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巴菲特致股东的信1973
TotheStockholdersofBerkshireHathawayInc.:
Our financial results for 1973 were satisfactory, with operating earnings of $11,930,592,
producingareturnof17.4%onbeginningstockholdersequity.
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
thatsuchadeclinewaslikely.Unfortunately,ourforecastprovedtobecorrect.
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
attractiveareainwhichtoemploy capital.
Managements objective is to achieve a return on capital over the long term which averages
somewhat higher than that ofAmerican 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
furtherdeclineinrateofreturnonourenlargedcapitalbase.
TextileOperations
Textile demand remained unusually strong throughout 1973. Our main problems revolved around
shortages of fiber, which complicated operations and resulted in something less than full
utilization of loom capacity. Prices of some fibers skyrocketed during the year. Cost of Living
Council regulations prevented the pricing of many finished products at levels of some of our
competitors. However, profits were reasonably commensurate with our capital investment,
although below those that apparently might have been achieved had we been able to price at
market levels. The textile business has been highly cyclical and price controls may haveserved to
cut down some of the hills while still leaving us with the inevitable valleys. Because of the
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