워렌버핏의 회사인 버크셔 해서웨이에서 매년 발송되는 주주서한(연차보고서)은 많은 투자자들의 영감이 되는 대표적인 글 중에 하나입니다. 워렌 버핏 관련 서적들은 모두 주변인들이 쓴것만 봐도, 그 스스로는 집필의 의지가 없는 것이 분명한 가운데, 워렌 버핏의 생각을 가장 직접적으로 알 수 있는 글이기 때문이겠죠.
투자자로서의 관심 뿐만 아니라 영어도 공부해보자 하는 마음으로 버크셔 해서웨이의 주주서한(연차보고서)들을 읽어볼까 합니다. 외국어를 공부하는데 있어서 가장 좋은 것이 내가 관심있어 하는 분야를 해당 언어로 끊임없이 읽고 경험하는 것이기에 좋은 공부가 되지 않을까 생각합니다. 🙂
원문에 각주 기능을 이용해 해당 단어의 의미를 기록했습니다. 데스크탑에서는 마우스오버하시면 뜻을 보실 수 있지만, 모바일에서는 조금 번거로울 수 있습니다. ^-^a 그리고 레포트의 길이가 상당히 길기 때문에 몇차례에 나눠서 올릴 예정입니다. 또한, 직접적으로 번역을 할때 조금 어색하다고 느껴지는 부분은 약간의 의역을 추가하였으므로 읽으실때 참고하시기 바랍니다. 또한 어색한 용어의 사용 등이 눈에 띈다면 댓글로 알려주시면 감사하겠습니다. ^-^
BERKSHIRE HATHAWAY INC.
To the Shareholders of Berkshire Hathaway Inc.:
Berkshire’s gain in net worth[footnote]gain in net worth : 순자산의 증가[/footnote] during 2013 was $34.2 billion. That gain was after our deducting[footnote]deduct : 공제하다[/footnote] $1.8 billion of charges[footnote]charge : 비용, 수수료[/footnote] – meaningless economically, as I will explain later – that arose from our purchase of the minority interests[footnote]minority interest : 소수주주지분[/footnote] in Marmon and Iscar. After those charges, the per-share book value[footnote]book value : 장부 가격, 1주(株)당 순자산[/footnote] of both our Class A and Class B stock increased by 18.2%. Over the last 49 years (that is, since present management took over[footnote]take over : (기업 등을) 인수하다[/footnote]), book value has grown from $19 to $134,973, a rate of 19.7% compounded[footnote]compound : (이자를) 복리로 하다[/footnote] annually.*
On the facing [footnote]face : 마주보다, 향하다 (여기서는 page2를 의미함)[/footnote]page, we show our long-standing[footnote]long-standing : 오래된, 장구한[/footnote] performance measurement: The yearly change in Berkshire’s per-share book value versus the market performance of the S&P 500. What counts[footnote]count : 중요하다[/footnote], of course, is pershare intrinsic[footnote]intrinsic : 본질적인, 내재적인[/footnote] value. But that’s a subjective [footnote]subjective : 주관적인[/footnote]figure, and book value is useful as a rough tracking indicator. (An extended discussion of intrinsic value is included in our Owner-Related Business Principles on pages 103 – 108. Those principles have been included in our reports for 30 years, and we urge new and prospective [footnote]prospective : 장래의, 유망한[/footnote]shareholders to read them.)
As I’ve long told you, Berkshire’s intrinsic value far exceeds its book value. Moreover, the difference has widened considerably in recent years. That’s why our 2012 decision to authorize the repurchase of shares at 120% of book value made sense[footnote]make sense : 말이 되다, 이치에 맞다[/footnote]. Purchases at that level benefit continuing shareholders because per-share intrinsic value exceeds that percentage of book value by a meaningful amount. We did not purchase shares during 2013, however, because the stock price did not descend to the 120% level. If it does, we will be aggressive.
Charlie Munger, Berkshire’s vice chairman and my partner, and I believe both Berkshire’s book value and intrinsic value will outperform the S&P in years when the market is down or moderately up. We expect to fall short[footnote]fall short : 모자라다, 부족하다[/footnote], though, in years when the market is strong – as we did in 2013. We have underperformed in ten of our 49 years, with all but one of our shortfalls occurring when the S&P gain exceeded 15%.
Over the stock market cycle between yearends 2007 and 2013, we overperformed the S&P. Through full cycles in future years, we expect to do that again. If we fail to do so, we will not have earned our pay. After all, you could always own an index fund and be assured of[footnote]assure of : …을 보증하다.[/footnote] S&P results.
The Year at Berkshire
On the operating front, just about everything turned out well[footnote]turn out well : 일이 바라던 대로 잘 되다[/footnote] for us last year – in certain cases very well. Let me count the ways[footnote]’How do I love thee? Let me count the ways.’ 라고 시작되는 Elizabeth Barrett Browning의 시구[/footnote]:
＊We completed two large acquisitions[footnote]acquisition : 습득, 인수[/footnote], spending almost $18 billion to purchase all of NV Energy and a major interest in H. J. Heinz. Both companies fit us well and will be prospering [footnote]prosper : 번영하다, 번창하다[/footnote]a century from now.
With the Heinz purchase, moreover, we created a partnership template [footnote]template : 본보기[/footnote]that may be used by Berkshire in future acquisitions of size. Here, we teamed up[footnote]team up : (~와) 한 팀이 되다[협력하다][/footnote] with investors at 3G Capital, a firm led by my friend, Jorge Paulo Lemann. His talented associates [footnote]associate : (사업・직장) 동료[/footnote]– Bernardo Hees, Heinz’s new CEO, and Alex Behring, its Chairman – are responsible for operations.
Berkshire is the financing partner. In that role, we purchased $8 billion of Heinz preferred stock[footnote]preferred stock : 우선주[/footnote] that carries a 9% coupon [footnote]coupon : 채권의 표면이자율[/footnote]but also possesses [footnote]possess : 소유[소지/보유]하다[/footnote]other features that should increase the preferred’s annual return to 12% or so. Berkshire and 3G each purchased half of the Heinz common stock[footnote]common stock : 보통주[/footnote] for $4.25 billion.
Though the Heinz acquisition has some similarities to a “private equity[footnote]private equity : 사모, 비공개 기업투자[/footnote]” transaction[footnote]transaction : 거래[/footnote], there is a crucial [footnote]crucial : 중대한, 결정적인[/footnote]difference: Berkshire never intends to sell a share of the company. What we would like, rather, is to buy more, and that could happen: Certain 3G investors may sell some or all of their shares in the future, and we might increase our ownership at such times. Berkshire and 3G could also decide at some point that it would be mutually beneficial[footnote]mutually beneficial : 상호간의 이익인[/footnote] if we were to exchange some of our preferred for common shares (at an equity valuation appropriate to the time).
Our partnership took control of Heinz in June, and operating results so far are encouraging[footnote]encouraging : 힘을 북돋아 주는, 고무적인[/footnote]. Only minor earnings from Heinz, however, are reflected in those we report for Berkshire this year: One-time charges incurred [footnote]incur : (좋지 못한 상황을[에]) 초래하다[처하게 되다][/footnote]in the purchase and subsequent [footnote]subsequent : 그[이] 다음의, 차후의[/footnote]restructuring [footnote]restructuring : 기업 혁신 전략[/footnote]of operations totaled $1.3 billion. Earnings in 2014 will be substantial[footnote]substantial : 상당한[/footnote].
With Heinz, Berkshire now owns 8 1⁄2 companies that, were they stand-alone[footnote]stand-alone : 독자적인, 독립적인[/footnote] businesses, would be in the Fortune 500. Only 491 1⁄2 to go.
NV Energy, purchased for $5.6 billion by MidAmerican Energy, our utility subsidiary[footnote]subsidiary : 자회사[/footnote], supplies electricity to about 88% of Nevada’s population. This acquisition fits nicely into our existing electric-utility operation and offers many possibilities for large investments in renewable [footnote]renewable : 에너지・천연 자원이 재생 가능한[/footnote]energy. NV Energy will not be MidAmerican’s last major acquisition.
＊MidAmerican is one of our “Powerhouse [footnote]powerhouse : 유력[실세] 집단[기관][/footnote]Five” – a collection of large non-insurance businesses that, in aggregate[footnote]in aggregate : 전체적으로, 모두 합쳐[/footnote], had a record $10.8 billion of pre-tax earnings in 2013, up $758 million from 2012. The other companies in this sainted [footnote]sainted : (주로 명사 앞에 씀) (구식 또는 유머) 성인군자 같은; 시성(諡聖)된[/footnote]group are BNSF, Iscar, Lubrizol and Marmon.
Of the five, only MidAmerican, then earning $393 million pre-tax, was owned by Berkshire nine years ago. Subsequently, we purchased another three of the five on an all-cash basis. In acquiring the fifth, BNSF, we paid about 70% of the cost in cash, and, for the remainder, issued shares that increased the number outstanding [footnote]outstanding : 아직 처리되지 않은, 미지불된, 미해결된[/footnote]by 6.1%. In other words, the $10.4 billion gain in annual earnings delivered Berkshire by the five companies over the nine-year span has been accompanied by[footnote]be accompanied by : …을 동반하다[/footnote] only minor dilution[footnote]dilution : 희석[/footnote]. That satisfies our goal of not simply growing, but rather increasing per-share results.
If the U.S. economy continues to improve in 2014, we can expect earnings of our Powerhouse Five to improve also – perhaps by $1 billion or so pre-tax.
＊Our many dozens of smaller non-insurance businesses earned $4.7 billion pre-tax last year, up from $3.9 billion in 2012. Here, too, we expect further gains in 2014.
＊Berkshire’s extensive [footnote]extensive : 아주 넓은[많은], 대규모의[/footnote]insurance operation again operated at an underwriting profit[footnote]underwriting profit : (보험) 보험이익/피보험이익[/footnote] in 2013 – that makes 11 years in a row – and increased its float[footnote]float : 유동 (자산)[/footnote]. During that 11-year stretch[footnote]stretch : (얼마 동안 계속되는) 기간, 시간[/footnote], our float – money that doesn’t belong to us but that we can invest for Berkshire’s benefit – has grown from $41 billion to $77 billion. Concurrently[footnote]concurrently : (…와) 동시에, 함께[/footnote], our underwriting profit has aggregated $22 billion pre-tax, including $3 billion realized [footnote]realize : (자산을) 실현하다[현금화하다][/footnote]in 2013. And all of this all began with our 1967 purchase of National Indemnity for $8.6 million.
We now own a wide variety of exceptional insurance operations. Best known is GEICO, the car insurer Berkshire acquired in full[footnote]in full : 전부[빠짐없이][/footnote] at yearend 1995 (having for many years prior owned a partial interest). GEICO in 1996 ranked number seven among U.S. auto insurers. Now, GEICO is number two, having recently passed Allstate. The reasons for this amazing growth are simple: low prices and reliable service. You can do yourself a favor[footnote]do somebody a favor : 호의를 베풀다[/footnote] by calling 1-800-847-7536 or checking Geico.com to see if you, too, can cut your insurance costs. Buy some of Berkshire’s other products with the savings.
2페이지만 번역하는데도 생각보다 시간도 많이 걸리고 쉽지가 않네요. 내용이 어렵진 않지만 내용을 이해하는 것과 그것을 또 한국어로 풀어 내는 것은 또 별개의 문제라는 것을 다시한번 느끼게 되네요. 🙂 24페이지까지 언제 다 번역할 수 있을지 모르겠지만, 2014년 연례보고서가 나오기 전까지는 조금씩해서 올려보도록 할께요. ^^
※ 게다가, 글 수정하다보면 자꾸 9px 짜리 font 로 변경되는 티스토리의 거지같은 버그 때문에 글 쓰는 시간에 1.5배는 더 소요되는 것 같네요. -_-+