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At the News； we put out seven fresh editions every 24 hours； each one extensively changed in content。 Here's a small example that may surprise you： We redo the obituary page in every edition of the News； or seven times a day。 Any obituary added runs through the next six editions until the publishing cycle has been pleted。
当然一份新闻也必须要有有深度的全国与国际性新闻，但一份地区性的报纸也必须及时并广泛地报导社区动态，要把这点做好除了必须要有足够的空间，并加以有效地运用。
It's vital； of course； for a newspaper to cover national and international news well and in depth。 But it is also vital for it to do what only a local newspaper can： promptly and extensively chronicle the personally…important； otherwise…unreported details of munity life。 Doing this job well requires a very broad range of news … and that means lots of space； intelligently used。
如同往年，去年（1987年）我们的新闻比大约是50％，若是我们把这比率砍到一般40％的水准，我们一年约可省下四百万美金的新闻成本，但我们从来都不会考虑如此做，就算哪一天我们的获利大幅缩减也是一样。
Our news hole was about 50％ in 1987； just as it has been year after year。 If we were to cut it to a more typical 40％； we would save approximately 4 million annually in newsprint costs。 That interests us not at all … and it won't interest us even if； for one reason or another； our profit margins should significantly shrink。
基本上查理跟我都不太相信营业预算，像是「间接费用必须缩减，因为预估营业收入不若以往」之类的说法，。如果有一天我们必须降低新闻比率或是牺牲喜斯糖果的品质与服务，以提升疲弱不振的获利表现，或是相反地因为Berkshire太多钱以致现金花不完，就去聘请经济分析师、公关顾问等对公司一点帮助都没有的人。这些做法一点道理都没有，我们完全不了解为何有些公司因为公司赚太多钱就增加一些没有用的人来消化预算，或是因为获利不佳就砍掉一些关键的人事，这种变来变去的方式既不符合人性也不符合商业原则，我们的目标是不论如何都要做对Berkshire的客户与员工有意义的事， （你可能会问那公司专机又是怎么一回事？？嗯！我想有时一个人总会有忘了原则的时候）
Charlie and I do not believe in flexible operating budgets； as in 〃Non…direct expenses can be X if revenues are Y； but must be reduced if revenues are Y … 5％。〃 Should we really cut our news hole at the Buffalo News； or the quality of product and service at See's； simply because profits are down during a given year or quarter？ Or； conversely； should we add a staff economist； a corporate strategist； an institutional advertising campaign or something else that does Berkshire no good simply because the money currently is rolling in？ That makes no sense to us。 We neither understand the adding of unneeded people or activities because profits are booming； nor the cutting of essential people or activities because profitability is shrinking。 That kind of yo…yo approach is neither business…like nor humane。 Our goal is to do what makes sense for Berkshire's customers and employees at all times； and never to add the unneeded。 （〃But what about the corporate jet？〃 you rudely ask。 Well； occasionally a man must rise above principle。）
虽然水牛城新闻的营收最近几年只有些微的成长，但在发行人Stan Lipsey杰出的管理之下，获利却反而大幅成长，有好几年我甚至错误地预测该报的获利会下滑，而同样地今年我也不会让大家失望，1988年不管是毛利或者是获利都会缩水，其中新闻印刷成本的飞涨是主要的原因。
Although the News' revenues have grown only moderately since 1984； superb management by Stan Lipsey； its publisher； has produced excellent profit growth。 For several years； I have incorrectly predicted that profit margins at the News would fall。 This year I will not let vou down： Margins will； without question； shrink in 1988 and profit may fall as well。 Skyrocketing newsprint costs will be the major cause。 Fechheimer Bros。 pany is another of our family businesses … and； like the Blumkins； what a family。 Three generations of Heldmans have for decades consistently； built the sales and profits of this manufacturer and distributor of uniforms。 In the year that Berkshire acquired its controlling interest in Fechheimer … 1986 … profits were a record。 The Heldmans didn't slow down after that。 Last year earnings increased substantially and the outlook is good for 1988。
费区海默兄弟公司是我们旗下另一个家族企业，而就像Blumkins一样是个非常杰出的家族，Heldmans家族三代几十年来，努力不懈地建立了这家制服制造与销售公司，而在Berkshire取得所有权的1986年，该公司的获利更创新高，此后Heldmans家族并未停下脚步，去年（1987年）盈余又大幅增加，而展望今年（1988年）前景更是看好。在制服事业大概没有什么出奇的事，唯一的惊奇就是Heldmans家族， Bob、George、Gary、Roger跟Fred，对于这行业熟的不能再熟，同时也乐在其中，我们何其有幸能与他们一起合作共事。
There's nothing magic about the Uniform business； the only magic is in the Heldmans。 Bob； George； Gary； Roger and Fred know the business inside and out； and they have fun running it。 We are fortunate to be in partnership with them。 o Chuck Huggins continues to set new records at See's； just as he has ever since we put him in charge on the day of our purchase some 16 years ago。 In 1987； volume hit a new high at slightly Under 25 million pounds。 For the second year in a row； moreover； same…store sales； measured in pounds； were virtually unchanged。 In case you are wondering； that represents improvement： In each of the previous six years； same…store sales had fallen。
Chuck Huggins持续为喜斯糖果缔造新猷，自从十六年前我们买下这家公司，并请他主掌这项事业时，便一直是如此，在1987年糖果销售量创下近二千五百万英镑的新高，同时连续第二年单店平均营业额维持不坠，你可能会觉得没什么了不起，事实上这已是相当大的改善，因为过去连续六年数字都呈现下滑的趋势。
Although we had a particularly strong 1986 Christmas season； we racked up better store…for…store parisons in the 1987 Christmas season than at any other time of the year。 Thus； the seasonal factor at See's bees even more extreme。 In 1987； about 85％ of our profit was earned during December。
虽然1986年的圣诞节特别旺，但1987年的记录比86年还要好，使得季节因素对喜斯糖果来说越来越重要，经统计去年一整年约有85％的获利是在十二月单月所创造的。糖果店是个很好玩的地方，但对大部分的老板来说就不那么有趣了，就我们所知，这几年来除了喜斯赚大钱之外，其它糖果店的经营皆相当惨淡，所以很明显的喜斯搭的并不是顺风车，它的表现是扎扎实实的。
Candy stores are fun to visit； but most have not been fun for their owners。 From what we can learn； practically no one besides See's has made significant profits in recent years from the operation of candy shops。 Clearly； Chuck's record at See's is not due to a rising industry tide。 Rather； it is a one…of…a…kind performance。
这项成就当然需要优秀的产品，这个倒不是问题，因为我们确实拥有，但除此之外它还需要对客户衷心的服务，Chuck可以说是百分之百地为客户设想，而他的态度更直接感染到公司上下所有的员工。
His achievement requires an excellent product … which we have … but it also requires genuine affection for the customer。 Chuck is 100％ customer…oriented； and his attitude sets the tone for the rest of the See's organization。
以下是一个具体的例证，在喜斯我们通常会定期增添新的口味并删除旧的口味以维持大约一百种组合，去年我们淘汰了14种口味，结果其中有两种让我们的客户无法忘怀，而不断地表达他们对我们这种举动的不满，「愿喜斯所有做出这种卑鄙决定的相关人士嘴巴流脓长疮；愿你们新的巧克力糖在运送途中融化；愿你们吃到酸掉的糖果；愿你们的亏大钱；我们正试图寻求要求你们恢复供应原有口味的法院强制令」，总计最后我们收到好几百封的抱怨信。
Here's an example of Chuck in action： At See's we regularly add new pieces of candy to our mix and also cull a few to keep our product line at about 100 varieties。 Last spring we selected 14 items for elimination。 Two； it turned out； were badly missed by our customers； who wasted no time in letting us know what they thought of our judgment： 〃A pox on all in See's who participated in the abominable decision。。。；〃 〃May your new truffles melt in transit； may they sour in people's mouths； may your costs go up and your profits go down。。。；〃 〃We are investigating the possibility of obtaining a mandatory injunction requiring you to supply。。。；〃 You get the picture。 In all； we received many hundreds of letters。
为此Chuck不但重新推出原来的口味，他还将危机化为转机，所有来信的客户都得到完整且诚实的回复，信上是这样写的︰「虽然我们做出错误的决定，但值得庆幸的是最后得以以喜剧收场」，随信还附赠一个特别的小礼物。
Chuck not only reintroduced the pieces； he turned this miscue into an opportunity。 Each person who had written got a plete and honest explanation in return。 Said Chuck's letter： 〃Fortunately； when I make poor decisions； good things often happen as a result。。。；〃 And with the letter went a special gift certificate。 See's increased prices only slightly in the last two years。 In 1988 we have raised prices somewhat more； though still moderately。 To date； sales have been weak and it may be difficult for See's to improve its earnings this year。
过去两年喜斯糖果仅稍微地涨价，在今年（1988年）我们仍会继续调涨价格，幅度还算合理，只是截至目前为止销售持续低迷，预计今年公司盈余将难再有继续成长的可能性。
o World Book； Kirby； and the Scott Fetzer Manufacturing Group are all under the management of Ralph Schey。 And what a lucky thing for us that they are。 I told you last year that Scott Fetzer performance in 1986 had far exceeded the expectations that Charlie and I had at the time of our purchase。 Results in 1987 were even better。 Pre…tax earnings rose 10％ while average capital employ