e8东的信 _作者: 美 沃伦·巴菲特-第91部分
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碰巧的是这件最新的购并案与我在26年前第一次所做的案子有许多雷同之处，在当时，我们从另一位老朋友Jack Ringwalt手中，买下奥玛哈另一家保险公司…国家产险公司，这家公司是由Jack一手草创，同时也跟Bill一样，当他打算把公司卖掉时，第一个人就想到我，（Jack当时说到：若是我自己不卖这家公司，我的遗嘱执行人也会卖，所以我宁可自己为它找个归宿），国家产险在我们当初买下时，就是一家相当优秀的好公司，而在Jack的领导下依旧维持这样的情况，好莱坞在发行电影续集时，通常都会有不错的成绩，我想我也是。
Berkshire's acquisition criteria are described on page 23。 Beyond purchases made by the parent pany； however； our subsidiaries sometimes make small 〃add…on〃 acquisitions that extend their product lines or distribution capabilities。 In this manner； we enlarge the domain of managers we already know to be outstanding … and that's a low…risk and high…return proposition。 We made five acquisitions of this type in 1992； and one was not so small： At yearend； H。 H。 Brown purchased Lowell Shoe pany； a business with 90 million in sales that makes Nursemates； a leading line of shoes for nurses； and other kinds of shoes as well。 Our operating managers will continue to look for add…on opportunities； and we would expect these to contribute modestly to Berkshire's value in the future。
Berkshire的购并标准详另页，除了母公司本身时常对外进行购并，我们旗下的子公司偶尔也会自行新添生力军，以延伸其产品线或是通路能力，就这点儿言，我们很愿意扩大旗下经理人的视野，因为我们相当清楚他们优异的能力，这绝对是低风险高报酬的一件事，在1992年我们总共有5件这样类似的案例，另外还有一件比较大的案子，在年底时，布朗鞋业买下Lowell鞋业…一家年营业额9；000万美金，专门制造护士专用鞋的公司，当然我们旗下事业的经理人还是继续寻找扩充的机会，而我们也预期他们未来将能够为Berkshire创造出更多的价值。
Then again； a trend has emerged that may make further acquisitions difficult。 The parent pany made one purchase in 1991； buying H。 H。 Brown； which is run by Frank Rooney； who has eight children。 In 1992 our only deal was with Bill Kizer； father of nine。 It won't be easy to keep this string going in 1993。
不过市场上目前的趋势再度地不利于购并活动的进行，母公司在1991年所买下的布朗鞋业，经营者Frank有八个小孩，我们在1992年唯一的案子的经理人， Bill有九个小孩，不过我想这种趋势很难在1993年继续维持下去。
Sources of Reported Earnings帐列盈余的来源
The table below shows the major sources of Berkshire's reported earnings。 In this presentation； amortization of Goodwill and other major purchase…price accounting adjustments are not charged against the specific businesses to which they apply； but are instead aggregated and shown separately。 This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them。 I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing GAAP； which requires purchase…price adjustments to be made on a business…by…business basis。 The total net earnings we show in the table are； of course； identical to the GAAP total in our audited financial statements。
下表显示Berkshire帐列盈余的主要来源，在这张表中商誉的摊销数与购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各事业的盈余状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之一般公认会计原则要求以个别企业基础做调整，不管是对投资者或是管理者来说，更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。
（000s omitted） Berkshire's Share of Net Earnings （after taxes and Pre…Tax Earnings minority interests）
Operating Earnings： Insurance Group
Underwriting Net Investment Ine H。 H。 Brown （acquired 7/1/91） Buffalo News Fechheimer Kirby
1992 （108；961） 355；067 27；883 47；863 13；698 35；653
1991 （119；593） 331；846 13；616 37；113 12；947 35；726
1992 （71；141） 305；763 17；340 28；163 7；267 22；795
1991 （77；229） 285；173 8；611 21；841 6；843 22；555
Nebraska Furniture Mart Scott Fetzer Manufacturing Group See's Candies Wesco … other than Insurance World Book Amortization of Goodwill
1992 17；110 31；954 42；357 15；153 29；044 （4；702）
1991 14；384 26；123 42；390 12；230 22；483 （4；113）
1992 8；072 19；883 25；501 9；195 19；503 （4；687）
1991 6；993 15；901 25；575 8；777 15；487 （4；098）
Other Purchase…Price Shareholder…Designated
Accounting Charges Interest Expense* Contributions Other
1992 （7；385） （98；643） （7；634） 72；223
1991 （6；021） （89；250） （6；772） 77；399
1992 （8；383） （62；899） （4；913） 36；267
1991 （7；019） （57；165） （4；388） 47；896
Operating Earnings Sales of Securities Total Earnings … All Entities
1992 460；680 89；937 550；617
1991 400；508 192；478 592；986
1992 347；726 59；559 407；285
1991 315；753 124；155 439；908
*Excludes interest expense of Scott Fetzer Financial Group and Mutual Savings & Loan。 Includes 22。5 million in 1992 and 5。7 million in 1991 of premiums paid on the early redemption of debt。
*不包含史考特飞兹与联合储贷的利息费用，另外加计1992年与1991年分别赎回可转换债券所额外支付的2；250万与570万溢价。
A large amount of additional information about these businesses is given on pages 37…47； where you will also find our segment earnings reported on a GAAP basis。 Our goal is to give you all of the financial information that Charlie and I consider significant in making our own evaluation of Berkshire。
在年报中你可以找到依照一般公认会计原则编制，详细的部门别信息，至于我们的目的是希望给你所有查理跟我认为在评估Berkshire价值时，应该必要的资讯。
〃Look…Through〃 Earnings透视盈余
We've previously discussed look…through earnings； which consist of： （1） the operating earnings reported in the previous section； plus； （2） the retained operating earnings of major investees that； under GAAP accounting； are not reflected in our profits； less； （3） an allowance for the tax that would be paid by Berkshire if these retained earnings of investees had instead been distributed to us。 Though no single figure can be perfect； we believe that the look…through number more accurately portrays the earnings of Berkshire than does the GAAP number。
之前我们曾经讨论过透视盈余，其主要的组成份子有（1）前段所提到的帐列盈余，加上（2）主要被投资公司的保留盈余，按一般公认会计原则未反应在我们公司帐上的盈余，扣除（3）若这些未反应的盈余分配给我们时，估计可能要缴的所得税。虽然没有任何一项数字是完美的，但我们相信这项透视盈余会比按一般公认会计原则下的数字更能够反应Berkshire实际的获利状况。
I've told you that over time look…through earnings must increase at about 15％ annually if our intrinsic business value is to grow at that rate。 Our look…through earnings in 1992 were 604 million； and they will need to grow to more than 1。8 billion by the year 2000 if we are to meet that 15％ goal。 For us to get there； our operating subsidiaries and investees must deliver excellent performances； and we must exercise some skill in capital allocation as well。
我曾经告诉各位，长期而言，如果我们的实质价值也期望以这个幅度来成长的话，透视盈余每年也必须增加15％，1992年我们的透视盈余约为6。04亿美元，而到公元2000年为止，若要以15％的目标，透视盈余必须成长到18亿美元，要完成这样的目标，代表我们旗下的营运事业及主要的被投资公司必须要有更杰出的表现，同时我们本身资金规划分配也要更有效益才成。
We cannot promise to achieve the 1。8 billion target。 Indeed； we may not even e close to it。 But it does guide our decision…making： When we allocate capital today； we are thinking about what will maximize look…through earnings in 2000。
我们不敢保证届时一定可以达到18亿美元的目标，甚至很有可能根本就达不到，不过这目标还是对我们的决策有帮助，每当我们现在在分配资金时，我们都会想到要如何将2000年的透视盈余极大化。
We do not； however； see this long…term focus as eliminating the need for us to achieve decent short…term results as well。 After all； we were thinking long…range thoughts five or ten years ago； and the moves we made then should now be paying off。 If plantings made confidently are repeatedly followed by disappointing harvests； something is wrong with the farmer。 （Or perhaps with the farm： Investors should understand that for certain panies； and even for some industries； there simply is no good long…term strategy。） Just as you should be suspicious of managers who pump up short…term earnings by accounting maneuvers； asset sales and the like； so also should you be suspicious of those managers who fail to deliver for extended periods and blame it on their long…term focus。 （Even Alice； after listening to the Queen lecture her about 〃jam tomorrow；〃 finally insisted； 〃It must e sometimes to jam today。〃）
不过我们对于长期目标的专注并不代表我们就不注重短期结果，总的来说我们早在5到10年前就预先规划设想，而当时所作的举动现在才开始慢慢地回收，如果每次有信心的播种最后的收割结果都一再让人失望的话，农夫就应该要好好地检讨原因了，（不然就是农地有问题，投资人必须了解对于某些公司或甚至是某些产业，根本就没有所谓的长期性策略），就像是你可能会特别留心那些利用会计手法或出售资产撑高短期盈余的经理人，你也应该要特别注意那些一再延长达成目标期程，并把长期目标一直挂在嘴上的人，（即使是爱莉丝一再听到母后明天再挤牛奶的说教，她最后还是忍不注坚持，总有一些应该要今天挤吧！）
The following table shows you how we calculate look…through earnings； though I warn you that the figures are necessarily very rough。 （The dividends paid to us by these investees have been included in the operating earnings itemized on page 8； mostly under 〃Insurance Group： Net Investment Ine。〃）
各位可以从下表看出我们是如何�
