e8东的信 _作者: 美 沃伦·巴菲特-第44章
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原先我们在这方面的负债分作好几层，对于1986年以前帐列未实现利益，大约在12亿美元左右，系以28％的税率估算，对于1986年之后的帐列未实现利益，大约在6亿美元左右，系以34％的税率估算，1987年起调整税率的差异反应税负的差异。
It now appears； however； that the new accounting rule will require us to establish the entire liability at 34％ in 1990； taking the charge against our earnings。 Assuming no change in tax rates by 1990； this step will reduce our earnings in that year （and thereby our reported net worth） by 71 million。 The proposed rule will also affect other items on our balance sheet； but these changes will have only a minor impact on earnings and net worth。
现在看起来，新的会计原则要求我们从1990年开始必须将所有未实现利益的预估税率订在34％，经估算光是这一项做法就会使得我们的年度盈余与净值减少七千多万美元，还不包含其它大大小小的影响。
We have no strong views about the desirability of this change in calculation of deferred taxes。 We should point out； however； that neither a 28％ nor a 34％ tax liability precisely depicts economic reality at Berkshire since we have no plans to sell the stocks in which we have the great bulk of our gains。
其实我们不认为这样转变有其必要性，因为对于Berkshire来说不管税率是28％或是34％，都不能反应我们公司的实质现况，因为我们从来不考虑出售我们具有庞大未实现利益的股票。
To those of you who are uninterested in accounting； I apologize for this dissertation。 I realize that many of you do not pore over our figures； but instead hold Berkshire primarily because you know that： （1） Charlie and I have the bulk of our money in Berkshire； （2） we intend to run things so that your gains or losses are in direct proportion to ours； and （3） the record has so far been satisfactory。 There is nothing necessarily wrong with this kind of approach to investing。 Other shareholders； however； prefer analysis approach and we want to supply the information they need。 In our own investing； we search for situations in which both approaches give us the same answer。
对于那些对会计不感兴趣的人，很抱歉耽误各位的时间，我很清楚你们当中有很多根本不会仔细去看数字，但却仍持续支持我们，因为你们知道（1）查理跟我本身的身家也都在里面（2）我们绝对会与各位共享荣枯（3）到目前为止先前的记录还算令人满意。事实上这种完全信任的投资方法并没有什么不好，但也有一些股东比较喜欢深入分析的方式，因此我们也有必要提供足够的信息给他们，至于Berkshire本身在做投资时，则是两种方法并用，重点在于能不能得到满意的答案。
Sources of Reported Earnings
帐列盈余的来源
In addition to supplying you with our new four…sector accounting material； we will continue to list the major sources of Berkshire reported earnings just as we have in the past。
除了提供给各位最新四个部门的会计资料，我们一如往常还是会提列出Berkshire帐列盈余的主要来源
In the following table； 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。 Ie explained in past reports why this form of presentation seems to us to be more useful to investors and managers than the standard GAAP presentation； which makes purchase…price adjustments 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。
在下表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，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。
Further information about these businesses is given in the Business Segment section on pages 32…34； and in the Management Discussion section on pages 36…40。 In these sections you also will find our segment earnings reported on a GAAP basis。 For information on Wesco businesses； I urge you to read Charlie Munger letter； which starts on page 52。 It contains the best description I have seen of the events that produced the present savings…and…loan crisis。 Also； take special note of Dave Hillstrom performance at Precision Steel Warehouse； a Wesco subsidiary。 Precision operates in an extremely petitive industry； yet Dave consistently achieves good returns on invested capital。 Though data is lacking to prove the point； I think it is likely that his performance； both in 1988 and years past； would rank him number one among his peers。
年报中还有企业个别部门的信息，有关Wesco公司的信息，我强烈建议大家可以看看查理孟格所写的年报，里头包含我看过对储贷机构危机事件写得最贴切的一篇文章，另外也可以顺便看看Precision钢铁厂，这家Wesco的子公司所处的产业竞争相当激烈，但经理人Dave仍然努力创造相当不错的绩效，虽然手头上缺乏资料来证明，但我相信他的表现绝对不比其它同侪逊色。
1988 Unit：US'000
Earnings Before Ine Tax After Ine Tax
Percent Total Berkshire Share Berkshire Share
Earnings from Operation
Insurance Group
Underwriting #DIV/0！ （11；081） （1；045）
Net Investment Ine #DIV/0！ 231；250 197；779
Buffalio News #DIV/0！ 42；429 25；462
Fechheimer 14；152 7；720
Kirby 26；891 17；842
Nebraska Furniture Mart #DIV/0！ 18；439 9；099
Scott Fetzer…Diversified 28；542 17；640
See's Candies #DIV/0！ 32；473 19；671
Wesco Financial Corporation…Parent #DIV/0！ 16；133 10；650
World Book 27；890 18；021
Amortization of Goodwill （2；806） （2；806）
Interest on Debt （35；613） （23；212）
Shareholder's Contribution （4；966） （3；217）
Other 34；717 19；837
0 418；450 313；441
Realized Securities Gain 131；671 85；829
Total Earnings…all entities 0 550；121 399；270
*不包含史考特飞兹金融集团的利息费用
*Excludes interest expense of Scott Fetzer Financial Group。
我们旗下各项营运事业所创造的盈余，不管是依绝对值或是与同业相较，实在是相当出色，对此我们衷心感谢这些辛苦的经理人，你我应该感到庆幸能与他们一起共事。
The earnings achieved by our operating businesses are superb； whether measured on an absolute basis or against those of their petitors。 For that we thank our operating managers： You and I are fortunate to be associated with them。 At Berkshire； associations like these last a long time。 We do not remove superstars from our lineup merely because they have attained a specified age … whether the traditional 65； or the 95 reached by Mrs。 B on the eve of Hanukkah in 1988。 Superb managers are too scarce a resource to be discarded simply because a cake gets crowded with candles。 Moreover； our experience with newly…minted MBAs has not been that great。 Their academic records always look terrific and the candidates always know just what to say； but too often they are short on personal mitment to the pany and general business savvy。 It difficult to teach a new dog old tricks。
在Berkshire，这样的关系可以维持相当长久，我们不会因为这些杰出优秀的明星经理人年纪到了一定程度就把他们给换掉，不管是65岁或是B太太在1988年所打破的95岁上限，明星的经理人实在是可遇不可求的稀罕珍宝，他们就像是插满蜡烛的蛋糕，如何叫人舍得把他们丢弃，相较之下，我们对于新进的MBA企管硕士的评价就没有那么高了，他们的学术经历看起来总是很吓人，讲起话来头头是道，但个人对于企业长期发展的投入却相当有限，实在是很难去教菜狗那套老伎俩。
Here an update on our major non…insurance operations：
以下是我们非保险部门的最新营运状况︰
At Nebraska Furniture Mart； Mrs。 B （Rose Blumkin） and her cart roll on and on。 She been the boss for 51 years； having started the business at 44 with 500。 （Think what she would have done with 1；000！） With Mrs。 B； old age will always be ten years away。
在内布拉斯加家具店方面，B太太坐着她的轮椅持续运转，自从44岁那年以500块美金开始创业当老板，至今已有51个年头，（要是当初是用1；000块的话，现在可能更不得了），对于B太太来说，就是再多十岁也不嫌老。
The Mart； long the largest home furnishings store in the country； continues to grow。 In the fall； the store opened a detached 20；000 square foot Clearance Center； which expands our ability to offer bargains in all price ranges。
这家全美最大的家具量贩店到现在还在持续成长，去年秋天，又新开了一家占地20；000平方英呎的清洁用品中心，让我们的产品线不论是各种价格都应有尽有。
Recently Dillard； one of the most successful department store ope
