巴菲特致股东的信1979.pdfVIP

巴菲特研究中心 Research Centre for Buffettism 巴菲特致股东的信 1979年 Buffett’s Letters To Berkshire Shareholders 1979 Again, we must lead off with a few words about 首先，还是会计相关的议题，从去年 accounting. Since our last annual report, the 年报开始，会计原则要求保险公司持 accounting profession has decided that equity 有的股票投资在资产负债表日的评价 securities owned by insurance companies must be 方式，从原先的成本与市价孰低法， carried on the balance sheet at market value. We 改按公平市价法列示，由于我们帐上 previously have carried such equity securities 的股票投资拥有大量的未实现利益， at the lower of aggregate cost or aggregate 因此即便我们已提列了资本利得实现 market value. Because we have large unrealized 时应该支付的估计所得税负债，我们 gains in our insurance equity holdings, the 1978 年及 1979 年的净值依然大幅增 result of this new policy is to increase 加。 substantially both the 1978 and 1979 yearend net worth, even after the appropriate liability is established for taxes on capital gains that would be payable should equities be sold at such market valuations. As you know, Blue Chip Stamps, our 60% owned 大家都知道，我们持股 60%的蓝筹邮 subsidiary, is fully consolidated in Berkshire 票业已并入伯克希尔的合并报表之 Hathaway’s financial statements. However, Blue 中，然而依照现行会计原则规定，蓝 Chip still is required to carry its equity 筹邮票的股票投资仍必须按照旧制- investments at the lower of aggregate cost or 也就是成本与市价孰低法列示，换句 aggregate market value, just as Berkshire 话说，以同一种价格买进同一种股票， Hathaway’s insurance subsidiaries did prior to 不同公司的会计评价方法竟不一样， this year. Should the same equities be purchased (这是不是让你毛骨悚然)，蓝筹邮票 at an identical price by an insurance subsidiary 持股的市值请参阅 18 页的附注三。 of Berkshire Hathaway and by Blue Chip Stamps, present accounting principles often would require that they end up carried on our consolidated balance sheet at two different values. (That should keep you on your toes.) Market values of Blue