【導(dǎo)讀】1977年本公司的營業(yè)淨(jìng)利為2,190萬美元，每股約當(dāng)美元，盈餘數(shù)字，因為長期累積的資本利得或損失才是真正的重點所在。比我們當(dāng)初最樂觀的期望還要好?？煞€(wěn)定地產(chǎn)生同樣的效果。們認(rèn)為「股東權(quán)益報酬率」應(yīng)該是衡量管理當(dāng)局表現(xiàn)比較合理的指標(biāo)，及當(dāng)年美國企業(yè)整體的平均數(shù)，所以雖然我們每股的盈餘成長了37%，資本也增加了34%，這使得我們實際的表現(xiàn)並沒有想像中那麼好。

　　

【正文】 nsequently, bargains in business ownership, which simply are not available directly through corporate acquisition, can be obtained indirectly through stock ownership. When prices are appropriate, we are willing to take very large positions in selected panies, not with any intention of taking control and not foreseeing sellout or merger, but with the expectation that excellent business results by corporations will translate over the long term into correspondingly excellent market value and dividend results for owners, minority as well as majority. 我們過去的經(jīng)驗顯示，一家好公司部份所有權(quán)的價格，常 常要比協(xié)議談判買下整家要 來得便宜許多，也因此想要擁有價廉物美的企業(yè)所有權(quán)，直接購併的方式往往不可得， 還不如透過間接擁有股權(quán)的方式來達(dá)到目的，當(dāng)價格合理，我們很願意在某些特定的 公司身上持有大量的股權(quán)，這樣做不是為了要取得控制權(quán)，也不是為了將來再轉(zhuǎn)賣出 或是進(jìn)行購併，而是期望企業(yè)本身能有好的表現(xiàn)，進(jìn)而轉(zhuǎn)化成企業(yè)長期的價值以及豐 厚的股利收入，不論是少數(shù)股權(quán)或是多數(shù)股權(quán)皆是如此。 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。 Capital Cities possesses both extraordinary properties and extraordinary management. And these management skills extend equally to operations and employment of corporate capital. To purchase, directly, properties such as Capital Cities owns would cost in the area of twice our cost of purchase via the stock market, and direct ownership would offer no important advantages to us. While control would give us the opportunity and the responsibility to manage operations and corporate resources, we would not be able to provide management in either of those respects equal to that now in place. In effect, we can obtain a better management result through noncontrol than control. This is an unorthodox view, but one we believe to be sound. 資本城擁有優(yōu)良的資產(chǎn)與優(yōu)異的管理階層，而這些管理技能同樣也延伸至營運面及資 金管理面，想要直接買下資本城所要花費的成本可能是兩倍於間接透過股票市場投 資，更何況直接擁有權(quán)對我們並沒有多大的好處，控制權(quán)雖然 讓我們擁有機會，但同 樣也帶來責(zé)任去管理企業(yè)的營運及資源，我們根本就沒有能力提供現(xiàn)有管理階層關(guān)於 這些方面額外任何的助益，事實上，與其管還不如不管，更能得到好的結(jié)果，這樣的 觀念或許很反常，但卻是我們認(rèn)為比較合適的。 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。 on the contrary, since our purchase in 1969, dividends of $20 million have been paid. Earnings in 1977 amounted to $ million, more than achieved by many banks two or three times its size. 1977 年伊利諾國家銀行的資產(chǎn)報酬率約為其他規(guī)模較大同業(yè)的三倍，一如往常，這樣 的成績，還搭配給予存戶最優(yōu)惠的利率，同時維持風(fēng)險最低流動性最高的資產(chǎn)組合， Gene Abegg在 1931 年以 25 萬美元成立這家銀行，在第一個完整的營業(yè)年度，盈餘 就達(dá)到 8,782 美元，從那時候開始，銀行就沒有再辦理任何一次增資，相反地，當(dāng)我 們在 1969 年買下該公司時，馬上就領(lǐng)到了 2,000 萬美元的現(xiàn)金股利，1977 年的盈餘 更達(dá)到 360 萬美元，甚至比規(guī)模大他兩三倍的銀行同業(yè)還多。 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。 Gene continues in good health as Chairman. We expect a continued successful operation at Rockford’s leading bank. 老當(dāng)益壯的 Gene依然擔(dān)任董事長，我們預(yù)期該銀行仍將成為 Rockford地區(qū)首區(qū)一指 的銀行 (伊利諾州城市 )。 Blue Chip Stamps 藍(lán)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(lán)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(lán)籌郵票去年的表現(xiàn)相當(dāng)不錯，營業(yè)利益達(dá)到 1,290 萬美元，此外還有 410 萬的已實現(xiàn)資本利得。 Both Wesco Financial Corp., an 80% owned subsidiary of Blue Chip Stamps, managed by Louis Vincenti, and See’s Candies, a 99% owned subsidiary, managed by Chuck Huggins, made good progress in 1977. Since See’s was purchased by Blue Chip Stamps at the beginning of 1972, pretax operating earnings have grown from $ million to $ million with little additional capital investment. See’s achieved this record while operating in an industry experiencing practically no unit growth. Shareholders of Berkshire Hathaway Inc. may obtain the annual report of Blue Chip Stamps by requesting it from Mr. Robert H. Bird, Blue Chip Stamps, 5801 South Eastern Avenue, Los Angeles, California 90040. 藍(lán)籌郵票持有 80%股權(quán)的 Wesco金融公司 (由 Louis Vincenti 所管理 )及持有 99%股權(quán) 的子公司喜斯糖果 (由 Chuck Huggins 所管理 )在 1977 年都有重大進(jìn)展，自從喜斯糖 果在 1972 年被藍(lán)籌郵票所買下後，就沒有挹注任何額外的資本，其 稅前盈餘從 420 萬美元成長到 1,260 萬美元，尤其難得的是喜斯所處的產(chǎn)業(yè)環(huán)境，幾乎沒有成長，若 有需要 Berkshire 的股東可向 Mr. Robert(地址加州洛杉磯 5801 South Eastern Avenue)索取藍(lán)籌郵票的年報。 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