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巴菲特致股东的信1974
TotheStockholdersofBerkshireHathawayInc.:
Operating results for 1974 overall were unsatisfactory due to the poor performance of our
insurance business. In last years annual report some decline in profitability was predicted but the
extent of this decline, which accelerated during the year, was a surprise. Operating earnings for
1974were $8,383,576, or $8.56per share, for a return on beginning shareholders equity of10.3%.
This is the lowest return on equity realized since 1970. Our textile division and our bank both
performedverywell, turninginimproved resultsagainst thealreadygoodfigures of1973.
However, insurance underwriting, which has been mentioned in the last several annual reports as
running at levels of unsustainable profitability, turned dramatically worse as the year progressed.
The outlook for 1975 is not encouraging. Weundoubtedly will have sharply negative comparisons
in our textile operation and probably a moderate decline in banking earnings. Insurance
underwriting is a large question mark at this time—it certainly wont be a satisfactory year in this
area, and could be an extremely poor one. Prospects are reasonably good for an improvement in
both insurance investment income and our equity in earnings of Blue Chip Stamps. During this
period we plan to continue to build financial strength and liquidity, preparing for the time when
insurance rates become adequate and we can once again aggressively pursue opportunities for
growthinthisarea.
TextileOperations
During the first nine months of 1974 textile demand was exceptionally strong, resulting in very
firm prices. However, in the fourth quarter significant weaknesses began to appear, which have
continuedinto1975.
We currently are operating at about one-third of capacity. Obviously, at such levels operating
losses must result. As shipments have fallen, we continuously have adjusted our level of
operationsdownwardsoastoavoidbuildinginventory.
Our products are largely
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