出的第一封信， 全文约22页，着重强调管理文化的延续性与受托精神，而非具体的财务数字。
与巴菲特历年信件的风格有所不同，Abel 的叙述更为结构化，以六大主题为主线， 系统阐释了伯克希尔在新领导层下的经营理念与战略方向。信中反复出现的核心词汇是「受托」与「文化」， 传递出管理层换届后的信心与延续性。
信件速览
六大核心主题
点击卡片可展开详细解读
受托精神与文化传承
Abel 开篇即重申：伯克希尔的管理层是股东资本的受托人，而非所有者。这套受托文化不是成功的结果，而是成功的原因。
长期主义投资哲学
以十年为维度思考，以纪律约束行动。Abel 重申伯克希尔不追逐短期业绩，始终将长期每股内在价值增长置于首位。
保险护城河
浮存金从 2015 年的 $88B 增至 2025 年的 $176B，十年翻番。GEICO 承保利润恢复强劲，再保险业务持续创造价值。
资本配置与现金储备
年末现金及国债达 $373.3B 历史新高。Abel 解释：宁愿持有现金等待真正优质的机会，也不愿在高估值市场中仓促出手。
复利的数学挑战
在伯克希尔的规模下，复利规律对其不利。Abel 坦诚承认，资产体量越大，寻找有意义回报的机会就越难。
管理层传承与未来
Abel 首年执掌，CFO Marc Hamburg 将于 2026 年交棒。信中着重强调伯克希尔的去中心化管理结构将保持不变。
精选原文引言
"Your capital is commingled with ours, but it does not belong to us. Our role is stewardship. That stewardship has shaped a culture and reinforced a set of values that are not the result of our success, but the reason for it."
你们的资本与我们的资本融为一体，但它并不属于我们。我们的角色是受托人。这种受托精神塑造了伯克希尔的文化，强化了一套价值观——这套价值观不是我们成功的结果，而是我们成功的原因。
"We think in decades, act with discipline, and uphold our commitments. Stewardship is embedded in how we operate, reinforcing that our culture is a system for generating long-term performance, not just a set of beliefs."
我们以十年为维度思考，以纪律约束行动，并信守承诺。受托精神深植于我们的运营方式之中——我们的文化是一套创造长期业绩的系统，而不仅仅是一组信条。
"At year-end, our insurance float – the capital we hold to pay future losses and, in the meantime, invest for Berkshire's benefit – stood at $176 billion. That amount increased from $171 billion at the end of 2024 and from $88 billion at the end of 2015."
年末，我们的保险浮存金达到1760亿美元。这一数字较2024年底的1710亿美元有所增加，也远高于2015年底的880亿美元——十年间翻了一番。
"At Berkshire's scale, the math of compounding works against us – a reality long understood and best acknowledged plainly. Our opportunity is improvement in per-share value over the long term, even when progress comes in smaller increments, with a constant focus on managing downside risk for our owners."
在伯克希尔的规模下，复利的数学规律对我们不利——这是一个早已明了、也最好坦诚承认的现实。我们的机会在于长期持续提升每股内在价值，即便进步以更小的幅度呈现，同时始终专注于为股东管控下行风险。
"Our capital discipline guides us, whether we seek to purchase an entire business, a portion of equity in a publicly traded company, or our own shares. We maintain this approach regardless of the size of our cash and U.S. Treasury holdings. We will assess value carefully, act patiently, and hold for the long term – preferably forever."
无论是收购整家企业、购入上市公司部分股权，还是回购自身股票，我们的资本纪律始终如一。不论现金和美国国债规模多大，我们的做法都不会改变。我们将审慎评估价值，耐心行动，长期持有——最好是永远持有。
"Berkshire's approach with its 51 non-insurance operating businesses is markedly different from most conglomerates. There are no layers of management and no allocated goals or targets set by Berkshire. Each business is accountable to its CEO, who is expected to pursue operational excellence relentlessly and close performance gaps."
伯克希尔对旗下51家非保险运营业务的管理方式，与大多数综合集团截然不同。伯克希尔没有设置管理层级，也不向各业务分配目标或指标。每家企业向其CEO负责，CEO被期望毫不懈怠地追求卓越运营，并弥合绩效差距。
"Our owners' time horizon extends beyond the tenure of any individual CEO. I will not be your CEO for the next 60 years as simple arithmetic makes that – shall we say – an ambitious plan. However, 20 years from now, when I will have just a fraction of the tenure that Warren had, my intention is that you – or your descendants – will be proud that your company is even stronger."
我们股东的时间视野，超越了任何一位CEO的任期。简单的算术告诉我，我不会在未来60年里一直担任你们的CEO——姑且称之为一个"雄心勃勃的计划"。然而，20年后，当我的任期只是沃伦的零头时，我的愿望是你们——或你们的后代——会为这家公司变得更加强大而感到自豪。
"We identify risks and strive to manage the level of risk across our organization. Our approach is decentralized, suited to each operating business's scale and complexity. We focus on risks that could threaten Berkshire's reputation, financial strength, or ability to realize opportunities for the long term."
我们识别风险，并努力管理整个组织的风险水平。我们的方式是去中心化的，适配每家运营业务的规模与复杂程度。我们重点关注可能威胁伯克希尔声誉、财务实力或长期把握机遇能力的风险。