来源：雪球App，作者： 王冠亚，（https://xueqiu.com/4525540121/302452029）
巴菲特致股东的信原文精读Day445：
原文：Indeed, owners must earn less than their businesses earn because of “frictional” costs. And that’s my point: These costs are now being incurred in amounts that will cause shareholders to earn far less than they historically have.
To understand how this toll has ballooned, imagine for a moment that all American corporations are, and always will be, owned by a single family. We’ll call them the Gotrocks. After paying taxes on dividends, this family — generation after generation — becomes richer by the aggregate amount earned by its companies. Today that amount is about $700 billion annually. Naturally, the family spends some of these dollars. But the portion it saves steadily compounds for its benefit. In the Gotrocks household everyone grows wealthier at the same pace, and all is harmonious.（2005）
释义：1.“frictional”意为“摩擦的”；
2.“incurred”意为“招致”；
3.“toll”意为“通行费”、“长途电话费”；“ballooned”意为“膨胀”；
4.“Gotrocks”意为“既得利益者”；
5.“household”意为“家庭”；“harmonious”意为“和谐的”。
精译：事实上，由于存在“摩擦”成本，全体股东的收益必然低于持股企业的盈利。这就是我的观点：这些成本现在耗费的资金，将导致股东们的收入远低于其历史水平。
要了解这一费用是如何激增的，想象一下，无论是现在还是将来，所有的美国公司都是由单一家族所拥有的。我们称他们为得宝家族。在支付股息税后，这个家族通过公司赚取的总盈利，一代代地变得更加富有。如今，公司每年的盈利约为7000亿美元。当然，这个家族会花掉其中的一部分钱。但它省下来的利润会持续以复利的形式增长。在得宝家族，每个人都以同样的速度变得更加富有，一切都很和谐。（2005年）
心得：巴菲特是善用比喻的高手。“Gotrocks”的含义，可以指既得利益者，也可以指脑子进水的人。比如说，You got rocks in your head，就是说你脑子进水了，简化表达就是gotrocks，巴菲特这种定性的拟人手法，跟胡适先生笔下的“差不多先生”有异曲同工之妙。
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