巴菲特致股东的信（2013年）⑤金融和金融产品

Finance and Financial Products

金融和金融产品

“Clayton’s loan portfolio will likely grow to at least $5 billion in not too many years and, with sensible credit standards in place, should deliver significant earnings.” — 2003 Annual Report 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.

2003 年年报："Clayton 的贷款组合几年内将增长到 50 亿美元，如果信贷标准合理，将会带来可观利润。"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金融租赁商。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。

Clayton is placed in this section because it owns and services 326,569 mortgages, totaling $13.6 billion. In recent years, as manufactured home sales plummeted, a high percentage of Clayton’s earnings came from this mortgage business.

Clayton 之所以被归入这个版块，是因为它有 326,569 笔抵押贷款，合计 136 亿美元。近几年，由于预制房销量的下跌，公司大部分的盈利都来自于抵押贷款业务。

In 2013, however, the sale of new homes began to pick up and earnings from both manufacturing and retailing are again becoming significant. Clayton remains America’s number one homebuilder: Its 2013 output of 29,547 homes accounted for about 4.7% of all single-family residences built in the country. Kevin Clayton, Clayton’s CEO, has done a magnificent job of guiding the company through the severe housing depression. Now, his job – definitely more fun these days – includes the prospect of another earnings gain in 2014.

但是 2013 年，新房的销售开始回升，制造和零售部分的利润再次变得可观。Clayton 依然是美国最大的房屋建筑商：2013 年它建造了 29,457 套房屋，占全国新建住宅总数的 4.7%。公司的 CEO-Kevin Clayton 成功领导公司度过了房地产市场的严重衰退。现在他的工作一定比之前有趣多了，预计 2014 年的前景将实现盈利增长。

CORT and XTRA are leaders in their industries as well. And Jeff Pederson and Bill Franz will keep them on top. We are backing their plans through purchases of equipment that enlarge their rental potential.

CORT 和 XTRA 也是各自行业中的佼佼者。Jeff Pederson 和 Bill Franz 依然会保持它们的领先地位。我们支持他们购置设备扩大租赁规模的计划。

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

下面是这个板块的税前收益(不包括资本损益)：