j85致股东信中文版.pdfVIP

巴菲特致股东的信1977年

Buffett’sLettersToBerkshireShareholders1977

Operatingearningsin1977of$21,904,000,or$22.54per1977年本公司的营业净利为2,190万

share,weremoderatelybetterthananticipatedayear，每股约当22.54，表现较

ago.Oftheseearnings,$1.43pershareresultedfrom年前的预期稍微好一点，在这些盈余

substantialrealizedcapitalgainsbyBlueChipStamps中，每股有1.43的盈余，系蓝筹

which,totheextentofourproportionalinterestin邮票大量实现的资本利得，本公司依

thatcompany,areincludedinouroperatingearnings照投资比例认列投资收益所贡献，至

figure.Capitalgainsorlossesrealizeddirectlyby希尔本身及其子公司已实

BerkshireHathawayInc.oritsinsurancesubsidiaries现的资本利得或损失，则不列入营业

arenotincludedinourcalculationofoperating利益计算，建议大家不必太在意单一

earnings.Whiletoomuchattentionshouldnotbepaid期间的盈余数字，因为长期累积的资

tothefigureforanysingleyear,overthelongerterm本利得或损失才是真正的重点所在。

therecordregardingaggregatecapitalgainsorlosses

obviouslyisofsignificance.

Textileoperationscameinwellbelowforecast,while纺织事业的表现远低于预估，至于伊

theresultsoftheIllinoisNationalBankaswellasthe利诺国家银行的成绩以及蓝筹邮票贡

operatingearningsattributabletoourequityinterest献给我们的投资利益则大致如预期，

inBlueChipStampswereaboutasanticipated.However,另外，由PhilLiesche的国家产

insuranceoperations,ledagainbythetruly险业务的表现甚至比我们当初最

outstandingresultsofPhilLiesche’smanagerialgroup乐观的期望还要好。

atNationalIndemnityCompany,wereevenbetterthanour

optimisticexpectations.

Mostcompaniesdefine“record”earningsasanewhigh通常公司会宣称每股盈余又创下

inearningspershare.Sincebusinessescustomarilyadd新高，然而由于公司的资本会随着盈

fromyeartoyeartotheirequitybase,wefindnothing余的累积扩增，所以我们并不认为这

particularlynoteworthyinamanagementperf