巴菲特致股东的信1978.pdfVIP

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1978年 Buffett’s Letters To Berkshire Shareholders 1978 First, a few words about accounting. The merger 首先，是会计相关的议题，在年底与 with Diversified Retailing Company, Inc. at 多元零售公司的合并后，对于公司的 yearend adds two new complications in the 财务报表有两项影响，首先在合并案 presentation of our financial results. After the 完成后，我们对蓝筹邮票的持股比例 merger, our ownership of Blue Chip Stamps 将提高至 58%左右，意味着该公司的 increased to approximately 58% and, therefore, 资产负债以及盈余数字必须全部纳到 the accounts of that company must be fully 伯克希尔的报表之内，在此之前，我 consolidated in the Balance Sheet and Statement 们仅透过权益法按投资比例认列蓝筹 of Earnings presentation of Berkshire. In 邮票的净值与收益。 previous reports, our share of the net earnings only of Blue Chip had been included as a single item on Berkshire’s Statement of Earnings, and there had been a similar one-line inclusion on our Balance Sheet of our share of their net assets. This full consolidation of sales, expenses, 如此全面性地将营收、费用、应收帐 receivables, inventories, debt, etc. produces an 款、存货及负债等科目合并，所产生 aggregation of figures from many diverse 的数字将来自于各种产业特性截然不 businesses - textiles, insurance, candy, 同的行业，包含纺织、保险、糖果、 newspapers, trading stamps - with dramatically 报纸及邮票等，某些行业各位的持有 different economic characteristics. In some of 的权益是 100%，某些例如由蓝筹邮票 these your ownership is 100% but, in those 所持有的却只有 58%(至于其它股东 businesses which are owned by Blue Chip but fully 所代表的权益，则列在资产负债表右 consolidated, your ownership as a Berkshire 半边负债科目的少数股东权益项下)， shareholder is only 58%. (Ownership by others of 对于财务报表这样的归类，我们认为 the balance of these businesses is accounted for 非但无法解释实际现况反而模糊了真 by the large minority interest item on the 正的焦点，事实上，我们内部从来就 liability side of the Balance Sheet.) Such a 不使用这样的报表进行分析管理。 grouping