投资 · 现代投资信
沃伦·巴菲特：伯克希尔 2003 年致股东信·补录 2
沃伦·巴菲特《伯克希尔·哈撒韦 2003 年致股东信》· 2003 Chairman's Letter · 投资 · 决策
Ajit writes some very unusual policies. Last year, for example, PepsiCo promoted a drawing that offered participants a chance to win a $1 billion prize. Understandably, Pepsi wished to lay off this risk, and we were the logical party to assume it. So we wrote a $1 billion policy, retaining the risk entirely for our own account. Because the prize, if won, was payable over time, our exposure in present-value terms was $250 million. (I helpfully suggested that any winner be paid $1 a year for a billion years, but that proposal didn’t fly.) The drawing was held on September 14. Ajit and I held our breath, as did the finalist in the contest, and we left happier than he. PepsiCo has renewed for a repeat contest in 2004.
出处：
https://www.berkshirehathaway.com/letters/2003ltr.pdf
定位：2003 Chairman's Letter, additional excerpt 2 · 核对日期：2026-10-19 · 核验：短摘录
白话
巴菲特讲述伯克希尔为百事可乐的10亿美元抽奖活动承保的故事。百事想转移风险，伯克希尔承接了全部风险，由于奖金分期支付，现值 exposure 为2.5亿美元。抽奖于9月14日举行，巴菲特和Ajit紧张等待，最终无人中奖，他们比入围者还高兴。百事在2004年再次续保。这体现了伯克希尔愿意承保独特风险的能力，以及其财务实力。对于投资者，这意味着伯克希尔有独特的竞争优势，能处理别人无法承担的风险。
上下文
2003年伯克希尔致股东信，巴菲特讲述为百事可乐抽奖活动承保的趣事。
今日一问
你的公司是否具备处理独特风险的能力？这种能力如何转化为竞争优势？
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