1975年的巴菲特致股东的信.pdf

1975 年巴菲特致股东的信 翻译：Rick /s/blog_a3453d2201015w66.html 1975 年纺织业务进行了扩张，收购了两个公司。 To the Stockholders of Berkshire Hathaway Inc.: Last year, when discussing the prospects for 1975, we stated “the outlook for 1975 is not encouraging.” This forecast proved to be distressingly accurate. Our operating earnings for 1975 were $6,713,592, or $6.85 per share, producing a return on beginning shareholders’ equity of 7.6%. This is the lowest return on equity experienced since 1967. Furthermore, as explained later in this letter, a large segment of these earnings resulted from Federal income tax refunds which will not be available to assist performance in 1976. 致伯克希尔股东： 在去年的年报里，我们谈到1975 年的前景的时候，我们提到：“前景不妙”。 目前看来，我们预测准确，但是令人沮丧。1975 年，我们的运营利润是671 万 美元，每股约合6.85 美元，按年初的股东权益，ROE 为7.6% 。这是自1967 年 以来的最差回报率。然而，我们后面也会提到，大部分的盈利来源于联邦所得税 的退税。1976 年无法再享受到退税的优惠。 On balance, however, current trends indicate a somewhat brighter 1976. Operations and prospects will be discussed in greater detail below, under specific industry titles. Our expectation is that significantly better results in textiles, earnings added from recent acquisitions, an increase in equity in earnings of Blue Chip Stamps resulting from an enlarged ownership interest, and at least a moderate improvement in insurance underwriting results will more than offset other possible negatives to produce greater earnings in 1976. 总体而言，目前的趋势显示1976 年的情况有所好转。我们下面将分部门详细讨 论我们的业务。我们预测纺织业务部门的盈利会大幅增加，受惠于我们最近所做 的收购；同时我们持有的蓝带印花公司的股权比例有所上升，这将增加我们按权 益比例享有的利润；我们承保业务部门的业绩也会有一定程度的上升，所有这些 将会抵消一些负面的因素，使得我们1976 年的业绩有所改善。 The major variable—and by far the most difficult to predict with any feeling of confidence—is the insurance underwriting result. Present very tentative indications are that underwriting improvement is in prospect. If such improvement is moderate, our overall gain in earnings in 1976 likewise will prove moderate. More significant underwriting improvement could give us a major gain in earnings. 目前变