巴菲特致合伙人的信（1962年）⑤登普斯特风车制造公司

Dempster Mill Manufacturing Company

The high point of 1962 from a performance standpoint was our present control situation --73% owned Dempster Mill. Dempster has been primarily in farm implements (mostly items retailing for $1,000 or under), water systems, water well supplies and jobbed plumbing lines.

登普斯特风车制造公司(Dempster Mill Manufacturing Company)

1962 年，我们持有登普斯特 73%的控股权益，这笔投资的表现是 1962 年的亮点。登普斯特主要经营农具（大部分产品零售价格在 1,000 美元以下）、灌溉系统、水井设备以及管道铺设。

The operations for the past decade have been characterized by static sales, low inventory turnover and virtually no profits in relation to invested capital.

过去十年，这家公司销售额增长停滞、存货周转率低、投入的资本根本没创造任何收益。

We obtained control in August, 1961 at an average price of about $28 per share, having bought some stock as low as $16 in earlier years, but the vast majority in an offer of $30.25 in August. When control of a company is obtained, obviously what then becomes all-important is the value of assets, not the market quotation for a piece of paper (stock certificate).

1961 年 8 月，我们取得了登普斯特的控股权，买入均价是每股 28 美元，一部分是早些年以每股 16 美元买的，大部分是 8 月份通过一笔大宗交易以 30.25 美元买的。在取得一家公司的控股权后，公司的资产价值就上升到了首要地位，股票这张纸的市场报价就没那么重要了。

Last year, our Dempster holding was valued by applying what I felt were appropriate discounts to the various assets. These valuations were based on their status as non-earning assets and were not assessed on the basis of potential, but on the basis of what I thought a prompt sale would produce at that date. Our job was to compound these values at a decent rate. The consolidated balance sheet last year and the calculation of fair value are shown below.

去年，我们按照以不同折价率评估各项资产的方法来给登普斯特估值。在估值中，我没看各项资产的盈利潜力，只把它们当成没盈利能力的资产，计算在短期内清算可以获得多少价值。我们要做的是以较高的复利，让这些资产增值。以下为登普斯特去年的合并资产负债表和公允价值计算。

Dempster's fiscal year ends November 30th, and because the audit was unavailable in complete form, I approximated some of the figures and rounded to $35 per share last year.

登普斯特的财年结束于 11 月 30 日，由于当时完整的审计报告还没出来，我估算了一些数字，最后得出登普斯特去年的价值是每股 35 美元。

Initially, we worked with the old management toward more effective utilization of capital, better operating margins, reduction of overhead, etc. These efforts were completely fruitless. After spinning our wheels for about six months, it became obvious that while lip service was being given to our objective, either through inability or unwillingness, nothing was being accomplished. A change was necessary.

起初，我们希望能和原有管理层共同努力提升资本效率、提高利润率、降低开支。我们的努力毫无成效。在徒劳无功的努力了六个月后，我们发现管理层要么是能力不行、要么是不愿改变，对我们的目标只是嘴上应付，什么都没做成。这个状况必须改变。

A good friend, whose inclination is not toward enthusiastic descriptions, highly recommended Harry Bottle for our type of problem. On April 17, 1962 I met Harry in Los Angeles, presented a deal which provided for rewards to him based upon our objectives being met, and on April 23rd he was sitting in the president's chair in Beatrice.

我有个好朋友，他从来都不夸大其词，但是他向我强烈推荐哈里·博特尔(Harry Bottle)，说他能解决我们的问题。1962 年 4 月 17 日，我在洛杉矶见到了哈里，我和他谈好了目标和报酬，4 月 23 日他就来到阿特丽斯出任登普斯特总裁。

Harry is unquestionably the man of the year. Every goal we have set for Harry has been met, and all the surprises have been on the pleasant side. He has accomplished one thing after another that has been labeled as impossible, and has always taken the tough things first. Our breakeven point has been cut virtually in half, slow-moving or dead merchandise has been sold or written off, marketing procedures have been revamped, and unprofitable facilities have been sold.

哈里绝对是我们的年度之星。我们给他设定的每个目标，哈里都达到了，而且总是给我们带来意外的惊喜。他完成了一个又一个看似不可能的任务，而且总是先挑最硬的骨头啃。我们的盈亏平衡点降低了一半，销售缓慢或毫无价值的存货被清仓或核销，营销流程整肃一新，没盈利能力的设备统统卖掉。

The results of this program are partially shown in the balance sheet below, which, since it still represents non-earning assets, is valued on the same basis as last year.

哈里的贡献从下面的资产负债表中可见一斑。表中呈现的仍然是不能盈利的资产，依旧按照去年的方法估值。

Three facts stand out:
(1) Although net worth has been reduced somewhat by the housecleaning and writedowns ($550,000 was written out of inventory; fixed assets overall brought more than book value), we have converted assets to cash at a rate far superior to that implied in our year-earlier valuation.
(2) To some extent, we have converted the assets from the manufacturing business (which has been a poor business) to a business which we think is a good business --securities.
(3) By buying assets at a bargain price, we don't need to pull any rabbits out of a hat to get extremely good percentage gains. This is the cornerstone of our investment philosophy: “Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results. The better sales will be the frosting on the cake.”

值得注意的有三点：
(1) 虽然由于资产清理和核销（存货核销了 550,000 美元，固定资产出售价格高于账面价值），净资产略有减少，但是我们将资产变现的速度是相当快的，比我们年初估值时的预期要快多了。
(2) 可以说，我们把不赚钱的制造业务中的资产变现，投入到了能赚钱的股票投资生意里。
(3) 我们廉价买入资产，用不着变戏法，就能获得极高的收益率。这是我们的投资理念之本：“永远不指望卖出好价钱。就是要买的很便宜，卖出价格不高也能很赚钱，多赚的就算锦上添花了。”

On January 2, 1963, Dempster received an unsecured term loan of $1,250,000. These funds, together with the funds all ready "freed-up" will enable us to have a security portfolio of about $35 per share at Dempster, or considerably more than we paid for the whole company. Thus our present valuation will involve a net of about $16 per share in the manufacturing operation and $35 in a security operation comparable to that of Buffett Partnership, Ltd.

1963 年 1 月 2 日，登普斯特获得了 1,250,000 美元的无抵押定期贷款。再加上从登普斯特“释放”出来的资金，我们可以给登普斯特构建一个折合每股 35 美元的投资组合，远高于我们买入整个公司时支付的价格。因此，我们当前给登普斯特的估值包括两部分：一部分是制造业务，每股 16 美元；另一部分是证券组合，与合伙基金投资方式类似，每股 35 美元。

We, of course, are devoted to compounding the $16 in manufacturing at an attractive rate and believe we have some good ideas as to how to accomplish this. While this will be easy if the business as presently conducted earns money, we have some promising ideas even if it shouldn't.

我们会争取让 16 美元的制造业务以较高的复利增长。我们相信我们有能力实现这个目标。如果按照现在的状况，制造业务将来能赚钱，那就好办了。就算它不赚钱，我们也有办法。

It should be pointed out that Dempster last year was 100% an asset conversion problem and therefore, completely unaffected by the stock market and tremendously affected by our success with the assets. In 1963, the manufacturing assets will still be important, but from a valuation standpoint it will behave considerably more like a general since we will have a large portion of its money invested in generals pretty much identical with those in Buffett Partnership, Ltd. For tax reasons, we will probably not put workouts in Dempster. Therefore, if the Dow should drop substantially, it would have a significant effect on the Dempster valuation. Likewise, Dempster would benefit this year from an advancing Dow which would not have been the case most of last year.

有一点需要大家注意，去年，我们主要是解决登普斯特的资产转化问题，影响登普斯特的不是股市波动，而是我们处置资产的成果如何。1963 年，制造业务中的资产仍然重要，但是从估值角度来说，因为我们像在合伙基金所做的投资一样，将登普斯特的大量资金用于买入低估的股票，它的表现会明显更接近低估类。考虑到纳税问题，我们可能不会将登普斯特的资金用于投资套利类。今年道指的涨跌会严重影响登普斯特的估值，这和去年不一样。

There is one final point of real significance for Buffett Partnership, Ltd. We now have a relationship with an operating man which could be of great benefit in future control situations. Harry had never thought of running an implement company six days before he took over. He is mobile, hardworking and carries out policies once they are set. He likes to get paid well for doing well, and I like dealing with someone who is not trying to figure how to get the fixtures in the executive washroom gold-plated.

Harry and I like each other, and his relationship with Buffett Partnership, Ltd. should be profitable for all of us.

最后，还有一个很重要的问题要告诉大家。我们的合伙基金现在找到了一个善于经营公司的人才，有了他的帮助，我们将来的控股类投资会做得更好。我去邀请哈里之前，他从没想过要管理一家农具公司。他善于适应新环境、工作努力、执行能力强。他希望自己工作做得好，报酬也要高，我喜欢他这种人，他们不像有的经理人，就知道要在总裁办公室配备镀金洗手间。

哈里和我惺惺相惜，他与我们合伙基金的合伙是共赢。