1973年的巴菲特致股东的信.pdf

1973 年巴菲特致股东的信 翻译：Rick /s/blog_a3453d2201015q5j.html 巴菲特购买蓝带印花公司的时候，该公司的主业已经开始出现大幅下滑。但是巴 菲特看重的是其两个子公司：喜诗糖果和Wesco 金融公司。 巴菲特收购多元零售公司，并不是看重其主业：女装连锁零售店。而是看重其持 有蓝带印花公司16%的股权。 To the Stockholders of Berkshire Hathaway Inc.: Our financial results for 1973 were satisfactory, with operating earnings of $11,930,592, producing a return of 17.4% on beginning stockholders equity. Although operating earnings improved from $11.43 to $12.18 per share, earnings on equity decreased from the 19.8% of 1972. This decline occurred because the gain in earnings was not commensurate with the increase in shareholders investment. We had forecast in last years report that such a decline was likely. Unfortunately, our forecast proved to be correct. 致伯克希尔股东： 1973 年的财务结果令人满意，我们的营业利润为1193 万元，相对于年初的股东 权益产生了17.4%的回报。虽然每股的营业利润从11.43 美元提高到了每股12.18 美元，ROE 却从1972 年的19.8%下降到了1973 年的17.4% 。 下降的原因是盈利的增长未跟上股东权益的增长。在去年的年报里，我们曾预测 ROE 可能会出现下降，如今不幸言中。 Our textile, banking, and most insurance operations had good years, but certain segments of the insurance business turned in poor results. Overall, our insurance business continues to be a most attractive area in which to employ capital . Managements objective is to achieve a return on capital over the long term which averages somewhat higher than that of American industry generally—while utilizing sound accounting and debt policies. We have achieved this goal in the last few years, and are trying to take those steps which will enable us to maintain this performance in the future. Prospects for 1974 indicate some further decline in rate of return on our enlarged capital base. 我们的纺织业务、银行业务和大部分保险业务都表现得不错，但是一部分保险业务业绩比较 糟糕。总体而言，我们的保险业务在配置资本上还是一个很具有吸引力的领域。管理层的目 标是：在长期内，投入资本的回报率高于美国产业的平均水平（在严格的会计准则和负债政 策的条件下）。在过去的几年，我们达到了这一目标，我们期望在未来的几年也能达到这一 目标。1974 年，由于我们资本规模的扩大，ROE 可能会进一步下降。 Textile Operations Textile demand remained unusually strong throughout 1973. Our main problems revolved around shortages of fiber, which complicated ope