【正文】 s not a reflection on the managers, but rather on the industry in which they operate. In some businesses a work TV station, for example it is virtually impossible to avoid earning extraordinary returns on tangible capital employed in the business. And assets in such businesses sell at equally extraordinary prices, one thousand cents or more on the dollar, a valuation reflecting the splendid, almost unavoidable, economic results obtainable. Despite a fancy price tag, the “easy” business may be the better route to go. 雖然我們的紡織事業(yè)仍持續(xù)不斷地有現(xiàn)金流入，但與過去所投入的資金實在是不成正 比，這並非經(jīng)理人的過錯，主要是產(chǎn)業(yè)的環(huán)境使然，在某些產(chǎn)業(yè)，比如說地方電視臺， 只要少數(shù)的有形資產(chǎn)就能賺取大量的盈餘，而這行的資產(chǎn)售價也奇高，帳面一塊錢的 東西可以喊價到十塊錢，這反應(yīng)出其驚人獲利能力的身價，雖然價格有點嚇人，但那 樣的產(chǎn)業(yè)路子可能反而比較好走。 Net Earnings Earnings Before Ine Taxes After Tax Total Berkshire Share Berkshire Share (in thousands of dollars) 1979 1978 1979 1978 1979 1978 Total all entities ......... $68,632 $66,180 $56,427 $54,350 $42,817 $39,242 ===== ===== ====== ====== ====== ====== Earnings from Operations: Insurance Group: Underwriting ............ $ 3,742 $ 3,001 $ 3,741 $ 3,000 $ 2,214 $ 1,560 Net Investment Ine ..24,224 19,705 24,216 19,691 20,106 16,400 BerkshireWaumbec textiles 1,723 2,916 1,723 2,916 848 1,342 Associated Retail Stores, Inc. ........... 2,775 2,757 2,775 2,757 1,280 1,176 See’s Candies ............. 12,785 12,482 7,598 7,013 3,448 3,049 Buffalo Evening News ...... (4,617) (2,913) (2,744) (1,637) (1,333) (738) Blue Chip Stamps Parent 2,397 2,133 1,425 1,198 1,624 1,382 Illinois National Bank and Trust Company .......... 5,747 4,822 5,614 4,710 5,027 4,262 Wesco Financial Corporation Parent ... 2,413 1,771 1,098 777 937 665 Mutual Savings and Loan Association ............ 10,447 10,556 4,751 4,638 3,261 3,042 Precision Steel ........... 3,254 1,480 723 Interest on Debt .......... (8,248) (5,566) (5,860) (4,546) (2,900) (2,349) Other ..................... 1,342 720 996 438 753 261 Total Earnings from Operations .......... $57,984 $52,384 $46,813 $40,955 $35,988 $30,052 Realized Securities Gain 10,648 13,796 9,614 13,395 6,829 9,190 Total Earnings ......... $68,632 $66,180 $56,427 $54,350 $42,817 $39,242 ===== ====== ====== ====== ====== ====== Blue Chip and Wesco are public panies with reporting requirements of their own. On pages 3743 of this report, we have reproduced the narrative reports of the principal executives of both panies, in which they describe 1979 operations. Some of the numbers they mention in their reports are not precisely identical to those in the above table because of accounting and tax plexities. (The Yanomamo Indians employ only three numbers: one, two, and more than two. Maybe their time will e.) However, the mentary in those reports should be helpful to you in understanding the underlying economic characteristics and future prospects of the important businesses that they manage. 藍(lán)籌郵票及 Wesco都是公開發(fā)行公司，各自都必須對外公開報告，在年報的後段附有 這兩家公司主要經(jīng)理人關(guān)於公司 1979 年現(xiàn)況的書面報告，他們運用的部份數(shù)字可能 無法與我們所報告的絲毫不差，但這又是因為會計與稅務(wù)一些細(xì)節(jié)規(guī)定所致， (Yanomamo 印地安人只會用三個數(shù)字：一、二、大於二 )，不過我認(rèn)為他們的見解 將有助於各位了解這些旗下重要事業(yè)的經(jīng)營現(xiàn)況，以及未來發(fā)展的前景。 high inflation rates will not help us earn higher rates of return on equity. 通貨膨脹率以及股東在將每年公司獲利放入口袋之前必須支付的所得稅率 (通常是股 利以及資本利得所需繳納的所得稅 )，兩者合計可被稱為「投資人痛苦指數(shù)」，當(dāng)這個 指數(shù)超過股東權(quán)益的報酬率時，意味著投資人的購買力 (真正的資本 )不增反減，對於 這樣的情況我們無計可施，因為高通貨膨脹率不代表股東報酬率也會跟著提高。 But before we drown in a sea of selfcongratulation, a further and crucial observation must be made. A few years ago, a business whose pershare worth pounded at 20% annually would have guaranteed its owners a highly successful real investment return. Now such an oute seems less certain. For the inflation rate, coupled with individual tax rates, will be the ultimate determinant as to whether our internal operating performance produces successful investment results ., a reasonable gain in purchasing power from funds mitted for you as shareholders. 但在各位過度沈溺於歡樂氣氛之前，我們必須更嚴(yán)格的自我檢視，幾年前，年複合報 酬率達(dá)到 20%的投資或許就可以稱得上是成功的投資，但目前則未必，因為我們還須 把通貨膨脹率與個人所得稅率列入考量，投資人惟有將這些負(fù)面因素扣除後所得購買 力的淨(jìng)增加，才能論定最後的投資結(jié)果是否令人感到滿意。 it is just that their impact is often extremely capricious in the short run, a characteristic that makes them inappropriate as an indicator of single year managerial performance. 就長期間而言，我們則認(rèn)為公司純益 (包含已實現(xiàn)、未實現(xiàn)資本利得與非常損益 )除以 股東權(quán)益 (所有投資以公平市價計算 )所得的比率，為衡量永續(xù)經(jīng)營成果的最佳方式， 其中額外的資本利得，短期間看起來或許相當(dāng)特殊，但就長期而言，其對股東利益的 影響與日常的營業(yè)利益並無太大差別。 Measuring such results against shareholders’ equity with securities valued at market could significantly distort the operating performance percentage because of wide yeartoyear market value changes in the worth figure that serves as the denominator. For example, a large decline in securities values could result in a very low “market value” worth that, in turn, could cause mediocre operating earnings to look unrealistically good. Alternatively, the more successful that equity investments have been, the larger the worth base bees and the poorer the operating performance figure appears. Therefore, we will continue to report operating performance measured against beginning worth, with securities valued at cost. 之所以不按市價計算的原因，是因為如此做將使得分母每年大幅波動而失去比較意 義，舉例來說，股票價格大幅下跌造成股東權(quán)益跟著下滑，其結(jié)果將使得原本平常的 營業(yè)利益看起來反而 不錯，同樣的，股價表現(xiàn)越好，股東權(quán)益分母跟著變大的結(jié)果， 將使得營業(yè)利益率變得失色，所以我們?nèi)詫雌诔醯墓蓶|權(quán)益 (股票投資以原始成本 計 )為基準(zhǔn)來衡量經(jīng)營績效。 Warren Buffett39。 1979 Operating Results 1979 年營運成果 We continue to feel that the ratio of operating earnings (before securities gains or losses) to sha