巴菲特致股东的信（1995年）⑧普通股投资

Common Stock Investments

Below we present our common stock investments. Those with a market value of more than $600 million are itemized.

股票投资

下表是我们市值超过六亿美元以上的普通股投资。

We continue in our Rip Van Winkle mode: Five of our six top positions at yearend 1994 were left untouched during 1995. The sixth was American Express, in which we increased our ownership to about 10%.

我们继续做着我们的李伯大梦，在 1994 年持有的前六大持股中，有五支在 1995 年维持不动，唯一有变动的是美国运通，我们将持有股权比例提高到 10%左右。

In early 1996, two major events affected our holdings: First, our purchase of the GEICO stock we did not already own caused that company to be converted into a wholly-owned subsidiary. Second, we exchanged our Cap Cities shares for a combination of cash and Disney stock.

在 1996 年初期，有两个重大事件影响到我们的持股，首先在买下 GEICO 保险剩余一半的股份之后，GEICO保险变成我们 100%持有的子公司，第二，我们将大都会股份转换成现金与迪士尼股票。

In the Disney merger, Cap Cities shareholders had a choice of actions. If they chose, they could exchange each of their Cap Cities shares for one share of Disney stock plus $65. Or they could ask for - though not necessarily get - all cash or all stock, with their ultimate allotment of each depending on the choices made by other shareholders and certain decisions made by Disney. For our 20 million shares, we sought stock, but do not know, as this report goes to press, how much we were allocated. We are certain, however, to receive something over 20 million Disney shares. We have also recently bought Disney stock in the market.

在迪士尼的并购案中，原来大都会的股东可以有好几种选择，他们可以选择将原有一股转换成迪士尼的一股外加 65 美元现金，或者他们可以要求全部换成现金或是股票，但是最终可获得的分配结果还要视其它股东的选择以及迪士尼本身的态度而定，以我们持有 2 千万股来说，我们选择全部转换成股票，不过到年报截止日为止，我们还不确定到底可以分配到多少股份，当然可以确定的是最后收到的股数一定会超过 2 千万股，除此之外，我们还通过公开市场继续收购迪士尼的股份。

One more bit of history: I first became interested in Disney in 1966, when its market valuation was less than $90 million, even though the company had earned around $21 million pre-tax in 1965 and was sitting with more cash than debt. At Disneyland, the $17 million Pirates of the Caribbean ride would soon open. Imagine my excitement - a company selling at only five times rides!

再透露一点历史，我第一次对迪士尼发生兴趣是在 1966 年，当时它的股票市值还不到 9 千万美元，虽然该公司在 1965 年的税前净利是 2100 万美元，而且所拥有的现金甚至多过于负债，当时迪士尼乐园斥资 1,700 万美元的加勒比海海盗船才刚要开幕，而这家公司的卖价只不过是这艘海盗船的五倍！

Duly impressed, Buffett Partnership Ltd. bought a significant amount of Disney stock at a split-adjusted price of 31› per share. That decision may appear brilliant, given that the stock now sells for $66. But your Chairman was up to the task of nullifying it: In 1967 I sold out at 48› per share.

印象深刻的我，利用巴菲特合伙企业的资金，买进一大笔的股份(400 万买入 5%，现在价值 8.5 亿)，照分割调整后的平均成本约每股 31 美分，这样的决定显然很正确，因为现在的股价大概是 66 美元一股，各位的董事长却在 1967 年以每股 48 美分将这批股票卖出，使得其效果大打折扣。

Oh well - we're happy to be once again a large owner of a business with both unique assets and outstanding management.

不过还好，绕了半天，我们很高兴能够再度成为这家拥有独特资产与杰出管理层公司的大股东。

Common Stock Investments Below we present our common stock investments. Those with a market value of more than $600 million are itemized.

We continue in our Rip Van Winkle mode: Five of our six top positions at yearend 1994 were left untouched during 1995. The sixth was American Express, in which we increased our ownership to about 10%.

In early 1996, two major events affected our holdings: First, our purchase of the GEICO stock we did not already own caused that company to be converted into a wholly-owned subsidiary. Second, we exchanged our Cap Cities shares for a combination of cash and Disney stock.

Oh well - we're happy to be once again a large owner of a business with both unique assets and outstanding management.

Common Stock Investments

Below we present our common stock investments. Those with a market value of more than $600 million are itemized.