1972年的巴菲特致股东的信.pdfVIP

1972 年巴菲特致股东的信 翻译：Rick /s/blog_a3453d2201015pcu.html To the Stockholders of Berkshire Hathaway Inc.: Operating earnings of Berkshire Hathaway during 1972 amounted to a highly satisfactory 19.8% of beginning shareholders’ equity. Significant improvement was recorded in all of our major lines of business, but the most dramatic gains were in insurance underwriting profit. Due to an unusual convergence of favorable factors—diminishing auto accident frequency, moderating accident severity, and an absence of major catastrophes—underwriting profit margins achieved a level far above averages of the past or expectations of the future. 致伯克希尔股东： 1972 年的经营利润达到了年初股东权益的19.8%，这实在是令人满意。我们主要 业务部门（根据去年的年报，应该指的是纺织、保险和银行三个部门，rick ）的 经营情况都有明显的改善与提高，但是我们获利最多的还是承保业务。1972 年 几个并不常见的有利因素同时出现：汽车事故频率下降、发生的汽车事故比较温 和（平均来说不严重，rick ）以及未出现巨大破坏力的大灾难。因为上述几个原 因，1972 年我们承保业务的利润率远高于过去的平均水平，我们相信，也远高 于未来预期的平均水平。 While we anticipate a modest decrease in operating earnings during 1973, it seems clear that our diversification moves of recent years have established a significantly higher base of normal earning power. Your present management assumed policy control of the company in May, 1965. Eight years later, our 1972 operating earnings of $11,116,256 represent a return many-fold higher than would have been produced had we continued to devote our resources entirely to the textile business. 虽然我们预期1973 年的营业利润率会出现温和的下降，但是我们过去几年分散 化经营的决策（指将资本从纺织业务抽出来，投资于保险业务和银行,rick ）似乎 已经取得成效，我们在正常情况下的盈利能力已经得到显著的提升。目前的管理 团队于1965 年5 月取得公司的控制权。8 年之后（巴菲特写信的时候是1973 年,rick ），我们于1972 年取得的经营利润是1112 万美金，如果我们当初没有将 纺织业务的资源投到保险业务和银行业，我们1972 年的经营利润将只有现在的 几分之一。 At the end of the 1964 fiscal year, shareholders’ equity totaled $22,138,753. Since that time, no additional equity capital has been introduced into the business, either through cash sale or through merger. On the contrary, some stock has been reacquired, reducing outstanding shares by 14%. The increase in book value per share from $19.46 at