巴菲特致股东的信（2000年）⑨其它事项

Miscellaneous

In last year’s report we examined the battle then raging over the use of "pooling" in accounting for mergers. It seemed to us that both sides were voicing arguments that were strong in certain respects and seriously flawed in others. We are pleased that the Financial Accounting Standards Board has since gone to an alternative approach that strikes us as very sound.

其它事项

去年年报我们检讨企业并购时是否能使用“权益合并法”的论战，看起来两方的论点各有其立场，但也有各自的缺点，在此之后，我们欣然见到财务会计准则委员会 FASB 提出了一个替代方法让我们觉得相当满意。

If the proposed rule becomes final, we will no longer incur a large annual charge for amortization of intangibles. Consequently, our reported earnings will more closely reflect economic reality. (See page 65.) None of this will have an effect on Berkshire’s intrinsic value. Your Chairman, however, will personally benefit in that there will be one less item to explain in these letters.

如果这个提案获得采用，以后我们每年将可以不必再提列大笔的无形资产摊销费用，我们的报告收益也因此更能够真实反映实际的经营状况，虽然这些都不会影响到伯克希尔本身的内在价值，但身为公司的董事会主席，我个人将可因此不必在这一方面再多费唇舌。

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I’m enclosing a report ¾ generously supplied by Outstanding Investor Digest ¾ of Charlie’s remarks at last May’s Wesco annual meeting. Charlie thinks about business economics and investment matters better than anyone I know, and I’ve learned a lot over the years by listening to him. Reading his comments will improve your understanding of Berkshire.

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后面我附赠了一篇刊登在杰出投资人文摘(IOD)上的文章，是查理在去年五月Wesco 股东年会的谈话内容，查理在企业经营与股票投资方面的见解一向比我更深刻，而我个人更从他身上受益匪浅，阅读他的评论绝对有助于你对伯克希尔的了解。

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In 1985, we purchased Scott Fetzer, acquiring not only a fine business but the services of Ralph Schey, a truly outstanding CEO, as well. Ralph was then 61. Most companies, focused on the calendar rather than ability, would have benefited from Ralph’s talents for only a few years.

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1985 年我们买下斯科特费泽，买到的不但一家公司，还附带一位优秀的经理人 Ralph Schey，当时 Ralph已 61 岁，对大部分注重年龄而非能力的公司来说，Ralph 为其服务的时日可能已不多。

At Berkshire, in contrast, Ralph ran Scott Fetzer for 15 years until his retirement at the end of 2000. Under his leadership, the company distributed $1.03 billion to Berkshire against our net purchase price of $230 million. We used these funds, in turn, to purchase other businesses. All told, Ralph’s contributions to Berkshire’s present value extend well into the billions of dollars.

但是在伯克希尔却正好相反，Ralph 之后又在斯科特费泽待了 15 年，直到 2000 年底他正式退休为止，在他的领导的期间，相较于当初2.3 亿美元的买进成本，该公司前前后后总共贡献了 10.3 亿美元的收益给伯克希尔，而我们又利用这些资金再买进其它的企业，算下来，Ralph 为伯克希尔所贡献的价值可能已超过数十亿美元。

As a manager, Ralph belongs in Berkshire’s Hall of Fame, and Charlie and I welcome him to it.

身为一位专业经理人，Ralph绝对可以列入伯克希尔的名人堂，查理跟我本身欢迎他的加入。

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A bit of nostalgia: It was exactly 50 years ago that I entered Ben Graham’s class at Columbia. During the decade before, I had enjoyed ¾ make that loved ¾ analyzing, buying and selling stocks. But my results were no better than average.

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又到了怀旧时间，50 年前，我在哥伦比亚大学师从格雷厄姆，在此之前的十年，我一直盲目地从事股票分析、买进卖出的动作，但当时的成绩却是平平。

Beginning in 1951 my performance improved. No, I hadn’t changed my diet or taken up exercise. The only new ingredient was Ben’s ideas. Quite simply, a few hours spent at the feet of the master proved far more valuable to me than had ten years of supposedly original thinking.

从 1951 年起我的投资绩效开始改善，并非我改变了饮食或运动习惯，唯一的改变是其间增加了格雷厄姆的理念，当时在大师面前沉浸几个小时的学习效果远远大于我个人过去十年来的独自摸索。

In addition to being a great teacher, Ben was a wonderful friend. My debt to him is incalculable.

除了是一位伟大的老师，格雷厄姆更是一位难得的挚友，他对我的恩情比天高比海深。

As a manager, Ralph belongs in Berkshire’s Hall of Fame, and Charlie and I welcome him to it.

* * * * * * * * * * * * A bit of nostalgia: It was exactly 50 years ago that I entered Ben Graham’s class at Columbia. During the decade before, I had enjoyed ¾ make that loved ¾ analyzing, buying and selling stocks. But my results were no better than average.

Beginning in 1951 my performance improved. No, I hadn’t changed my diet or taken up exercise. The only new ingredient was Ben’s ideas. Quite simply, a few hours spent at the feet of the master proved far more valuable to me than had ten years of supposedly original thinking.

In addition to being a great teacher, Ben was a wonderful friend. My debt to him is incalculable.

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

A bit of nostalgia: It was exactly 50 years ago that I entered Ben Graham’s class at Columbia. During the decade before, I had enjoyed ¾ make that loved ¾ analyzing, buying and selling stocks. But my results were no better than average.