Inadequate though they are in telling the story, we give you Berkshire’s book-value figures because they today serve as a rough, albeit significantly understated, tracking measure for Berkshire’s intrinsic value. In other words, the percentage change in book value in any given year is likely to be reasonably close to that year’s change in intrinsic value.

　　虽然我们的账面价值不足以说明故事全部，我们给你伯克希尔的账面价值数字，因为他们虽然粗略，而且明显低估太多，但却可以作为跟踪伯克希尔内在价值的一个指标。换句话说，任何一年的账面价值的百分比变化可能很接近该年的内在价值的变化。

　　You can gain some insight into the differences between book value and intrinsic value by looking at one form of investment, a college education. Think of the education’s cost as its “book value.” If this cost is to be accurate, it should include the earnings that were foregone by the student because he chose college rather than a job.

　　您可以通过类比大学教育投资来了解账面价值和内在价值之间的差异。把教育的成本视为“账面价值”。如果这个成本是准确的，它应该包括学生放弃的收入，因为他选择了大学而不是工作。

　　For this exercise, we will ignore the important non-economic benefits of an education and focus strictly on its economic value. First, we must estimate the earnings that the graduate will receive over his lifetime and subtract from that figure an estimate of what he would have earned had he lacked his education. That gives us an excess earnings figure, which must then be discounted, at an appropriate interest rate, back to graduation day. The dollar result equals the intrinsic economic value of the education.

　　在这个练习里面，我们将忽视教育的带来的重要的非经济效益，只是严格的关注其经济价值。首先，我们必须估计一个毕业生在其一生中将获得的收入，并从该数字中减去如果他没有接受教育可能获得的收入的估计。这给我们一个额外的收入数字，然后必须以适当的利率折现，算回到毕业日。计算得到的结果等于教育的内在经济价值。

　　Some graduates will find that the book value of their education exceeds its intrinsic value, which means that whoever paid for the education didn’t get his money’s worth. In other cases, the intrinsic value of an education will far exceed its book value, a result that proves capital was wisely deployed. In all cases, what is clear is that book value is meaningless as an indicator of intrinsic value.

　　有一些毕业生会发现，他们的教育的账面价值超过其内在价值，这意味着有人支付了教育成本，直播，但没有得到他的钱的价值。在其他情况下，教育的内在价值将远远超过其账面价值，这证明资本被聪明地投资了。不管哪种情况，清楚的是，账面价值是作为内在价值的指标是毫无意义的。

　　愉悦资本是新一代VC基金，开奖，由刘二海、李潇、戴汨创立。我们是创始人也是投资经理。