尽管障碍重重，两方都仍热盼取得高额回报。对伯克希尔这一上市公司来说，这不言而喻。然而，对中国新成立的基金来说也是如此。汇丰银行首席中国经济学家屈宏斌表示，根据其管理的资产，该基金可能将被收取大约3%的1年期债卷利率。而且由于其基金不会以人民币记价，它也将需要补偿人民币升值的影响。屈宏斌预计人民币每年将升值3-5%。除此之外该基金还有1-2%的管理费用。总而言之，该基金可能需要创造两位数利润，这将与伯克希尔公司的利润相差不大。这也许会使得该基金持有同种类的波动资产，例如股票、商品或垃圾债券。

Both Berkshire and Beijing share some advantages as well. Berkshire is seen as a buyer of choice, Mr Buffett says, by many owners of good, non-public companies. Dodgy governments, rich in resources and eager for loans, may likewise view China's government as a creditor of choice. Its fund may also be an attractive investor for companies seeking to do business in China. Wal-Mart, for example, a large holding of Berkshire's, is expanding in China but would probably have an easier time if the government had a stake in its success.

伯克希尔公司和中国也都有同样的优势。巴菲特表示很多好的私有公司都认为伯克希尔公司是最好的买家。同样的，那些资源丰富、渴求贷款而老奸巨猾的政府也可能认为中国政府是最好的债权人。对意图在中国发展生意的公司来说，该基金也可能成为富有吸引力的投资者。例如，伯克希尔公司的大股东沃尔玛正在中国扩张。但若中国政府能从其成功获利，其扩张将更为简单。

But Berkshire and the China fund do differ in two big ways. The first is the type of person they will employ. Mr Buffett wants an independent soul who will make contrarian calls; China is rumoured already to have chosen a fund manager who clocked up many years at its finance ministry—guaranteeing his lack of independence. A contrarian streak is a virtue on Wall Street; it can be a vice in Beijing.

但是，伯克希尔公司和中国基金在两方面大相径庭。其一在于两方将雇佣的人员。巴菲特期望雇用敢于与大众相悖的充满独立精神的人；而传闻说中国已选择了个蜗居在其财政部多年因而绝对缺乏独立性的基金管理者。在美国金融界，稍许与大众相悖的精神是种美德；而在中国的话，这却可能是缺陷。

The second difference is more subtle. Chinese officials suggest the fund will be expected to do “good” things, by valuing social and political returns, as well as financial ones. Mr Buffett has split these responsibilities. Berkshire's goal is to make money. If shareholders also want to do good, they can give their profits away, as Mr Buffett has pledged to do with his own. As a result, his successor has a clearer mandate and a better chance of success.

第二处不同更为微妙。中国官员提出通过衡量社会和政治回报及金融回报，期待该基金被用于“行善”。而巴菲特则将这些责任分离开来。伯克希尔公司的目标是赢利。如果股东也想行善，他们可以捐献自己得到的利润，正如巴菲特承诺要捐献他得到的利润。所以，巴菲特的接班人有更明确的指示和更大的机会取得成功。

Whether China's more muddled effort can also succeed is less sure. A better approach might be to free its currency a bit, slow its accumulation of reserves and thus avoid the conundrum of how to invest them. China's government once wanted no truck with big capitalists like Mr Buffett. Now it thinks it can outdo them.

中国较为混乱无序的努力是否也能成功，这就不那么确定了。略微放松人民币的管制、放慢储备积累以避免不知如何投资的难题可能是个更好的方法。中国政府曾希望不与巴菲特等大资本家往来。现在，中国又认为可以超越这些大资本家。

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