【正文】 資 )已從原先的 億美元成長到 億美元，保險準備的成長，主要是由於保費收入的大幅增 加，加上保留的盈餘，是我們投資部位之所以大幅增加的原因，也因此，我們整體保 險事業(yè)因為投資而增加的淨(jìng)收益也由 1975 年稅前 840 萬美元的利益成長到 1977 年 的 1,230 萬美元。 Equity holdings of our insurance panies with a market value of over $5 million on December 31, 1977 were as follows: 以下是 1977 年底，我們旗下保險公司持股市價超過 500 萬美元的投資： No. of Shares Company Cost Market (000’s omitted) 220,000 Capital Cities Communications, Inc. ..... $ 10,909 $ 13,228 1,986,953 Government Employees Insurance Company Convertible Preferred ........ 19,417 33,033 1,294,308 Government Employees Insurance Company Common Stock ................. 4,116 10,516 592,650 The Interpublic Group of Companies, Inc. 4,531 17,187 324,580 Kaiser Aluminumamp。 Such investments initially may have negligible impact on our operating earnings. For example, we invested $ million in Capital Cities Communications during 1977. Earnings attributable to the shares we purchased totaled about $ million last year. But only the cash dividend, which currently provides $40,000 annually, is reflected in our operating earnings figure. 這類的投資初期對於我們的經(jīng)營利益的助益或許不大，舉例來說， 1977年我們投資了 1,090 萬美元在資本城通訊公司之上，去年依照持股比例應(yīng)可分得的盈餘約為 130 萬 美元，但實在反應(yīng)在我們財務(wù)報表上的卻只有區(qū)區(qū) 4 萬美元的現(xiàn)金股利。 Late last year Gene, now 80 and still running a banking operation without peer, asked that a successor be brought in. Accordingly, Peter Jeffrey, formerly President and Chief Executive Officer of American National Bank of Omaha, has joined the Illinois National Bank effective March 1st as President and Chief Executive Officer. 去年現(xiàn)年 80歲依然一馬當(dāng)先專注於銀行營運的 Gene，要求新的接任者接手，因此前 奧瑪哈美國國家銀行的總裁 Peter Jeffrey 於 3/1 正式加入伊利諾國家銀行擔(dān)任新總 裁。 Warren E. Buffett, Chairman March 14,1978 Warren E. Buffett 華倫．巴菲特 董事會主席 1978 年 3月 14 日 。 Blue Chip Stamps 藍籌郵票 We again increased our equity interest in Blue Chip Stamps, and owned approximately 36 1/2% at the end of 1977. Blue Chip had a fine year, earning approximately $ million from operations and, in addition, had realized securities gains of $ million. 我們再度增加對藍籌郵票的持股權(quán)益，截至 1977 年底，持有的股權(quán)比例大約是 %，藍籌郵票去年的表現(xiàn)相當(dāng)不錯，營業(yè)利益達到 1,290 萬美元，此外還有 410 萬的已實現(xiàn)資本利得。 Banking 銀行業(yè) In 1977 the Illinois National Bank continued to achieve a rate of earnings on assets about three times that of most large banks. As usual, this record was achieved while the bank paid maximum rates to savers and maintained an asset position bining low risk and exceptional liquidity. Gene Abegg formed the bank in 1931 with $250,000. In its first full year of operation, earnings amounted to $8,782. Since that time, no new capital has been contributed to the bank。 Mather International, Inc. ..... 2,762 6,960 934,300 The Washington Post Company Class B ..... 10,628 33,401 Total ................................... $ 71,893 $139,081 All Other Holdings ...................... 34,996 41,992 Total Equities .......................... $106,889 $181,073 ======== ======== We select our marketable equity securities in much the same way we would evaluate a business for acquisition in its entirety. We want the business to be (1) one that we can understand, (2) with favorable longterm prospects, (3) operated by honest and petent people, and (4) available at a very attractive price. We ordinarily make no attempt to buy equities for anticipated favorable stock price behavior in the short term. In fact, if their business experience continues to satisfy us, we wele lower market prices of stocks we own as an opportunity to acquire even more of a good thing at a better price. 我們投資股票的選擇方式與買進整家企業(yè)的模式很相近，我們想要的企業(yè)必須是 (1)我 們可以了解的行業(yè) (2)具有長期競爭力 (3)由才德兼具的人士所經(jīng)營 (4)吸引人的價格， 我們從來不試著去買進一些短期股價預(yù)期有所表現(xiàn)的股票，事實上，如果其企業(yè)的表 現(xiàn)符合我們的預(yù)期，我們反而希望他們的股價不要太高，如此我們才有機會以更理想 的價格買進更多的股權(quán)。 ., marketable mon stocks. 除了股利與利息收入之外，我們還實現(xiàn)了稅前 690 萬美元的資本利得，四分之一來自 債券，剩下的則來自股票，至於 1977 年年底未實現(xiàn)的資本利得大約在7,400 萬美元 之譜，對於這個數(shù)字，就像任何單一日期的數(shù)字， (1974 年底帳上有1,700 萬美元的 未實現(xiàn)損失 )大家不必看得太認真，因為我們持股部位比較大的投資，往往要持有很長 一段時間，所以我們的投資績效依據(jù)的是這些被投資公司在這段期間的經(jīng)營表現(xiàn)，而 不是特定時期的股票價格，就像我們認為買下一家公司卻只關(guān)心他的短期狀況是件很 傻的事，同樣地持有公司部份所有權(quán) 也就 是股票，我們認為只關(guān)心短期盈餘或者是盈 餘短暫的變動也不應(yīng)該。 The newest addition to our insurance group is Cypress Insurance Company of South Pasadena, California. This Worker’s Compensation insurer was purchased for cash in the final days of 1977 and, therefore, its approximate $ million of volume for that year was not included in our results. Cypress and National Indemnity’s present California Worker’s Compensation operation will not be bined, but will operate independently utilizing somewhat different marketing strategies. Milt Thornton, President of Cypress since 1968, runs a firstclass operation for policyholders, agents, employees and owners alike. We look forward to working with him. 我們旗下保險事業(yè)最新加入的成員是位於加州的賽普路斯保險，至於勞工退休金保險 則因為是在 1977 年底以現(xiàn)金買下，所以其 1,250 萬美元的保費收入並未列入我們當(dāng) 年的營運記錄，賽普路斯與國家產(chǎn)險現(xiàn)有的勞工退休金保險業(yè)務(wù)不會合併，而會採用 不同的行銷策略各自獨立經(jīng)營，賽普路斯現(xiàn)任總裁 Milt Thornton，在保戶、業(yè)務(wù)員、 員工及股東方面的營運管理皆屬一流，對於能與他一起共事，我們相當(dāng)期待。 We must again give credit to Phil Liesche, greatly assisted by Roland Miller in Underwriting and Bill Lyons in Claims, for an extraordinary underwriting achievement in National Indemnity’s traditional auto and general liability business during 1977. Large volume gains