【正文】 未認(rèn)列的未分配盈餘少得多，故就經(jīng)濟(jì)實 質(zhì)面而言，我們將之視為股利的分配。 (4) GEICO’s transaction with us amounted to a proportionate redemption, an opinion rendered us, without qualification, by a leading law firm。 (2) at the same time, we agreed by written contract to sell GEICO an amount of its shares that would be proportionately related to the aggregate number of shares GEICO repurchased via the tender from all other shareholders。 major assets were transferred in the midyear 1983 merger of Blue Chip Stamps. Sharpeyed shareholders will notice that the amount of the special GEICO distribution and its location in the table have been changed from the presentation of last year. Though they reclassify and reduce accounting earnings, the changes are entirely of form, not of substance. The story behind the changes, however, is interesting. 眼尖的股東可能會發(fā)現(xiàn) GEICO特別股利的金額 與其分類的位置有變動，雖然損益數(shù)字 些微受到影響，但實質(zhì)上並無太大差別，倒是背後的故事卻相當(dāng)有趣。 Furthermore, amortization of Goodwill is not charged against the specific businesses but, for reasons outlined in the Appendix to my letter in the 1983 annual report, is set forth as a separate item. 至於商譽(yù)的攤銷則以單一欄位另行列示，原因詳見 1983 年年報的附註。 (或許該擬定個策略方案了 ) Sources of Reported Earnings 帳面盈餘報告 The table on the following page shows the sources of Berkshire’s reported earnings. Berkshire’s ownership interest in many of the constituent businesses changed at midyear 1983 when the Blue Chip merger took place. Because of these changes, the first two columns of the table provide the best measure of underlying business performance. 下表顯示 Berkshire 帳列盈餘的來源，由於年中與 Blue Chips 合併致使我們在一些 長期投資的股權(quán)發(fā)生變動，由於這些轉(zhuǎn)變導(dǎo)致表中前兩欄所列的數(shù)字較能反應(yīng)各個子 公司的表現(xiàn)。 As we discussed last year, the gain in pershare intrinsic business value is the economic measurement that really counts. But calculations of intrinsic business value are subjective. In our case, book value serves as a useful, although somewhat understated, proxy. In my judgment, intrinsic business value and book value increased during 1984 at about the same rate. 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，不過由於這涉及太多 主觀的意見而難以計算，所以我們改以帳面價值當(dāng)作代替 (雖然通常是有點低估 ) ，我 個人認(rèn)為在 1984 年實質(zhì)價值與帳面價值增加的程度相當(dāng)。 Warren Buffett39。s Letters To Berkshire Shareholders 1984 巴菲特致股東函 1984 年版 BERKSHIRE HATHAWAY INC. Berkshire 海瑟崴股份有限公司 To the Shareholders of Berkshire Hathaway Inc.: 致 Berkshire 公司全體股東 : Our gain in worth during 1984 was $ million, or $133 per share. This sounds pretty good but actually it’s mediocre. Economic gains must be evaluated by parison with the capital that produces them. Our twentyyear pounded annual gain in book value has been % (from $ in 1964 to $ in 1984), but our gain in 1984 was only %. 1984 年 Berkshire 的淨(jìng)值約增加了一億五千萬美金，每股約等於 133美金，這個數(shù) 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，二十年來我們 的淨(jìng)值約以 %年複合成長率增加 (從 1965年的 到 1984 年的 1,) ，不過去年只有 %。 Using my academic voice, I have told you in the past of the drag that a mushrooming capital base exerts upon rates of return. Unfortunately, my academic voice is now giving way to a reportorial voice. Our historical 22% rate is just that history. To earn even 15% annually over the next decade (assuming we continue to follow our present dividend policy, about which more will be said later in this letter) we would need profits aggregating about $ billion. Acplishing this will require a few big ideas small ones just won’t do. Charlie Munger, my partner in general management, and I do not have any such ideas at present, but our experience has been that they pop up occasionally. (How’s that for a strategic plan?) 過去個人以學(xué)術(shù)角度曾跟各位提到暴增的資本將會拖累資本報酬率，不幸的是今年我 將改用報導(dǎo)新聞的方式跟各位報告，過去動輒 22%的成長率已成歷史，在往後十年我 們至少要賺到 39 億美金，每年才能以 15%成長 (假設(shè)我們?nèi)跃S持目前的股利政策，後 面我會詳加討論 )，想要順利達(dá)成目標(biāo)，必需要有一些極棒的點子，可惜我跟我的執(zhí)行 合夥人 Charlie Munger 目前並無任何 夠棒點子，不過我們的經(jīng)驗是有時它會突然冒 出來。 All of the significant gains and losses attributable to unusual sales of assets by any of the business entities are aggregated with securities transactions on the line near the bottom of the table, and are not included in operating earnings. (We regard any annual figure for realized capital gains or losses as meaningless, but we regard the aggregate realized and unrealized capital gains over a period of years as very important.) 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)出售證券利得」 一欄 (我們認(rèn)為單一年度的出售證券利得並無太大意義，但每年加總累計的數(shù)字卻相當(dāng) 重要 )。 (000s omitted) Net Earnings Earnings Before Ine Taxes After Tax Total Berkshire Share Berkshire Share 1984 1983 1984 1983 1984 1983 Operating Earnings: Insurance Group: Underwriting ............ $(48,060) $(33,872) $(48,060) $(33,872) $(25,955) $(18,400) Net Investment Ine ... 68,903 43,810 68,903 43,810 62,059 39,114 Buffalo News .............. 27,328 19,352 27,328 16,547 13,317 8,832 Nebraska Furniture Mart(1) 14,511 3,812 11,609 3,049 5,917 1,521 See’s Candies ............. 26,644 27,411 26,644 24,526 13,380 12,212 Associated Retail Stores .. (1,072) 697 (1,072) 697 (579) 355 Blue Chip Stamps(2) (1,843) (1,422) (1,843) (1,876) (899) (353) Mutual Savings and Loan ... 1,456 (798) 1,166 (467) 3,151 1,917 Precision Steel ........... 4,092 3,241 3,278 2,102 1,696 1,136 Textiles .................. 418 (100) 418 (100) 226 (63) Wesco Financial ........... 9,777 7,493 7,831 4,844 4,828 3,448 Amortization of Goodwill .. (1,434) (532) (1,434) (563) (1,434) (563) Interest on Debt .......... (14,734) (15,104) (14,097) (13,844) (7,452) (7,346) ShareholderDesignated Contributions .......... (3,179) (3,066) (3,179) (3,066) (1,716) (1,656) Other ...............