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未分配，除了之外喜斯将这20年来剩下所赚的4亿1；000万美元，在扣除所得税之后，全部发还给蓝筹邮票与Berkshire，将资金分配到更有利的地方之上。
In our See's purchase； Charlie and I had one important insight： We saw that the business had untapped pricing power。 Otherwise； we were lucky twice over。 First； the transaction was not derailed by our dumb insistence on a 25 million price。 Second； we found Chuck Huggins； then See's executive vice…president； whom we instantly put in charge。 Both our business and personal experiences with Chuck have been outstanding。 One example： When the purchase was made； we shook hands with Chuck on a pensation arrangement … conceived in about five minutes and never reduced to a written contract … that remains unchanged to this day。
在买下喜斯时，有一点是我们已预见的，那就是它尚未被发掘的订价能力，另外我们有两方面算是很幸运，第一整个交易还好没有因为我们愚昧地坚持2；500万美元的上限而告吹，第二我们选中Chuck Huggins…当时喜斯糖果的副总经理，立即走马上任，不管是在公事或是私人方面，我们与Chuck共处的经验都相当难得，有一个例子可以说明，当购并案完成后，我们在短短五分钟内就与Chuck协议好他担任总经理的薪资报酬，而且连书面契约都没有签，就一直延续到今天。
In 1991； See's sales volume； measured in dollars； matched that of 1990。 In pounds； however； volume was down 4％。 All of that slippage took place in the last two months of the year； a period that normally produces more than 80％ of annual profits。 Despite the weakness in sales； profits last year grew 7％； and our pre…tax profit margin was a record 21。6％。
1991年喜斯糖果的销售金额与前一年度相当，但是若是以销售数量来算，则减少了4％，所有减少的部份大多来自于占年度获利80％的最后两个月，不过尽管业绩不太好，获利还是成长了7％，税前盈益率更创下21。6％的新高记录。
Almost 80％ of See's sales e from California and our business clearly was hurt by the recession； which hit the state with particular force late in the year。 Another negative； however； was the mid…year initiation in California of a sales tax of 7％…8？ （depending on the county involved） on 〃snack food〃 that was deemed applicable to our candy。
喜斯糖果80％的收入都来自于加州，而我们的生意很明显地受到景气衰退的影响，尤其在年度的后半段更是显著，另外一个负面因素是加州在年度中开始对零食课征7％…8％的营业税（依每个市镇有所不同），当然巧克力糖果也不能幸免。
Shareholders who are students of epistemological shadings will enjoy California's classifications of 〃snack〃 and 〃non…snack〃 foods：
若是精研认识论差异的股东应该会觉得加州对于零食与非零食的分类感到相当有兴趣。
Taxable 〃Snack〃 Foods Non…Taxable 〃Non…Snack〃 Foods、Ritz Crackers Soda Crackers、Popped Popcorn Unpopped Popcorn、Granola Bars Granola Cereal、Slice of Pie （Wrapped） Whole Pie、Milky Way Candy Bar 、Milky Way Ice Cream BarWhat … you are sure to ask … is the tax status of a melted Milky Way ice cream bar？ In that androgynous form； does it more resemble an ice cream bar or a candy bar that has been left in the sun？ It's no wonder that Brad Sherman； Chairman of California's State Board of Equalization； who opposed the snack food bill but must now administer it； has said： 〃I came to this job as a specialist in tax law。 Now I find my constituents should have elected Julia Child。〃
你一定会问，那融化的牛奶冰淇淋棒要不要课税呢？ 在这种仿真两可的状态下，它到底是比较像冰淇淋棒还是在大太阳底下的糖果棒呢？ 也难怪Brad Sherman…加州公平交易委员会的主席，虽然反对这项法案但还是必须负责监督执行，他提到我以税务专家的身分到这个委员会任职，但我觉得大家要选的对象，应该是小孩子才对。
Charlie and I have many reasons to be thankful for our association with Chuck and See's。 The obvious ones are that we've earned exceptional returns and had a good time in the process。 Equally important； ownership of See's has taught us much about the evaluation of franchises。 We've made significant money in certain mon stocks because of the lessons we learned at See's。
查理跟我有太多理由要感谢Chuck跟喜斯糖果，最明显的原因是他们帮我们赚了那么多钱，而且其间的过程是如此令人愉快，还有一点同样重要的是拥有喜斯糖果让我们对于强势的特许事业有更深一层的认识，我们靠着在喜斯身上所学的东西，在别的股票投资上，又赚了更多的钱。
H。 H。 Brown布朗鞋业
We made a sizable acquisition in 1991 … the H。 H。 Brown pany … and behind this business is an interesting history。 In 1927 a 29…year…old businessman named Ray Heffernan purchased the pany； then located in North Brookfield； Massachusetts； for 10；000 and began a 62…year career of running it。 （He also found time for other pursuits： At age 90 he was still joining new golf clubs。） By Mr。 Heffernan's retirement in early 1990 H。 H。 Brown had three plants in the United States and one in Canada； employed close to 2；000 people； and earned about 25 million annually before taxes。
我们在1991年做了一件大型的购并案，那就是买下布朗鞋业，这背后有一段有趣的故事，1927年时有一位29岁的年轻商人…Ray Heffernan以10；000美元买下这家公司，并把它搬到麻赛诸赛州，从此展开长达62年的事业（当然同时他还有其它追求的目标，高龄90岁的他现在还在加入新的高尔夫球俱乐部），等1990年Heffernan先生宣布退休时，布朗鞋业在美国已有三座工厂，还有另外一座在加拿大，每年的税前获利约有2；500万美元。
Along the way； Frances Heffernan； one of Ray's daughters； married Frank Rooney； who was sternly advised by Mr。 Heffernan before the wedding that he had better forget any ideas he might have about working for his father…in…law。 That was one of Mr。 Heffernan's few mistakes： Frank went on to bee CEO of Melville Shoe （now Melville Corp。）。 During his 23 years as boss； from 1964 through 1986； Melville's earnings averaged more than 20％ on equity and its stock （adjusted for splits） rose from 16 to 960。 And a few years after Frank retired； Mr。 Heffernan； who had fallen ill； asked him to run Brown。
这期间Heffernan的一个女儿Frances嫁给了Frank Rooney，当时Heffernan严正地告诉他的女婿最好断了想要参与经营布朗鞋业的念头，但这却是Heffernan先生所犯下的少数错误之一，Frank后来跑到另外一家鞋业Melville担任CEO，在他从1964年到1986年担任主管的期间，Mellville每年的股东权益报酬高达20％，而股价更从16元涨到960元（经过还原后），而在Frank退休多年后，Heffernan先生因为生病，才叫Frank回来经营布朗鞋业。
After Mr。 Heffernan died late in 1990； his family decided to sell the pany … and here we got lucky。 I had known Frank for a few years but not well enough for him to think of Berkshire as a possible buyer。 He instead gave the assignment of selling Brown to a major investment banker； which failed also to think of us。 But last spring Frank was playing golf in Florida with John Loomis； a long…time friend of mine as well as a Berkshire shareholder； who is always on the alert for something that might fit us。 Hearing about the impending sale of Brown； John told Frank that the pany should be right up Berkshire's alley； and Frank promptly gave me a call。 I thought right away that we would make a deal and before long it was done。
之后在1990年Heffernan先生过世，他的家人决定要把公司卖掉，所以我们的机会就来了，那时我们认识Frank也有好几年了，但没有好到让他认为Berkshire是布朗鞋业合适的买主，反而他把卖公司的事交给一家投资银行来负责，可想而知投资银行绝对不会想到我们，但是就在去年春天，Frank跟John Loomis一起到佛罗里达打高尔夫球，John是我多年的好友，同时也是Berkshire的股东，他总是随时注意有没有适合我们投资的对象，在听到布朗鞋业即将出售的消息之后，John告诉Frank说这家公司应该要投到Berkshire的麾下，而Frank也从善如流马上打了通电话给我，我当下觉得我们应该可以谈得成，果然在不久之后，整个交易便确定了。
Much of my enthusiasm for this purchase came from Frank's willingness to continue as CEO。 Like most of our managers； he has no financial need to work but does so because he loves the game and likes to excel。 Managers of this stripe cannot be 〃hired〃 in the normal sense of the word。 What we must do is provide a concert hall in which business artists of this class will wish to perform。
我之所以会对这项交易这么感兴趣的原因在于Frank愿意继续留下来担任CEO，就像我们其它所有经理人一样，他不需要因为经济因素而继续工作，但他确实热爱这项任务且做的很好，这类型的经理人可不是三言两语就可以〃请〃得到的，我们能做的就是尽量提供一个够水准的演奏厅，让这些商业界的天才艺术家可以在这里好好发挥。
Brown （which； by the way； has no connection to Brown Shoe of St。 Louis） is the leading North American manufacturer of work shoes and boots； and it has a history of earning unusually fine margins on sales and assets。 Shoes are a tough business … of the billion pairs purchased in the United States each year； about 85％ are imported … and most manufacturers in the industry do poorly。 The wide range of styles and sizes that producers offer causes inventories to be heavy； substantial capital is also tied up in receivables。 In this kind of environment； only outstanding managers like Frank and the group developed by Mr。 Heffernan can prosper。
布朗（跟圣路易的布朗鞋子完全没有关系）是北美地区工作鞋与工作靴的领导品牌，同时拥有非凡的销售毛利与资产报酬，事实上鞋子产业竞争相当地激烈，在全美一年10亿双的采购量中，大约有85％是从国外进口，而产业中大部分的制造工厂表现都乏善可陈，由于款式与型号繁多导致库存压力相当重，同时资金也绑在大笔的应收帐款，在这样的环境底下，只有像Frank这样优秀的经理人再加上Heffernan先生所建立这样的事业才有可能生存。
A distinguishing characteristic of H。 H。 Brown is one of the most unusual pensation systems I've encountered … but one that warms my heart： A number of key managers are paid an annual salary of 7；800； to which is added a designated percent