【導讀】Berkshire海瑟崴股份有限公司。致Berkshire公司全體股東:. 1984年Berkshire的淨值約增加了一億五千萬美金，每股約等於133. 字看起來似乎還不錯，不過若考慮所投入的資金，事實上只能算普通，的淨值約以%年複合成長率增加(從1965年的到1984年。1,)，不過去年只有%。如同我們?nèi)ツ暝徇^的，真正重要的是每股實質(zhì)價值的成長率，不過由。主觀的意見而難以計算，所以我們改以帳面價值當作代替(雖然通常是。個人認為在1984年實質(zhì)價值與帳面價值增加的程度相當。過去個人以學術(shù)角度曾跟各位提到暴增的資本將會拖累資本報酬率，不。將改用報導新聞的方式跟各位報告，過去動輒22%的成長率已成歷史，們至少要賺到39億美金，每年才能以15%成長(假設我們?nèi)跃S持目前。合夥人CharlieMunger目前並無任何夠棒點子，不過我們的經(jīng)驗是有。下表顯示Berkshire帳列盈餘的來源，由於年中與BlueChips合併致。而各個公司資本利得損失並不包含在內(nèi)而是彙總於下表最後「已實現(xiàn)出。一欄(我們認為單一年度的出售證券利得並無太大意義，但每年加總累

　　

【正文】 使得該公司的客戶分佈越來越廣。 I have been asked by a number of people just what secrets the Blumkins bring to their business. These are not very esoteric. All members of the family: (1) apply themselves with an enthusiasm and energy that would make Ben Franklin and Horatio Alger look like dropouts。 (2) define with extraordinary realism their area of special petence and act decisively on all matters within it。 (3) ignore even the most enticing propositions failing outside of that area of special petence。 and, (4) unfailingly behave in a highgrade manner with everyone they deal with. (Mrs. B boils it down to 晝 ell cheap and tell the truth?) 人們常常問我， B 太太到底有什麼經(jīng)營訣竅，而其實說穿了也不是什麼深奧的道理， 他們整個家族（ 1）對事業(yè)懷抱的熱情與衝勁會讓富蘭克林與 Horatio Alger 看起來 像輟學生（ 2）腳踏實地的去落實並果斷的決定要作的事情（ 3）不受外在對於公司競 爭力沒有幫助的誘惑（ 4）對待所有人皆能保持高尚的人格。 Our evaluation of the integrity of Mrs. B and her family was demonstrated when we purchased 90% of the business: NFM had never had an audit and we did not request one。 we did not take an inventory nor verify the receivables。 we did not check property titles. We gave Mrs. B a check for $55 million and she gave us her word. That made for an even exchange. 我們對於 B 太太家族的人格的信任可從以下交易過程看出， NFM從來未找會計師查 核，我們也從未對存貨進行盤點或核對應收帳款或固定資產(chǎn)，我們便交給她一張五千 五百萬的支票，而她給我們的是一句口頭的承諾。 You and I are fortunate to be in partnership with the Blumkin family. 我們很榮幸能與 B 太太合夥作生意。 See’s Candy Shops, Inc. 喜斯糖果 Below is our usual recap of See’s performance since the time of purchase by Blue Chip Stamps: 下表是該公司自從被 Blue Chips 買下後，對其表現(xiàn)的一段回顧 : 5253 Week Year Operating Number of Number of Ended About Sales Profits Pounds of Stores Open December 31 Revenues After Taxes Candy Sold at Year End 1984 .............. $135,946,000 $13,380,000 24,759,000 214 1983 (53 weeks) ... 133,531,000 13,699,000 24,651,000 207 1982 .............. 123,662,000 11,875,000 24,216,000 202 1981 .............. 112,578,000 10,779,000 24,052,000 199 1980 .............. 97,715,000 7,547,000 24,065,000 191 1979 .............. 87,314,000 6,330,000 23,985,000 188 1978 .............. 73,653,000 6,178,000 22,407,000 182 1977 .............. 62,886,000 6,154,000 20,921,000 179 1976 (53 weeks) ... 56,333,000 5,569,000 20,553,000 173 1975 .............. 50,492,000 5,132,000 19,134,000 172 1974 .............. 41,248,000 3,021,000 17,883,000 170 1973 .............. 35,050,000 1,940,000 17,813,000 169 1972 .............. 31,337,000 2,083,000 16,954,000 167 This performance has not been produced by a generally rising tide. To the contrary, many wellknown participants in the boxedchocolate industry either have lost money in this same period or have been marginally profitable. To our knowledge, only one goodsized petitor has achieved high profitability. The success of See’s reflects the bination of an exceptional product and an exceptional manager, Chuck Huggins. 看得出其表現(xiàn)並非處於持續(xù)成長的狀態(tài)，事實上盒裝巧克力這行業(yè)的獲利情況並不一 定，有的品牌賠錢，但有的卻頗有賺頭，就我們所知只有一家競 爭對手維持高獲利， 而喜斯的成功要歸功於優(yōu)秀的產(chǎn)品與傑出的經(jīng)營人才 Chuck Huggins. During 1984 we increased prices considerably less than has been our practice in recent years: perpound realization was $, up only % from 1983. Fortunately, we made good progress on cost control, an area that has caused us problems in recent years. Perpound costs other than those for raw materials, a segment of expense largely outside of our control increased by only % last year. 儘管在 1984 年我們產(chǎn)品價格的漲幅不若以往，大約 %，所幸過去幾年一直困擾我 們的成本控制問題上大有進展，除了我們無 法控制原料成本外，其它費用僅較去年增 加 %。 Our costcontrol problem has been exacerbated by the problem of modestly declining volume (measured by pounds, not dollars) on a samestore basis. Total pounds sold through shops in recent years has been maintained at a roughly constant level only by the addition of a few shops annually. This moreshopstogetthesamevolume situation naturally puts heavy pressure on perpound selling costs. 過去我們由於單店銷售數(shù)量 (指重量，而非金額 )略微下滑，使得成本問題惡化，整體 銷量只能靠增加門市來擴張，這種依賴展店來維持銷量的做法，當然使得單位銷售成 本惡化。 In 1984, samestore volume declined %. Total shop volume, however, grew % because of an increase in stores. (Both percentages are adjusted to pensate for a 53week fiscal year in 1983.) 1984 年單店銷量減少 %，但整體銷量因擴點的關係成長 %(兩者皆已將 1983 年 53 週的因素列入考量 )。 See’s business tends to get a bit more seasonal each year. In the four weeks prior to Christmas, we do 40% of the year’s volume and earn about 75% of the year’s profits. We also earn significant sums in the Easter and Valentine’s Day periods, but pretty much tread water the rest of the year. In recent years, shop volume at Christmas has grown in relative importance, and so have quantity orders and mail orders. The increased concentration of business in the Christmas period produces a multitude of managerial problems, all of which have been handled by Chuck and his associates with exceptional skill and grace. 喜斯糖果的銷售受到季節(jié)因素的影響越來越大，在聖誕節(jié)到來的前四週，其業(yè)績與獲 利分別佔全年的四成與七成五，此外復活節(jié)與情人節(jié)期間的業(yè)績也特別好，至於平時 的生意表現(xiàn)則平平，不過也因為如此使得管理部門與員工在忙季特別辛苦，這有賴 Chuck 及其團隊無比的耐性來處理大量的訂單。 Their solutions have in no way involved promises in either quality of service or quality of product. Most of our larger petitors could not say the same. Though faced with somewhat less extreme peaks and valleys in demand than we, they add preservatives or freeze the finished product in order to smooth the production cycle and thereby lower unit costs. We reject such techniques, opting, in effect, for production headaches rather than product modification. 而即使如此服務態(tài)度與產(chǎn)品品質(zhì)卻一點也沒有打折扣，至於其它同業(yè)我就不敢保證， 事實上有的為了降低成本增加保存期限而添加防腐劑或?qū)⒊善芳右岳鋬?，我們寧願? 家辛苦一點而拒絕這種捨本逐末的作法。 Our mall stores face a host of new food and snack vendors that provide particularly strong petition at nonholid