4某年巴菲特給股東的信(英文原版)(編輯修改稿)
2024-09-03 19:05 本頁面
【文章內(nèi)容簡(jiǎn)介】 operatingearningsdetailedinth ， ofcourse ，findsitswayintothetableprimarilythroughtheinvestmentire’sproportionalholdingsinthosenon controlledbusinessesforwhichonlydistributedearnings （ dividends ）areincludedinourownearnings. （ a） allownedbyberkshireoritsinsurancesubsidiaries.（ b ）bluechipand/representberkshire’sinterestinthelargergrossholding ，youcanseethatoursourcesofunderlyingearningpoweraredistributedfardifferentlyamongindustriesthanwouldsuperficial ，ourinsurancesubsidiariesownapproximately3%ofkaiseraluminum ，and11/4%esamountstoabout$13million.（ iftranslateddollarfordollarintoabinationofeventual 第 7 頁 共 14 頁 marketvaluegainanddividends ，thisfigurewouldhavetobereducedbyasignificant ，butnotpreciselydeterminable ，amountoftax。perhaps25%wouldbeafairassumption. ） thus ，wehaveamuchlargereconomicinterestinthealuminumbusinessthaninpracticallyanyoftheoperatingbusinesseswecontroland ，ourlongtermperformancewillbemoreaffectedbythefutureeconomicsofthealuminumindustrythanitwillbydirectoperatingdecisionswemakeconcerningmostpaniesoverwhichweexercis. ，equaltoabouta33% ，aninterestofthismagnitude （ over20% ）wouldqualifyasan“investee”holdingandwouldrequi reustoreflectaproportionateshareofgeico’ever ，wepurchasedourgeicostockpursuanttospecialordersofthedistrictofcolumbiaandnewyorkinsurancedepartments ，whichrequiredthattherighttovotethestockbeplacedwithanin ， 第 8 頁 共 14 頁 our33%interestdoesnotqualifyforinvesteetreatment.（ pinkerton’sisasimilarsituation. ） ofcourse ，whetherornottheundistributedearningsofgeicoarepickedupannuallyinouroperatingearningsfigurehasnothingtodowiththeireconomicvaluetous ，ngswillbedeterminedbytheskillwithwhichtheyareputtouseby ，wesimplycouldn’investmentworldsanadvantagethatpreviouslyhadproducedstaggeringsuccessandneeditislikelytocausethematsuchatimetoondpricesandtheinsuranceaccountingconventi
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