巴菲特致股东的信（2012年）⑤金融和金融产品

Finance and Financial Products

金融和金融产品

This sector, our smallest, includes two rental companies, XTRA (trailers) and CORT (furniture), as well as Clayton Homes, the country’s leading producer and financer of manufactured homes. Aside from these 100%- owned subsidiaries, we also include in this category a collection of financial assets and our 50% interest in Berkadia Commercial Mortgage.

这是我们最小的业务板块，包括两家租赁公司，XTRA(拖车租赁)和 CORT(家具租赁)，以及 ClaytonHome，国内领先的预制房生产商和融资商。除了这些 100%拥有的子公司外，我们还有其他一些金融资产以及 Berkadia商业抵押贷款公司 50%的权益。

We include Clayton in this sector because it owns and services 332,000 mortgages, totaling $13.7 billion. In large part, these loans have been made to lower and middle-income families. Nevertheless, the loans have performed well throughout the housing collapse, thereby validating our conviction that a reasonable down payment and a sensible payments-to-income ratio will ward off outsized foreclosure losses, even during stressful times.

我们把 Clayton 归入到这个板块，是因为它拥有 33.2 万笔抵押贷款，合计 137 亿美元。这些贷款中的大部分贷给了中低收入家庭。然而这些贷款在房地产市场崩盘中表现良好，这进一步增强了我们的放贷理念，即合理的首付比例和合理的月供收入比，可以有效防范止赎损失，即便在市场萧条时也有效。

Clayton also produced 25,872 manufactured homes last year, up 13.5% from 2011. That output accounted for about 4.8% of all single-family residences built in the country, a share that makes Clayton America’s number one homebuilder.

Clayton 去年还生产了 25,872 套预制房，比 2011 年上升 13.5%。占全国全国独栋住宅建设量的 4.8%，其份额为全美第一。

CORT and XTRA are leaders in their industries as well. Our expenditures for new rental equipment at XTRA totaled $256 million in 2012, more than double its depreciation expense. While competitors fret about today’s uncertainties, XTRA is preparing for tomorrow.

CORT 和 XTRA 也是各自领域中的佼佼者。2012 年 XTRA 在新租赁设备上的投资是 2.56 亿美元，是其折旧费用的两倍多。当竞争对手们在担忧今天的不确定性时，XTRA 已经在为明天做准备。

Berkadia continues to do well. Our partners at Leucadia do most of the work in this venture, an arrangement that Charlie and I happily embrace.

Berkadia 继续表现出色。我们在 Leucadia 的合伙人承担了大部分工作，这是查理和我喜闻乐见的情形。

Here’s the pre-tax earnings recap for this sector:

下面是这个版块的税前收益概述(不包括资本损益)：

上一页 下一页

〔译文源于芒格书院整理的巴菲特致股东的信〕

© Copyright 2023 Meitiandudian. All Rights Reserved.