巴菲特致股东的信1977.pdfVIP

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1977年 Buffett’s Letters To Berkshire Shareholders 1977 Operating earnings in 1977 of $21,904,000, or $22.54 per 1977年本公司的营业净利为2,190万 share, were moderately better than anticipated a year 美元，每股约当 22.54 美元，表现较 ago. Of these earnings, $1.43 per share resulted from 年前的预期稍微好一点，在这些盈余 substantial realized capital gains by Blue Chip Stamps 中，每股有 1.43 美元的盈余，系蓝筹 which, to the extent of our proportional interest in 邮票大量实现的资本利得，本公司依 that company, are included in our operating earnings 照投资比例认列投资收益所贡献，至 figure. Capital gains or losses realized directly by 于伯克希尔本身及其保险子公司已实 Berkshire Hathaway Inc. or its insurance subsidiaries 现的资本利得或损失，则不列入营业 are not included in our calculation of operating 利益计算，建议大家不必太在意单一 earnings. While too much attention should not be paid 期间的盈余数字，因为长期累积的资 to the figure for any single year, over the longer term 本利得或损失才是真正的重点所在。 the record regarding aggregate capital gains or losses obviously is of significance. Textile operations came in well below forecast, while 纺织事业的表现远低于预估，至于伊 the results of the Illinois National Bank as well as the 利诺国家银行的成绩以及蓝筹邮票贡 operating earnings attributable to our equity interest 献给我们的投资利益则大致如预期， in Blue Chip Stamps were about as anticipated. However, 另外，由 Phil Liesche 领导的国家产 insurance operations, led again by the truly 险保险业务的表现甚至比我们当初最 outstanding results of Phil Liesche’s managerial group 乐观的期望还要好。 at National Indemnity Company, were even better than our optimistic expectations. Most companies define “record” earnings as a new high 通常公司会宣称每股盈余又创下历史 in earnings per share. Since businesses customarily add 新高，然而由于公司的资本会随着盈 from year to year to their equity base, we find nothing 余的累积扩增，所以我们并不认为这 particularly noteworthy in a management performance 样的经营表现有什么大不了的，比如 combin