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To some extent； these three factors are related； though obviously a high…percentage news hole； by itself； reduces profits significantly。 A large and intelligently…utilized news hole； however； attracts a wide spectrum of readers and thereby boosts penetration。 High penetration； in turn； makes a newspaper particularly valuable to retailers since it allows them to talk to the entire munity through a single 〃megaphone。〃 A low…penetration paper is a far less pelling purchase for many advertisers and will eventually suffer in both ad rates and profits。
某种程度而言，这三个因素是相关的，虽然很明显的高新闻比率会大幅减少获利，一个精彩丰富的新闻能够吸引广大的读者，从而增加渗透率，而高的渗透率回头来又会使得报纸成为广告商喜爱的对象，因为这等于让他们可以透过一个单一的管道，对整个社区进行宣传，相对的一家渗透率低的报纸对于广告商的吸引力就大大的降低，到最后一定会使得广告费收入与获利节节下滑。
It should be emphasized that our excellent penetration is neither an accident nor automatic。 The population of Erie County； home territory of the News； has been falling … from 1；113；000 in 1970 to 1；015；000 in 1980 to an estimated 966；000 in 1988。 Circulation figures tell a different story。 In 1975； shortly before we started our Sunday edition； the Courier…Express； a long…established Buffalo paper； was selling 207；500 Sunday copies in Erie County。 Last year … with population at least 5％ lower … the News sold an average of 292；700 copies。 I believe that in no other major Sunday market has there been anything close to that increase in penetration。
必须强调的是我们的渗透率并不是个意外抑或是自然而然的一件事，以水牛城报纸的大本营Erie市来说，当地的人口数从1970年的111万人一路减少到1980年的101万，乃至于1988年的96。6万人，但报纸发行量的变化却完全相反， 1975年在我们刚准备开始发行周日版之前，Courier…Express一家水牛城当地相当悠久的报纸每周的发行量约为20万份，去年在总人口比当初还少5％的情况下，水牛城的发行份数却将近有30万份，我相信在美国没有其它地区能够像我们这样成长的。
When this kind of gain is made … and when a paper attains an unequaled degree of acceptance in its home town … someone is doing something right。 In this case major credit clearly belongs to Murray Light； our long…time editor who daily creates an informative； useful； and interesting product。 Credit should go also to the Circulation and Production Departments： A paper that is frequently late； because of production problems or distribution weaknesses； will lose customers； no matter how strong its editorial content。
当我们能够如此成长同时又得到家乡父老如此的支持，一定有人居功厥伟，我想总编辑Murray Light应该是当之无愧，是他日复一日创造出如此发人深省、有用且有趣的产品，当然发行与生产部门也一样功不可没，一家报纸若是因为印刷或配送问题而时常误点，不管他的内容有多精彩丰富，一定会影响客户订阅的意愿的。
Stan Lipsey； publisher of the News； has produced profits fully up to the strength of our product。 I believe Stan's managerial skills deliver at least five extra percentage points in profit margin pared to the earnings that would be achieved by an average manager given the same circumstances。 That is an amazing performance； and one that could only be produced by a talented manager who knows … and cares … about every nut and bolt of the business。
Stan Lipsey报纸的发行人，利用获利来加强我们的产品竞争力，我相信Stan管理能力至少让我们报纸的营业利益增加五个百分点以上，这真是令人赞叹的表现，这只有完全熟悉企业大大小小事物的优秀经理人才有办法做到这样的成绩。
Stan's knowledge and talents； it should be emphasized； extend to the editorial product。 His early years in the business were spent on the news side and he played a key role in developing and editing a series of stories that in 1972 won a Pulitzer Prize for the Sun Newspaper of Omaha。 Stan and I have worked together for over 20 years； through some bad times as well as good； and I could not ask for a better partner。
Stan的知识与才能也延伸到编辑出版之上，早期他个人的生涯多花在新闻采访之上，曾经花了相当多的时间报导一系列的故事，并在1972年为奥玛哈太阳报赢得新闻界的最高荣誉…普立兹奖，Stan与我已经共事长达20年之久，一起经历各种风雨、患难与共，实在很难再找到像他这么好的伙伴。
At Fechheimer； the Heldman clan … Bob； George； Gary； Roger and Fred … continue their extraordinary performance。 Profits in 1989 were down somewhat because of problems the business experienced in integrating a major 1988 acquisition。 These problems will be ironed out in time。 Meanwhile； return on invested capital at Fechheimer remains splendid。
在费区海默，Heldman家族继续他们不凡的表现，1989年的获利因为1988年的一件大的购并案出了点问题而略受影响，所幸问题及时获得解决，所以费区海默的投资报酬还是相当不错。
Like all of our managers； the Heldmans have an exceptional mand of the details of their business。 At last year's annual meeting I mentioned that when a prisoner enters San Quentin； Bob and George probably know his shirt size。 That's only a slight exaggeration： No matter what area of the country is being discussed； they know exactly what is going on with major customers and with the petition。
像我们其它的管理人，Heldmans家族对于其事业的了解钜细靡遗，去年的年度股东会时我曾经半开玩笑的说，只要犯人一进到监狱，Bob就可以马上只到他的身材Size是多少，不管你跟他们提到全美那一个地区，他们都相当清楚当地的市场与竞争对手的状况。
Though we purchased Fechheimer four years ago； Charlie and I have never visited any of its plants or the home office in Cincinnati。 We're much like the lonesome Maytag repairman： The Heldman managerial product is so good that a service call is never needed。
虽然我们是在四年之前买下费区海默的，但查理跟我却从来没有去参观过他们的工厂或是位在辛辛那提的总部，我们有点像是无聊的Maytag维修工人，由Heldman所管理的东西因为太好根本不会坏，以致于我们从来就没有接过叫修的电话。
o Ralph Schey continues to do a superb job in managing our largest group … World Book； Kirby； and the Scott Fetzer Manufacturing panies。 Aggregate earnings of these businesses have increased every year since our purchase and returns on invested capital continue to be exceptional。 Ralph is running an enterprise large enough； were it standing alone； to be on the Fortune 500。 And he's running it in a fashion that would put him high in the top decile； measured by return on equity。
Ralph Schey还是继续发挥他的长才，为我们管理…世界百科全书、寇比吸尘器与史考特飞兹所组成的大集团，自从我们买下这些企业以来，他们的总盈余年年都成长，投资的报酬相当可观，Ralph所领导的企业集团真是够大，单单他旗下事业加总起来就足以名列财星五百大，而若以投资报酬的角度来看，大概可以让他排在前十名。
For some years； World Book has operated out of a single location in Chicago's Merchandise Mart。 Anticipating the imminent expiration of its lease； the business is now decentralizing into four locations。 The expenses of this transition are significant； nevertheless profits in 1989 held up well。 It will be another year before costs of the move are fully behind us。
有好几年，世界百科全书只在芝加哥的一个商业广场集中营运，有鉴于租约即将到期，未来它将分散成四个据点，搬迁的费用相当的庞大，不过尽管如此1989年的获利还是会增加，这项搬迁的费用要经过好几年的时间才会慢慢地消化吸收掉。
Kirby's business was particularly strong last year； featuring large gains in export sales。 International business has more than doubled in the last two years and quintupled in the past four； its share of unit sales has risen from 5％ to 20％。 Our largest capital expenditures in 1989 were at Kirby； in preparation for a major model change in 1990。
寇比的生意去年特别的旺，尤其是在外销方面的成长惊人，近两年来的业绩已成长了一倍，累计四年来成长了四倍，市场占有率从5％增加到20％，我们1989年最大的资本支出就花在寇比身上，预计在1990年会有一次大改款。
Ralph's operations contribute about 40％ of the total earnings of the non…insurance group whose results are shown on page 49。 When we bought Scott Fetzer at the start of 1986； our acquisition of Ralph as a manager was fully as important as our acquisition of the businesses。 In addition to generating extraordinary earnings； Ralph also manages capital extremely well。 These abilities have produced funds for Berkshire that； in turn； have allowed us to make many other profitable mitments。
Ralph的事业部门所贡献的盈余大概占非保险部门的四成左右，当我们在1986年初买下史考特飞兹时，能将Ralph一并挖过来当经理人，跟我们当初买下这家公司一样地重要，除了贡献可观的盈余之外，Ralph管理资金也是一把罩。这些能力使得Berkshire能够获得源源不绝的资金，让我们回头可以再做更多更好的投资。
And that pletes our answer to the 1927 Yankees。
以上就是我们的职棒先发阵容！
Insurance Operations
保险事业营运
Shown below is an updated version of our usual table presenting key figures for the property…casualty insurance industry：
下表是产物意外险业的几项重要的指数
Statutory
Yearly Change bined Ratio Yearly Change Inflation Rate in Premiums After Policyholder in Incurred Measured by Written （％） Dividends Losses （％） GNP Deflator （％）
1981 1982 1983 1984 1985 1986 1987 1988 1989 （Est。）
3。8 3。7 5。0 8。5 22。1 22。2 9。4 4。4 2。1
106。0 109。6 112。0 118。0 116。3 108。0 104。6 105。4 110。4
6。5 8。4 6。8 16。9 16。1 13。5 7。8 5。5 8。7
9。6 6。5 3。8 3。8 3。0 2。6 3。1 3。3 4。2
Source： A。M。 Best Co。
The bined ratio represents total insurance costs （losses incurred plus expenses） pared to revenue from premiums： A ratio below 100 indicates an underwriting profit； and one above 100 indicates a loss。 When the investment ine that an i