巴菲特致股东的信（1992年）③并购案

Acquisitions

Of all our activities at Berkshire, the most exhilarating for Charlie and me is the acquisition of a business with excellent economic characteristics and a management that we like, trust and admire. Such acquisitions are not easy to make but we look for them constantly. In the search, we adopt the same attitude one might find appropriate in looking for a spouse: It pays to be active, interested and open-minded, but it does not pay to be in a hurry.

并购案

在伯克希尔所有的活动中，最令查理跟我感到雀跃的是，当我们找到同时具有超强竞争优势并且还拥有我们信任与崇敬的经营者的那种企业，想要买到这类公司可不是件容易的事，但我们会一直努力寻找，而在寻找的过程当中，我们采取的就像是与一般人寻找终身伴侣一样相同的态度：积极主动、保持兴趣、乐观与开放，但绝对没有必要急躁冒进。

In the past, I've observed that many acquisition-hungry managers were apparently mesmerized by their childhood reading of the story about the frog-kissing princess. Remembering her success, they pay dearly for the right to kiss corporate toads, expecting wondrous transfigurations. Initially, disappointing results only deepen their desire to round up new toads. ("Fanaticism," said Santyana, "consists of redoubling your effort when you've forgotten your aim.") Ultimately, even the most optimistic manager must face reality. Standing knee-deep in unresponsive toads, he then announces an enormous "restructuring" charge. In this corporate equivalent of a Head Start program, the CEO receives the education but the stockholders pay the tuition.

过去我看过许多对于并购活动相当饥渴的经理人，他们显然是小时候青蛙变王子的故事看太多了，脑中只记得公主成功让青蛙变成王子的美丽结局，于是很慷慨的花大笔的银子取得亲吻蟾蜍的机会，期望会有神奇的事情发生，而失望的结果，往往只会增加他们继续寻找下一次机会的欲望，(Santyana 说：狂热的形成在于，当你忘了目标何在时，还加倍投入你的心力)，到最后即使是最乐观的经理人还是要被迫面对现实，深陷在一堆没有反应的蟾蜍当中，然后他会再大声地宣布，将进行一次重大重组改造方案，在这种企业版的重头再来方案中，CEO 能学到相当宝贵的教训，只不过学费却必须由股东们来出。

In my early days as a manager I, too, dated a few toads. They were cheap dates - I've never been much of a sport - but my results matched those of acquirers who courted higher-priced toads. I kissed and they croaked.

早年在我担任经理人时，也曾与几只蟾蜍邂逅过，还好与之约会算是相当便宜的了，虽然我并没有那么积极，但最后的结果，与那些花高价追求蟾蜍的经理人差不多，在亲吻之后，它们依然呱呱乱叫。

After several failures of this type, I finally remembered some useful advice I once got from a golf pro (who, like all pros who have had anything to do with my game, wishes to remain anonymous). Said the pro: "Practice doesn't make perfect; practice makes permanent." And thereafter I revised my strategy and tried to buy good businesses at fair prices rather than fair businesses at good prices.

在失败过几次之后，我终于想起我曾经从某位职业高尔夫选手那儿得到的建议(像所有职业选手一样，只要和我打过球的，通常都不太愿意让我提起他们的名字)，他说：“不断的练习虽然无法达到完美的境界，但练习却能够使你的成绩持久保持”，也因此我决定改变我的投资策略，试着以合理的价格买进好公司，而不是以便宜的价格买进普通的公司。

Last year, in December, we made an acquisition that is a prototype of what we now look for. The purchase was 82% of Central States Indemnity, an insurer that makes monthly payments for credit-card holders who are unable themselves to pay because they have become disabled or unemployed. Currently the company's annual premiums are about $90 million and profits about $10 million. Central States is based in Omaha and managed by Bill Kizer, a friend of mine for over 35 years. The Kizer family - which includes sons Bill, Dick and John - retains 18% ownership of the business and will continue to run things just as it has in the past. We could not be associated with better people.

去年 12 月，我们做了一个我们现在所认为最典型的并购案，那就是 0.82 亿美元买下中央州保险公司 82%的股权(Central States Indemnity,CSI)，这是一家专门受理信用卡持有人因为突然失业或是失能而付不出信用卡帐单风险的保险公司，现在这家保险公司一年的保费收入大概是 9,000 万美元，盈利 1,000 万美元，总部就设于奥马哈，由与我结交 35 年以上的老朋友 Bill Kizer 所管理，Kizer 家族包含他几个儿子持有剩下 18%的股权，而且还会如同以前那般地经营这项事业，我们实在是不太可能再找到更合适的人选。

Coincidentally, this latest acquisition has much in common with our first, made 26 years ago. At that time, we purchased another Omaha insurer, National Indemnity Company (along with a small sister company) from Jack Ringwalt, another long-time friend. Jack had built the business from scratch and, as was the case with Bill Kizer, thought of me when he wished to sell. (Jack's comment at the time: "If I don't sell the company, my executor will, and I'd rather pick the home for it.") National Indemnity was an outstanding business when we bought it and continued to be under Jack's management. Hollywood has had good luck with sequels; I believe we, too, will.

碰巧的是这件最新的并购案与我在 26 年前第一次所做的案子有许多雷同之处，在当时，我们从另一位老朋友Jack Ringwalt 手中，买下奥马哈国民保险公司，这家公司是由 Jack 一手创立，跟 Bill 一样，当他打算把公司卖掉时，第一个人就想到我，(Jack 当时说到：若是我自己不卖这家公司，我的遗嘱执行人也会卖，所以我宁可自己为它找个归宿)，国民保险在我们当初买下时，就是一家相当优秀的好公司，而在 Jack 的领导下依旧维持这样的情况，好莱坞在发行电影续集时，通常都会有不错的成绩，我想我也是。

Berkshire's acquisition criteria are described on page 23. Beyond purchases made by the parent company, however, our subsidiaries sometimes make small "add-on" acquisitions that extend their product lines or distribution capabilities. In this manner, we enlarge the domain of managers we already know to be outstanding - and that's a low-risk and high-return proposition. We made five acquisitions of this type in 1992, and one was not so small: At yearend, H. H. Brown purchased Lowell Shoe Company, a business with $90 million in sales that makes Nursemates, a leading line of shoes for nurses, and other kinds of shoes as well. Our operating managers will continue to look for add-on opportunities, and we would expect these to contribute modestly to Berkshire's value in the future.

伯克希尔的并购标准详见另页，除了母公司本身时常对外进行并购，我们旗下的子公司偶尔也会自行进行补强收购，以延伸其产品线或是分销能力。通过这种方式，我们扩大了旗下经理人的管理版图，因为我们相当清楚他们各个能力出众，这绝对是低风险高回报的一件事，在 1992 年我们总共有 5 件类似的并购案，其中一件比较大：在年底时，布朗鞋业买下 Lowell 鞋业，一家年营业额 9,000 万美金，专门制造护士专用鞋的公司(品牌是Nursemates)，当然我们旗下事业的经理人还是继续寻找补强收购的机会，而我们也预期他们未来将能够为伯克希尔创造出更多的价值。

Then again, a trend has emerged that may make further acquisitions difficult. The parent company made one purchase in 1991, buying H. H. Brown, which is run by Frank Rooney, who has eight children. In 1992 our only deal was with Bill Kizer, father of nine. It won't be easy to keep this string going in 1993.

不过市场上目前的趋势再度地不利于并购活动的进行，母公司在 1991 年所买下的布朗鞋业，经营者 Frank有八个小孩，我们在 1992 年唯一的案子的经理人，Bill 有九个小孩，不过我想这种趋势很难在 1993 年继续维持下去。