Worst Year For Berkshire Hathaway（巴菲特旗下公司业绩创历史新低）

　　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.
随着经济危机的加剧，巴菲特的公司又创业绩新低，但是他向投资者表示，情况即将发生变化。

　　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".
　　在他写给伯克希尔股东的年度信件中，巴菲特详述了陷入冻结的信贷市场如何与暴跌的房价、股价结合在一起，危及众多银行，引发“一种席卷全国的令人瘫痪的恐惧”。

　　"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，”他写道，“各类投资者都伤痕累累且困惑不解，仿佛他们是误入一场羽毛球赛的小鸟。”

　　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.
　　这位亿万富翁也敦促他的大批追随者记住，股市通常都会上涨——标准普尔500指数在过去44年中有75%的年份都有升幅——而且即使衰退继续下去，股市也有可能再次上涨。

　　"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，我们可以肯定的是，整个2009年——还可能在更长时期——经济都将一团糟，但这个结论并没有告诉我们股市将上升还是下降，”他写道。

　　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.
　　无论如何，巴菲特写道，伯克希尔都将继续坚持其投资战略，这一战略为其帐面价值带来了20.3%的年度复合增长率。

　　It would maintain its "Gibraltar-like" financial strength, improve the competitive position of its existing businesses and make new acquisitions that bolster earnings.
　　伯克希尔将保持其“直布罗陀般”强大的财务实力，提高现有业务的竞争地位，进行新的、能提高盈利的收购。

　　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.
　　但这种心态未能帮助伯克希尔逃脱金融危机的打击。在2008年，公司净收入下降了59%，至49.9亿美元，即每股3224美元，而上年同期的数字分别为122亿美元、每股8548美元。营业收入减少8.8%，从1182亿美元降至1078亿美元。