巴菲特致股东的信（1996年）⑨透视收益

"Look-Through" Earnings

Reported earnings are a poor measure of economic progress at Berkshire, in part because the numbers shown in the table presented earlier include only the dividends we receive from investees - though these dividends typically represent only a small fraction of the earnings attributable to our ownership. Not that we mind this division of money, since on balance we regard the undistributed earnings of investees as more valuable to us than the portion paid out. The reason is simple: Our investees often have the opportunity to reinvest earnings at high rates of return. So why should we want them paid out?

透视收益

我们认为报告收益很难表现伯克希尔实际的营运状况，部分原因在于列示在本公司帐上的股利收入，事实上仅占被投资公司收益的一小部分，其实对我们而言，我们更重视未分配的那一部分，原因很简单，因为我们的被投资公司通常更有机会以高回报率对保留收益进行再投资，既然如此又何必一定要强迫他们把收益分配回来呢？

To depict something closer to economic reality at Berkshire than reported earnings, though, we employ the concept of "look-through" earnings. As we calculate these, they consist of: (1) the operating earnings reported in the previous section, plus; (2) our share of 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. When tabulating "operating earnings" here, we exclude purchase-accounting adjustments as well as capital gains and other major non-recurring items.

为了要能更真实的反应伯克希尔实际的经营状况，于是乎我们运用了透视收益的概念，计算这个数字包含(1)前段所提到的报告收益，加上(2)我们在主要被投资公司应占的保留收益，按一般公认会计原则未反应在我们公司帐上的部分，扣除(3)若这些未反映的收益分配给我们时，估计可能要缴的所得税。在这里我们所谓的经营收益系已扣除资本利得、购买法会计调整与其它非经常性项目。

The following table sets forth our 1996 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls. (The dividends paid to us by these investees have been included in the operating earnings itemized on page 12, mostly under "Insurance Group: Net Investment Income.")

下表列出了我们 1996 年的透视收益，不过我还是要提醒各位这些数字只不过是估计数，很多都是基于简单的判断。(被投资公司所分配的股利收入已经包含在保险业务的净投资收益项下)。

(1) Does not include shares allocable to minority interests
(2) Calculated on average ownership for the year
(3) The tax rate used is 14%, which is the rate Berkshire pays on the dividends it receives

(1)不包括可分配给少数股东权益的股份
(2)以年平均持有股权比例计算
(3)通用的税率为 14%，这里是伯克希尔收到现金股利时的平均税率

(1) Does not include shares allocable to minority interests (2) Calculated on average ownership for the year (3) The tax rate used is 14%, which is the rate Berkshire pays on the dividends it receives

(1) Does not include shares allocable to minority interests
(2) Calculated on average ownership for the year
(3) The tax rate used is 14%, which is the rate Berkshire pays on the dividends it receives