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样所有的资产全部绑在一家私人的企业。
For tax and other reasons； private panies also often find it difficult to diversify outside their industries。 Berkshire； in contrast； can diversify with ease。 So in shifting their ownership to Berkshire； Dexter's shareholders solved a reinvestment problem。 Moreover； though Harold and Peter now have non…controlling shares in Berkshire； rather than controlling shares in Dexter； they know they will be treated as partners and that we will follow owner…oriented practices。 If they elect to retain their Berkshire shares； their investment result from the merger date forward will exactly parallel my own result。 Since I have a huge percentage of my net worth mitted for life to Berkshire shares … and since the pany will issue me neither restricted shares nor stock options … my gain…loss equation will always match that of all other owners。
基于租税规划以及其它理由，私人企业通常很难透过延伸本业以外的投资达到分散风险的目的，相对的，在Berkshire我们可以很轻易地就多角化，因此藉由经营权移转至Berkshire，Dexter的股东可以很轻易地就解决转投资的问题，更重要的是，虽然Harold与Peter现在持有的是Berkshire无控制权的股份，而不是原先Dexter具控制权的股份，但他们很清楚自己将被视为真正的合伙人，同时我们也会以经营者的心态参与，所以一旦他们决定将自己的投资转为Berkshire的股份，那么从合并那天开始，他们就可以确定本身的投资成果将会与我个人的投资成果相当，而因为我个人绝大部份的身家都摆在Berkshire，也因为我个人从不会自公司身上取得特殊的股份或员工认股权，所以我个人的成败得失也将与其它所有公司股权持有人一致。
Additionally； Harold and Peter know that at Berkshire we can keep our promises： There will be no changes of control or culture at Berkshire for many decades to e。 Finally； and of paramount importance； Harold and Peter can be sure that they will get to run their business … an activity they dearly love … exactly as they did before the merger。 At Berkshire； we do not tell 。400 hitters how to swing。
此外，Harold与Peter也相当了解，在Berkshire我们言出必行，在可见的未来几十年内，Berkshire的控制权与文化将不会有所改变，最后同时也是最重要的一点，Harold与Peter可以确定将能够继续经营原来的企业，这是他们最喜爱的工作，这点不会因为合并案完成而有任何的改变，在Berkshire，我们不会鸡婆地去提醒打击率高达四成的强打者应该要如何挥棒。
What made sense for Harold and Peter probably makes sense for a few other owners of large private businesses。 So； if you have a business that might fit； let me hear from you。 Our acquisition criteria are set forth in the appendix on page 22。
我想这些的道理同样也适合其它大型私人企业的所有者，所以如果你有公司的情况符合我们的标准的，请务必让我知道，在年报的后段有我们拟购并企业的标准。
Sources of Reported Earnings帐列盈余的来源
The table below shows the major sources of Berkshire's reported earnings。 In this presentation； amortization of Goodwill and other major purchase…price accounting adjustments are not charged against the specific businesses to which they apply； but are instead aggregated and shown separately。 This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them。 I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing GAAP； which requires purchase…price adjustments to be made on a business…by…business basis。 The total net earnings we show in the table are； of course； identical to the GAAP total in our audited financial statements。
下表显示Berkshire帐列盈余的主要来源，在这张表中商誉的摊销数与购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各事业的盈余状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之一般公认会计原则要求以个别企业基础做调整，不管是对投资者或是管理者来说，更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。
（000s omitted） Berkshire's Share of Net Earnings （after taxes and Pre…Tax Earnings minority interests）
Operating Earnings： Insurance Group：
Underwriting Net Investment Ine H。 H。 Brown； Lowell； and Dexter Buffalo News mercial & Consumer Finance Fechheimer Kirby
1993 30；876 375；946 44；025* 50；962 22；695 13；442 39；147
1992 （108；961） 355；067 27；883 47；863 19；836 13；698 35；653
1993 20；156 321；321 28；829 29；696 14；161 6；931 25；056
1992 （71；141） 305；763 17；340 28；163 12；664 7；267 22；795
Nebraska Furniture Mart Scott Fetzer Manufacturing Group See's Candies World Book Purchase…Price Accounting &
Goodwill Charges Interest Expense** Shareholder…Designated
Contributions Other
1993 21；540 38；196 41；150 19；915 （17；033） （56；545） （9；448） 28；428
1992 17；110 31；954 42；357 29；044 （12；087） （98；643） （7；634） 67；540
1993 10；398 23；809 24；367 13；537 （13；996） （35；614） （5；994） 15；094
1992 8；072 19；883 25；501 19；503 （13；070） （62；899） （4；913） 32；798
Operating Earnings Sales of Securities Tax Accruals Caused by New Accounting Rules Total Earnings … All Entities
1993 643；296 546；422
… 1；189；718
1992 460；680 89；937
… 550；617
1993 477；751 356；702 （146；332） 688；121
1992 347；726 59；559
… 407；285
* Includes Dexter's earnings only from the date it was acquired； November 7； 1993。
*Dexter的盈余仅含购并日1993年11月7日以后的盈余
**Excludes interest expense of mercial and Consumer Finance businesses。 In 1992 includes 22。5 million of premiums paid on the early redemption of debt。
**不含商业与消费金融公司的利息费用，另外1992年部份还包含2；250万提前赎回债券的溢价。
A large amount of information about these businesses is given on pages 38…49； where you will also find our segment earnings reported on a GAAP basis。 In addition； on pages 52…59； we have rearranged Berkshire's financial data into four segments on a non…GAAP basis； a presentation that corresponds to the way Charlie and I think about the pany。 Our intent is to supply you with the financial information that we would wish you to give us if our positions were reversed。
在年报中你可以找到依照一般公认会计原则编制，详细的部门别信息，至于我们的目的是希望给你所有查理跟我认为在评估Berkshire价值时，应该必要的资讯。
〃Look…Through〃 Earnings透视盈余
We've previously discussed look…through earnings； which we believe more accurately portray the earnings of Berkshire than does our GAAP result。 As we calculate them； look…through earnings consist of： （1） the operating earnings reported in the previous section； plus； （2） the retained operating earnings of major investees that； under GAAP accounting； are not reflected in our profits； less； （3） an allowance for the tax that would be paid by Berkshire if these retained earnings of investees had instead been distributed to us。 The 〃operating earnings〃 of which we speak here exclude capital gains； special accounting items and major restructuring charges。
之前我们曾经讨论过透视盈余，其主要的组成份子有（1）前段所提到的帐列盈余，加上（2）主要被投资公司的保留盈余，按一般公认会计原则未反应在我们公司帐上的盈余，扣除（3）若这些未反应的盈余分配给我们时，估计可能要缴的所得税。在这里我们所谓的营业盈余系扣除资本利得、特别会计调整与企业调整的主要支出。
Over time； our look…through earnings need to increase at about 15％ annually if our intrinsic value is to grow at that rate。 Last year； I explained that we had to increase these earnings to about 1。8 billion in the year 2000； were we to meet the 15％ goal。 Because we issued additional shares in 1993； the amount needed has risen to about 1。85 billion。
长期而言，如果我们的实质价值想要以每年15％的幅度来成长的话，那么透视盈余每年也必须增加以这个幅度来成长，去年我曾经提到，到公元2000年为止，Berkshire若要以15％的目标，透视盈余必须成长到18亿美元，而由于1993年我们又发行了一些新股，所以现在的门槛提高到18。5亿美元。
That is a tough goal； but one that we expect you to hold us to。 In the past； we've criticized the managerial practice of shooting the arrow of performance and then painting the target； centering it on whatever point the arrow happened to hit。 We will instead risk embarrassment by painting first and shooting later。
这是一个高难度的目标，不过也希望大家能够继续支持我们，在过去我们常常批评有些管理阶层总是先把箭射出去后再划上准心，不管这箭射得有多歪，因此关于这点我们宁愿先标出准心，然后再瞄准目标射箭。
If we are to hit the bull's…eye； we will need markets that allow the purchase of businesses and securities on sensible terms。 Right now； markets are difficult； but they can … and will … change in unexpected ways and at unexpected times。 In the meantime； we'll try to resist the temptation to do something marginal simply because we are long on cash。 There's no use running if you're on the wrong road。
如果我们想要命中靶心，那么我们绝对需要有能以合理价格买到好的公司与股份的市场，不过对我们来说，现在市场上的情况并不理想，当然这种情况随时都有可能会改变，在此同时，我们也会尽量避免手上闲钱太多而去做那些浪费工夫的蠢事，若方向不对，再怎么努力冲刺也是白费力气。
The following table shows how we calculate look…through earnings； though I warn you that the figures are necessarily very rough。 （The dividends paid to us by these investees have been included in the operating earnings itemized on page 8； mostly under 〃Insurance Group： Net Investment Ine。〃）
各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，（被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下）。
Berkshire's Share of Undistributed
Berkshire's Approximate Operating Earnings
B