e8东的信 _作者: 美 沃伦·巴菲特-第102章
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在失败过几次之后，我终于想起我曾经从某位职业高尔夫选手的建议（像所有职业选手一样，只要和我打过球的，通常都不太愿意我提起他们的名字），他说：「不断的练习虽然无法达到完美的境界，但练习却能够使你的成绩永续维持」，也因此我决定改变我的投资策略，试着以合理的价格买进好公司而不是以便宜的价格买进普通的公司。
Last year； in December； we made an acquisition that is a prototype of what we now look for。 The purchase was 82％ of Central States Indemnity； an insurer that makes monthly payments for credit…card holders who are unable themselves to pay because they have bee disabled or unemployed。 Currently the pany's annual premiums are about 90 million and profits about 10 million。 Central States is based in Omaha and managed by Bill Kizer； a friend of mine for over 35 years。 The Kizer family … which includes sons Bill； Dick and John … retains 18％ ownership of the business and will continue to run things just as it has in the past。 We could not be associated with better people。
去年十二月，我们做了一个我们现在所认为最典型的购并案，那就是买下中央州险公司82％的股权，这是一家专门受理信用卡持有人因为突然失业或是失能而付不出信用卡帐单风险的保险公司，现在这家保险公司一年的保费收入大概是9；000万美元，获利1；000万美元，总部就设于奥玛哈，并且由与我结交35年以上的老朋友Bill Kizer所管理，Kizer家族包含他几个儿子持有剩下18％的股权，而且还会如同以前那般地经营这项事业，我们实在是不太可能再找到更合适的人选。
Coincidentally； this latest acquisition has much in mon with our first； made 26 years ago。 At that time； we purchased another Omaha insurer； National Indemnity pany （along with a small sister pany） from Jack Ringwalt； another long…time friend。 Jack had built the business from scratch and； as was the case with Bill Kizer； thought of me when he wished to sell。 （Jack's ment at the time： 〃If I don't sell the pany； my executor will； and I'd rather pick the home for it。〃） National Indemnity was an outstanding business when we bought it and continued to be under Jack's management。 Hollywood has had good luck with sequels； I believe we； too； will。
碰巧的是这件最新的购并案与我在26年前第一次所做的案子有许多雷同之处，在当时，我们从另一位老朋友Jack Ringwalt手中，买下奥玛哈另一家保险公司…国家产险公司，这家公司是由Jack一手草创，同时也跟Bill一样，当他打算把公司卖掉时，第一个人就想到我，（Jack当时说到：若是我自己不卖这家公司，我的遗嘱执行人也会卖，所以我宁可自己为它找个归宿），国家产险在我们当初买下时，就是一家相当优秀的好公司，而在Jack的领导下依旧维持这样的情况，好莱坞在发行电影续集时，通常都会有不错的成绩，我想我也是。
Berkshire's acquisition criteria are described on page 23。 Beyond purchases made by the parent pany； however； our subsidiaries sometimes make small 〃add…on〃 acquisitions that extend their product lines or distribution capabilities。 In this manner； we enlarge the domain of managers we already know to be outstanding … and that's a low…risk and high…return proposition。 We made five acquisitions of this type in 1992； and one was not so small： At yearend； H。 H。 Brown purchased Lowell Shoe pany； a business with 90 million in sales that makes Nursemates； a leading line of shoes for nurses； and other kinds of shoes as well。 Our operating managers will continue to look for add…on opportunities； and we would expect these to contribute modestly to Berkshire's value in the future。
Berkshire的购并标准详另页，除了母公司本身时常对外进行购并，我们旗下的子公司偶尔也会自行新添生力军，以延伸其产品线或是通路能力，就这点儿言，我们很愿意扩大旗下经理人的视野，因为我们相当清楚他们优异的能力，这绝对是低风险高报酬的一件事，在1992年我们总共有5件这样类似的案例，另外还有一件比较大的案子，在年底时，布朗鞋业买下Lowell鞋业…一家年营业额9；000万美金，专门制造护士专用鞋的公司，当然我们旗下事业的经理人还是继续寻找扩充的机会，而我们也预期他们未来将能够为Berkshire创造出更多的价值。
Then again； a trend has emerged that may make further acquisitions difficult。 The parent pany made one purchase in 1991； buying H。 H。 Brown； which is run by Frank Rooney； who has eight children。 In 1992 our only deal was with Bill Kizer； father of nine。 It won't be easy to keep this string going in 1993。
不过市场上目前的趋势再度地不利于购并活动的进行，母公司在1991年所买下的布朗鞋业，经营者Frank有八个小孩，我们在1992年唯一的案子的经理人， Bill有九个小孩，不过我想这种趋势很难在1993年继续维持下去。
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 （acquired 7/1/91） Buffalo News Fechheimer Kirby
1992 （108；961） 355；067 27；883 47；863 13；698 35；653
1991 （119；593） 331；846 13；616 37；113 12；947 35；726
1992 （71；141） 305；763 17；340 28；163 7；267 22；795
1991 （77；229） 285；173 8；611 21；841 6；843 22；555
Nebraska Furniture Mart Scott Fetzer Manufacturing Group See's Candies Wesco … other than Insurance World Book Amortization of Goodwill
1992 17；110 31；954 42；357 15；153 29；044 （4；702）
1991 14；384 26；123 42；390 12；230 22；483 （4；113）
1992 8；072 19；883 25；501 9；195 19；503 （4；687）
1991 6；993 15；901 25；575 8；777 15；487 （4；098）
Other Purchase…Price Shareholder…Designated
Accounting Charges Interest Expense* Contributions Other
1992 （7；385） （98；643） （7；634） 72；223
1991 （6；021） （89；250） （6；772） 77；399
1992 （8；383） （62；899） （4；913） 36；267
1991 （7；019） （57；165） （4；388） 47；896
Operating Earnings Sales of Securities Total Earnings … All Entities
1992 460；680 89；937 550；617
1991 400；508 192；478 592；986
1992 347；726 59；559 407；285
1991 315；753 124；155 439；908
*Excludes interest expense of Scott Fetzer Financial Group and Mutual Savings & Loan。 Includes 22。5 million in 1992 and 5。7 million in 1991 of premiums paid on the early redemption of debt。
*不包含史考特飞兹与联合储贷的利息费用，另外加计1992年与1991年分别赎回可转换债券所额外支付的2；250万与570万溢价。
A large amount of additional information about these businesses is given on pages 37…47； where you will also find our segment earnings reported on a GAAP basis。 Our goal is to give you all of the financial information that Charlie and I consider significant in making our own evaluation of Berkshire。
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 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。 Though no single figure can be perfect； we believe that the look…through number more accurately portrays the earnings of Berkshire than does the GAAP number。
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。虽然没有任何一项数字是完美的，但我们�
