巴菲特致股东的信（1997年）⑫可转换优先股

Convertible Preferreds

Two years ago, I gave you an update on the five convertible preferreds that we purchased through private placements in the 1987-1991 period. At the time of that earlier report, we had realized a small profit on the sale of our Champion International holding. The four remaining preferred commitments included two, Gillette and First Empire State, that we had converted into common stock in which we had large unrealized gains, and two others, USAir and Salomon, that had been trouble-prone. At times, the last two had me mouthing a line from a country song: "How can I miss you if you won't go away?"

可转换优先股

两年前，我曾经就 1987 到 1991 年间进行的五项可转换优先股投资做了一番现况报告，在报告出具的当时，我们卖出了冠军国际部分的持股实现小部分的盈利，剩下的四项投资中，吉列与第一帝国早已转换成普通股，并享有高额的未实现盈利，而全美航空与所罗门兄弟则发生严重的经营问题，这两项投资让我不得不哼起一首乡村歌曲的歌词，“要是你不离开，我又怎么会想念你呢？”

Since I delivered that report, all four holdings have grown significantly in value. The common stocks of both Gillette and First Empire have risen substantially, in line with the companies' excellent performance. At yearend, the $600 million we put into Gillette in 1989 had appreciated to $4.8 billion, and the $40 million we committed to First Empire in 1991 had risen to $236 million.

而就在报告发布之后，所有四项投资的价值皆大幅增加，吉列与第一帝国的普通股股价飙涨，与公司的经营基本面一致，截至年底，当初我们在 1989 年投入吉列的 6 亿美元已经增值为 48 亿美元，而在 1991 年投入第一帝国的 4 千万美元，则已增值至 2.36 亿美元。

Our two laggards, meanwhile, have come to life in a very major way. In a transaction that finally rewarded its long-suffering shareholders, Salomon recently merged into Travelers Group. All of Berkshire's shareholders -- including me, very personally -- owe a huge debt to Deryck Maughan and Bob Denham for, first, playing key roles in saving Salomon from extinction following its 1991 scandal and, second, restoring the vitality of the company to a level that made it an attractive acquisition for Travelers. I have often said that I wish to work with executives that I like, trust and admire. No two fit that description better than Deryck and Bob.

在此同时另外两个后半段，也已起死回生，其中所罗门最近决定并入旅行家集团的举动，终于让长久以来饱受苦难的股东获得的回报，伯克希尔所有的股东，包含我个人在内，实在是亏欠 Deryck Maughan 跟 BobDenham 太多了，首先要感谢他们在 1991 年所罗门爆发丑闻时，拯救公司免于倒闭，之后更让公司恢复以往的活力，使得公司得以风光地嫁给旅行家集团，我常常说，我渴望与我喜爱、信任与崇拜的经理人共事，Deryck 与Bob 正是这样绝佳的组合。

Berkshire's final results from its Salomon investment won't be tallied for some time, but it is safe to say that they will be far better than I anticipated two years ago. Looking back, I think of my Salomon experience as having been both fascinating and instructional, though for a time in 1991-92 I felt like the drama critic who wrote: "I would have enjoyed the play except that I had an unfortunate seat. It faced the stage."

虽然伯克希尔投资所罗门的最终成果到目前仍未定案，所幸目前的情况要比我两年前预期要好得多，回顾过去，我觉得投资所罗门的经验令人感到刺激有趣同时又具教化意义，虽然我在 1991 到 1992 年间的感觉就好象是一个戏迷曾这样写到：“要不是因为坐到一个不幸的位子，我就能够好好地欣赏表演了，因为它正对着舞台”。

The resuscitation of US Airways borders on the miraculous. Those who have watched my moves in this investment know that I have compiled a record that is unblemished by success. I was wrong in originally purchasing the stock, and I was wrong later, in repeatedly trying to unload our holdings at 50 cents on the dollar.

另一方面全美航空的重生过程近乎奇迹，熟悉整个投资过程的朋友都知道，个人在这项投资上获得了前所未有的胜利，一开始买进这家公司的股票就是一项错误，后来又反悔打算以半价出售再度犯了第二次的错误。

Two changes at the company coincided with its remarkable rebound: 1) Charlie and I left the board of directors and 2) Stephen Wolf became CEO. Fortunately for our egos, the second event was the key: Stephen Wolf's accomplishments at the airline have been phenomenal.

两项改变促使该公司得以东山再起：1)查理跟我辞去该公司董事的职位，2)斯蒂芬·沃尔夫(Stephen Wolf)接任成为该公司 CEO，还好后者才是公司真正能够重生的主因，否则我们的脸可就丢大了，Stephen Wolf 的表现对整个航空业而言，可说是意义非凡。

There still is much to do at US Airways, but survival is no longer an issue. Consequently, the company made up the dividend arrearages on our preferred during 1997, adding extra payments to compensate us for the delay we suffered. The company's common stock, furthermore, has risen from a low of $4 to a recent high of $73.

当然全美航空还有很长的一段路要走，不过存活下来应该不是问题，也因此该公司在 1997 年顺利地偿还积欠我们的优先股股息，还包含延迟付息的额外赔偿，该公司的普通股股价更从原来的 4 块钱，一举涨到目前 73 块钱的新高。

Our preferred has been called for redemption on March 15. But the rise in the company's stock has given our conversion rights, which we thought worthless not long ago, great value. It is now almost certain that our US Airways shares will produce a decent profit -- that is, if my cost for Maalox is excluded -- and the gain could even prove indecent.

我们持有的优先股已在 3 月 15 日被要求赎回，不过受惠于该公司股价大涨，原本一文不值的转换权现在却变得价值不菲，可以肯定的是我们现在持有的全美航空普通股将为我们创造极高的盈利，当然还要先把我买胃药的钱给算进去。当然，这笔收益有点胜之不武。

Next time I make a big, dumb decision, Berkshire shareholders will know what to do: Phone Mr. Wolf.

下次要是我再度干下什么愚蠢的投资决策，伯克希尔的股东肯定知道该怎么做了，没错，记得打电话给 Wolf 先生。

* * * * * * * * * * * *

In addition to the convertible preferreds, we purchased one other private placement in 1991, $300 million of American Express Percs. This security was essentially a common stock that featured a tradeoff in its first three years: We received extra dividend payments during that period, but we were also capped in the price appreciation we could realize. Despite the cap, this holding has proved extraordinarily profitable thanks to a move by your Chairman that combined luck and skill -- 110% luck, the balance skill.

* * * * * * * * * * * *

除了可转换优先股，我们在 1991 年还通过私募的方式投资了三亿美元的美国运通俗称“Percs”的股票，这种证券基本上算是一种普通股，只不过在投资的前三年我们可以领取一笔特别的股利，条件是期间我们因为股价上涨所带来的资本利得将受到限制，然而即便如此，这笔投资还是因为本人的英明决策而获利不菲，当然其中也包含一些运气的成份，比例约是 110%(剩下的才是本人的能力)。

Our Percs were due to convert into common stock in August 1994, and in the month before I was mulling whether to sell upon conversion. One reason to hold was Amex's outstanding CEO, Harvey Golub, who seemed likely to maximize whatever potential the company had (a supposition that has since been proved -- in spades). But the size of that potential was in question: Amex faced relentless competition from a multitude of card-issuers, led by Visa. Weighing the arguments, I leaned toward sale.

根据约定我们的 Percs 必须在 1994 年 8 月以前转换成普通股，而就在前一个月我还一直在考虑是否应该在转换期限到期以前把这项投资给处分掉，当时考量的是虽然美国运通总裁 Harvey Golub 表现相当优异，他总是有办法将公司的潜力发挥到极致(这点从一开始便不断地获得证明)，只是这种潜能还是面临严重的挑战，那就是美国运通来自于以 Visa 为首的其它信用卡发卡公司激烈的竞争，在衡量各种利弊得失之后，我还是倾向于把这笔投资提前给处分掉。

Here's where I got lucky. During that month of decision, I played golf at Prouts Neck, Maine with Frank Olson, CEO of Hertz. Frank is a brilliant manager, with intimate knowledge of the card business. So from the first tee on I was quizzing him about the industry. By the time we reached the second green, Frank had convinced me that Amex's corporate card was a terrific franchise, and I had decided not to sell. On the back nine I turned buyer, and in a few months Berkshire owned 10% of the company.

还好我走狗运，就在要做决定的那个月，我正好到缅因州和 Hertz 租车公司总裁 Frank Olson 一起打高尔夫球，Frank 是一位相当优秀的经理人，因为业务的关系相当熟悉信用卡的行业，所以打从第一洞开始我就一直追问他有关这行业的种种问题，到了第二洞的果岭时，Frank 已经让我完全相信美国运通的企业卡是一项绝佳的生意，所以当下我就决定不卖了，等到后九洞时，我更决定加码投资，于是在回来的几个月后，伯克希尔已经拥有该公司 10%的股权。

We now have a $3 billion gain in our Amex shares, and I naturally feel very grateful to Frank. But George Gillespie, our mutual friend, says that I am confused about where my gratitude should go. After all, he points out, it was he who arranged the game and assigned me to Frank's foursome.

现在我们光是在美国运通的投资潜在收益就有 30 亿美元，当然这一切都要感谢 Frank，不过我们俩人共同的好友 George Gillspie 却直说我搞错应该要感恩的对象了，他强调要不是因为他安排这次的球会，并且把我跟Frank 放在同一组的话，也不会有今天这样的成果。