【正文】 reholders’ equity with all securities valued at cost is the most appropriate way to measure any single year’s operating performance. 就短期間而言，我們一向認(rèn)為營業(yè)利益 (不含出售證券損益 )除以股東權(quán)益 (所有股票投 資按原始成本計(jì)算 )所得出的比率，為衡量單一年度經(jīng)營成果的最佳方式。 Long Term Results 長期績效 In measuring long term economic performance in contrast to yearly performance we believe it is appropriate to recognize fully any realized capital gains or losses as well as extraordinary items, and also to utilize financial statements presenting equity securities at market value. Such capital gains or losses, either realized or unrealized, are fully as important to shareholders over a period of years as earnings realized in a more routine manner through operations。 We have achieved this result while utilizing a low amount of leverage (both financial leverage measured by debt to equity, and operating leverage measured by premium volume to capital funds of our insurance business), and also without significant issuance or repurchase of shares. Basically, we have worked with the capital with which we started. From our textile base we, or our Blue Chip and Wesco subsidiaries, have acquired total ownership of thirteen businesses through negotiated purchases from private owners for cash, and have started six others. (It’s worth a mention that those who have sold to us have, almost without exception, treated us with exceptional honor and fairness, both at the time of sale and subsequently.) 我們極少運(yùn)用財(cái)務(wù)槓桿 (不論是財(cái)務(wù)面的負(fù)債比，或是營運(yùn)面的保費(fèi)收入與資本比都相 當(dāng)?shù)?)，亦很少發(fā)行新股籌資或買回自家股份，基本上我們就是利用現(xiàn)有的資金 ，在原 有紡織業(yè)或藍(lán)籌郵票及 Wesco 子公司的基礎(chǔ)下，前後總計(jì)以現(xiàn)金購併了十三家公司， 另外也成立了六家公司， (必須說明的是，這些人在把公司賣給我們的當(dāng)時(shí)與事後，對(duì) 我們都相當(dāng)客氣且坦誠 )。 That bination the inflation rate plus the percentage of capital that must be paid by the owner to transfer into his own pocket the annual earnings achieved by the business (., ordinary ine tax on dividends and capital gains tax on retained earnings) can be thought of as an “investor’s misery index”. When this index exceeds the rate of return earned on equity by the business, the investor’s purchasing power (real capital) shrinks even though he consumes nothing at all. We have no corporate solution to this problem。 Sources of Earnings 盈餘報(bào)告 We again present a table showing the sources of Berkshire’s earnings. As explained last year, Berkshire owns about 60% of Blue Chip Stamps which, in turn, owns 80% of Wesco Financial Corporation. The table shows both aggregate earnings of the various business entities, as well as Berkshire’s share. All of the significant capital gains or losses attributable to any of the business entities are aggregated in the realized securities gain figure at the bottom of the table, and are not included in operating earnings. 下表係 Berkshire 盈餘的報(bào)告，去年我們?cè)蚋魑徽f明過， Berkshire持有藍(lán)籌郵票 60%的股權(quán)，後者又持有 80%的 Wesco金融公司，表中顯示各個(gè)事業(yè)體的盈餘合計(jì) 數(shù)，以及 Berkshire 依持股比例可分得的部份，各事業(yè)體的資本利得或損失則不包含 在營業(yè)利益項(xiàng)下，而是加總列在已實(shí)現(xiàn)資本利得項(xiàng)下。 Ben 現(xiàn)年 76 歲，就像是其他後進(jìn)者，伊利諾國家銀行 82 歲 的 Gene Abegg、 Wesco 74 歲的 Louis Vincenti 一樣，其功力日益深厚。 因?yàn)榫退阄覀冊(cè)倥Γf的問題好不容易才解決，新的狀況又冒出來。 again we feel that the industry’s performance will worsen by at least another few points. However, this year we have no reason to think that our performance relative to the industry will further improve. (Don’t worry we won’t hold back to try to validate that forecast.) 去年我們?cè)A(yù)估保險(xiǎn)業(yè)的綜合核保比率 (Combined Underwriting Ratio)會(huì)上昇幾個(gè) 百分點(diǎn)，甚至有可能使得整體保險(xiǎn)業(yè)界發(fā)生核保損失的狀況，結(jié)果正如我們所預(yù)期， 綜合核保比率從 %上昇到 %。 Really extraordinary results were turned in by the portion of National Indemnity Company’s insurance operation run by Phil Liesche. Aided by Roland Miller in Underwriting and Bill Lyons in Claims, this section of the business produced an underwriting profit of $ million on about $82 million of earned premiums. Only a very few panies in the entire industry produced a result parable to this. 國家產(chǎn)險(xiǎn)公司的 Phil Liesche 在核保部門 Roland以及理賠部門 Bill Lyons 的協(xié)助 下，再度繳出漂亮的成績單，這個(gè)部門總計(jì)為我們創(chuàng)造 840 萬美金的核保利益與 8,200 萬美金的保費(fèi)收入，這在同業(yè)間並不多見。 John Seward continues to make solid progress at Home and Automobile Insurance Company, in large part by significantly expanding the marketing scope of that pany in general liability lines. These lines can be dynamite, but the record to date is excellent and, in John McGowan and Paul Springman, we have two cautious liability managers extending our capabilities. 負(fù)責(zé)家庭與汽車保險(xiǎn)公司營運(yùn)的 John Seward 持續(xù)有重大的進(jìn)展，目前該公司大舉進(jìn) 軍一般責(zé)任險(xiǎn)業(yè)務(wù)，這類的業(yè)務(wù)極具爆炸性，到目前為止的表現(xiàn)還算不錯(cuò)，我們有 John MaGowan及 Paul Springman 等兩位經(jīng)理人來處理這類的新業(yè)務(wù)。 The Homestate operation was disappointing in 1979. Excellent results again were turned in by Gee Billings at Texas United Insurance Company, winner of the annual award for the low loss ratio among Homestate panies, and Floyd Taylor at Kansas Fire and Casualty Company. But several of the other operations, particularly Cornhusker Casualty Company, our first and largest Homestate operation and historically a winner, had poor underwriting results which were accentuated by data processing, administrative and personnel problems. We have made some major mistakes in reanizing our data processing activities, and those mistakes will not be cured immediately or without cost. However, John Ringwalt has thrown himself into the task of getting things straightened out and we have confidence that he, aided by several strong people who recently have been brought aboard, will succeed. Homestate 1979 的營運(yùn)則令人感到失望， Gee Billings 負(fù)責(zé)的德州聯(lián)合保險(xiǎn)再 度以低損失率獲得冠軍，至於其他分支的營運(yùn)，尤其是 Cornhusker產(chǎn)險(xiǎn) Homestate 最大的營運(yùn)單位，過去一向是傳統(tǒng)的贏家，去年不但核?？冃Р患?，同時(shí)還有資料處 理、行政以及人員方面的問題，我們?cè)谥匦抡碣Y料處理犯下了幾件大錯(cuò)，而且未能 及時(shí)改進(jìn)，然而目前 John Ringwalt 已經(jīng)投入火線全力導(dǎo)正錯(cuò)誤，而我們也相信在幾 位新上任且頗具才幹同仁的協(xié)助下，應(yīng)該可以順利達(dá)成任務(wù)。但我們卻不這麼認(rèn)為，現(xiàn)在的低利率環(huán)境使得業(yè)者會(huì)傾向犧牲部份核保損 失，再試圖從投資收益上彌補(bǔ)回來，這在過去高利率的時(shí)代是不可能發(fā)生的。 Nevertheless, we