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1989 19；996 20；626 9；810 16；372 （3；372）
1988 17；640 19；671 10；650 18；021 （2；806）
Other Purchase…Price
Accounting Charges Interest Expense
1989 （5；740） （42；389）
1988 （6；342） （35；613）
1989 （6；668） （27；098）
1988 （7；340） （23；212）
Shareholder…Designated
Contributions Other Operating Earnings Sales of Securities
1989 （5；867） 23；755 393；414 223；810
1988 （4；966） 41；059 418；450 131；671
1989 （3；814） 12；863 299；902 147；575
1988 （3；217） 27；177 313；441 85；829
Total Earnings … All Entities
1989 1988 1989 1988
617；224 550；121 447；477 399；270
*Excludes interest expense of Scott Fetzer Financial Group and Mutual Savings & Loan。
*不包含史考特飞兹与联合储贷的利息费用
We refer you also to pages 45…51； where we have rearranged Berkshire's financial data into four segments。 These correspond to the way Charlie and I think about the business and should help you calculate Berkshire's intrinsic value。 Shown on these pages are balance sheets and earnings statements for： （1） our insurance operations； with their major investment positions itemized； （2） our manufacturing； publishing and retailing businesses； leaving aside certain non…operating assets and purchase…price accounting adjustments； （3） our subsidiaries engaged in finance…type operations； which are Mutual Savings and Scott Fetzer Financial； and （4） an all…other category that includes the non…operating assets （primarily marketable securities） held by the panies in segment （2）； all purchase price accounting adjustments； and various assets and debts of the Wesco and Berkshire parent panies。
在后面我会提到重新将Berkshire的部门分类为四大项，这是查理跟我认为可以帮助大家计算本公司实质价值的最好方式，以下的资产负债表与盈余表就是依此分类表示（1）保险事业，并将主要投资部位归类（2）制造、出版与零售事业，扣除非本业资产与购买法的会计调整（3）金融业的子公司…诸如联合储贷与史考特飞兹财务公司（4）其它项目，包含前述非营业资产（主要是有价证券投资）与购买法调整，还有Wesco与Berkshire母公司一些其它的资产与负债。
If you bine the earnings and net worths of these four segments； you will derive totals matching those shown on our GAAP statements。 However； I want to emphasize that this four…category presentation does not fall within the purview of our auditors； who in no way bless it。
如果你将这四个部门的盈余与净值加总，会得到与经会计师依公认会计原则查核的数字一致，然而我还是必须强调这种表达方式并未经过会计师的检视，我想他宁可选择不要看的好。
In addition to our reported earnings； we also benefit from significant earnings of investees that standard accounting rules do not permit us to report。 On page 15； we list five major investees from which we received dividends in 1989 of about 45 million； after taxes。 However； our share of the retained earnings of these investees totaled about 212 million last year； not counting large capital gains realized by GEICO and Coca…Cola。 If this 212 million had been distributed to us； our own operating earnings； after the payment of additional taxes； would have been close to 500 million rather than the 300 million shown in the table。
除了帐列盈余数字之外，实际上我们受惠于会计原则不能认列的盈余，后面我烈示出五家主要被投资公司在1989年收到的税后现金股利收入合计是4；500万美元，然而若依照投资比例我们可以分得的税后盈余却高达2。12亿美元，这还不包含我们在GEICO与Coca…Cola身上所获得的资本利得，而若将这应得的2。12亿盈余分给我们，则在扣除应付的所得税之后，公司帐列的盈余可能会大幅增加为5亿美元，而不是现在的3亿美元。
The question you must decide is whether these undistributed earnings are as valuable to us as those we report。 We believe they are … and even think they may be more valuable。 The reason for this a…bird…in…the…bush…may…be…worth…two…in…the…hand conclusion is that earnings retained by these investees will be deployed by talented； owner…oriented managers who sometimes have better uses for these funds in their own businesses than we would have in ours。 I would not make such a generous assessment of most managements； but it is appropriate in these cases。
你应该判断的关键在于这些未分配的盈余与我们帐上已经列示的盈余同样的珍贵，甚至我们相信他们以后可能还更有价值，这一鸟在林更是两鸟在手的道理，就像是与其把盈余交到我们手中，还不如留给我们信任有才干的经理人继续运用发挥，通常我对一般的经理人不会有这么高的评价，但以这几家公司来说，的确是实至名归。
In our view； Berkshire's fundamental earning power is best measured by a 〃look…through〃 approach； in which we append our share of the operating earnings retained by our investees to our own reported operating earnings； excluding capital gains in both instances。 For our intrinsic business value to grow at an average of 15％ per year； our 〃look…through〃 earnings must grow at about the same pace。 We'll need plenty of help from our present investees； and also need to add a new one from time to time； in order to reach this 15％ goal。
就我们的观点，Berkshire的基本获利能力可以用直接法来衡量，也就是我们将被投资公司真正应分给我们的盈余加到帐列的营业利益之上，同时扣除我们在这些投资已实现的资本利得，所以如果说我们想要让企业的实质价值每年平均以15％的速度成长，我们的直接盈余也必须要以同等的速度增加，因此我们相当需要现有的被投资公司给予我们更多的支持，同时也需要时时增加新进的成员才有办法达到这15％的目标。
Non…Insurance Operations
非保险营运
In the past； we have labeled our major manufacturing； publishing and retail operations 〃The Sainted Seven。〃 With our acquisition of Borsheim's early in 1989； the challenge was to find a new title both alliterative and appropriate。 We failed： Let's call the group 〃The Sainted Seven Plus One。〃
在过去我们将主要的制造、出版与零售业昵称为七个圣徒，在1989年波仙珠宝加入后，马上面临的一个问题就是要找到一个贴切又好听的名词，但到目前为止我们还没有想到，现在姑且将他们称作为「七加一个圣徒」吧。
This divine assemblage … Borsheim's； The Buffalo News； Fechheimer Bros。； Kirby； Nebraska Furniture Mart； Scott Fetzer Manufacturing Group； See's Candies； World Book … is a collection of businesses with economic characteristics that range from good to superb。 Its managers range from superb to superb。
这神圣的组合…波仙珠宝、水牛城日报、费区海默、寇比吸尘器、内布拉斯加家具、史考特费兹、喜斯糖果与世界百科全书等公司，可以说是模范企业的绝佳组合，他们的管理人也可以说是好的不能再好了。
Most of these managers have no need to work for a living； they show up at the ballpark because they like to hit home runs。 And that's exactly what they do。 Their bined financial statements （including those of some smaller operations）； shown on page 49； illustrate just how outstanding their performance is。 On an historical accounting basis； after…tax earnings of these operations were 57％ on average equity capital。 Moreover； this return was achieved with no net leverage： Cash equivalents have matched funded debt。 When I call off the names of our managers … the Blumkin； Friedman and Heldman families； Chuck Huggins； Stan Lipsey； and Ralph Schey … I feel the same glow that Miller Huggins must have experienced when he announced the lineup of his 1927 New York Yankees。
大部分的管理人根本就不需要为了讨生活而工作，他们参加球队的原因只是为了要击出全垒打，事实上这正是他们常常有的表现，他们合并的财务报表（加上一些较小的事业），显示他们的表现是如此的优异，以历史投资成本做基准，他们现在每年的税后盈余高达平均股东权益的57％，更甚者，他们并不靠举债，帐上所拥有的现金就足以清偿所有的借款，当我念到这些管理人的名字… the Blumkin； Friedman； Heldman families； Chuck Huggins； Stan Lipsey 与 Ralph Schey，这感觉就好象是名教练Miller Huggins 在宣布1927纽约洋基队的先发阵容一样。
Let's take a look； business by business：
现在让我们逐一来检视。
o In its first year with Berkshire； Borsheim's met all expectations。 Sales rose significantly and are now considerably better than twice what they were four years ago when the pany moved to its present location。 In the six years prior to the move； sales had also doubled。 Ike Friedman； Borsheim's managing genius … and I mean that … has only one speed： fast…forward。
在波仙珠宝加入Berkshire的第一年，它达到我们所有的预期目标，营业额大幅成长，较四年前刚搬到现址的时候要好上一倍，事实上在搬来之的六年前，它的业绩早已成长了一倍，Ike Friedman 波仙珠宝的管理天才，只有一种速度，那就是全速前进！
If you haven't been there； you've never seen a jewelry store like Borsheim's。 Because of the huge volume it does at one location； the store can maintain an enormous selection across all price ranges。 For the same reason； it can hold its expense ratio to about one…third that prevailing at jewelry stores offering parable merchandise。 The store's tight control of expenses； acpanied by its unusual buying power； enable it to offer prices far lower than those of other jewelers。 These prices； in turn； generate even more volume； and so the circle goes 'round and 'round。 The end result is store traffic as high as 4；000 people on seasonally…busy days。
如果你还没有到过那里，你一定没有看过有珠宝店像波仙那样，由于销量非常大，所以在那里你可以看到各式各样、各种价格的种类，同样的理由，它的营业费用开销大概只有一般同类型珠宝店的三分之一，对于费用的严格控管，加上优异的采购能力，使得它所贩售的商品要比其它珠宝店要来的便宜许多，而便宜的价格又吸引更多的顾客上门，良性循环的结果，使得该店在忙季的单日人潮流量高达四千人。
Ike Friedman is not only a superb businessman and a great showman but also a man of integrity。 We bought the business without an audit； and all of our surprises have been on the plus