巴菲特致合伙人的信（1968年）③1968年业绩分析④控股类

Analysis of 1968 Results

All four main categories of our investment operation worked out well in 1968. Our total overall gain of $40,032,691 was divided as follows:

1968年业绩分析

1968年我们的四大类投资都表现不错。我们实现的总收益是40,032,691美元，具体如下：

A few caveats, as mentioned in my letter two years ago, are again in order (non-doctoral candidates may proceed to next section):

1.An explanation of the various categories listed above was made in the January 18, 1965 letter. If your memory needs refreshing and your favorite newsstand does not have the pocketbook edition. We'll be glad to give you a copy.

和两年前的信中所写的一样，有几个地方需要说明一下（不想读博士学位的可以跳过这部分）：

1.1965年1月18日的信中介绍了上述各个投资类别。如果你需要回顾一下，在附近的报刊亭又买不到便携版，请向我们索取。

2.The classifications are not iron clad. Nothing is changed retroactively, but the initial decision as to category is sometimes arbitrary. Sometimes later classification proves difficult; e.g. a workout that falls through but that I continue to hold for reasons unrelated or only partially related to the original decision (like stubbornness).

2.分类不是严丝合缝的。一笔投资归在哪个类别，事后不会更改的，但最初归类时多少有些主观因素。有些投资不太好归类，例如，有的套利投资失败后，我仍然持有，但持有的理由已经和最初买入的理由不完全相同了（可能是因为固执）。

3.Percentage returns calculated on the average investment base by category would be significantly understated relative to Partnership percentage returns which are calculated on a beginning investment base. In the foregoing figures, a security purchased by us at 100 on January 1 which appreciated at an even rate to 200 on December 31 would have an average investment of 150 producing a 66-2/3% result contrasted to a 100% result by the customary approach. In other words, the foregoing figures use a monthly average of market values in calculating the average investment.

3.计算合伙基金收益率时，我们以年初投资金额为基准。上述表格记录的是各类投资的平均投资金额，这样计算出来的收益率比实际要低。例如，一只股票，我们1月1日以100美元买入，到12月31日，它上涨到200美元，则平均投资金额是150美元，收益率是66.66%，而按照常用的计算方法，收益率则是100%。换言之，上表中的平均投资金额是以每月的平均市值计算的。

4.All results are based on a 100% ownership, non-leverage basis. Interest and other general expenses are deducted from total performance and not segregated by category. Expenses directly related to specific investment operations, such as dividends paid on short stock, are deducted by category. When securities are borrowed directly and sold short, the net investment (longs minus shorts) is shown for the applicable category's average investment.

4.所有数字均按照100%自有资金、无杠杆的基础计算。利息和日常费用从总收益中扣除，不分摊到各个类别。与具体某笔投资直接相关的费用，例如，因做空股票而支付的股息，直接从相应类别中扣除。在涉及融券做空的情况下，计算平均投资金额时，用多头仓位减去空头仓位得出净投资金额。

5.The foregoing table has only limited use. The results applicable to each category are dominated by one or two investments. They do not represent a collection of great quantities of stable data (mortality rates of all American males or something of the sort) from which conclusions can be drawn and projections made. Instead, they represent infrequent, non-homogeneous phenomena leading to very tentative suggestions regarding various courses of action and are so used by us.

5.上述表格用处有限。各个投资类别的收益都主要来自一两笔投资。如果收集了大量稳定的数据（例如，美国男性的死亡率），那么可以从中得出一些结论和预测，但我们的投资不是这么回事。我们在投资中面临的是一系列不知何时出现、各有不同特点的事件，我们要前思后想，琢磨各种可能性，然后做出决定。

6.Finally, these calculations are not made with the same loving care we apply to counting the money and are subject to possible clerical or mathematical error since they are not entirely se1f-checking.

6.最后，我们在进行上述计算时不像数钱时那么上心，再说这也算不上纯粹的自检，所以里面可能有笔误或计算错误。

Controls

Overall, the controlled companies turned in a decent performance during 1968. Diversified Retailing Company Inc. (80% owned) and Berkshire Hathaway Inc. (70% owned) had combined after-tax earnings of over $5 million.

控股类

总体来说，1968年控股公司交出了一份令人满意的业绩。多元零售公司(Diversified Retailing Company Inc.)（持股80%）和伯克希尔哈撒韦公司(Berkshire Hathaway Inc.)（持股70%）的税后利润合计为500多万美元。

Particularly outstanding performances were turned in by Associated Cotton Shops, a subsidiary of DRC run by Ben Rosner, and National Indemnity Company, a subsidiary of B-H run by Jack Ringwalt. Both of these companies earned about 20% on capital employed in their businesses. Among Fortune's “500” (the largest manufacturing entities in the country, starting with General Motors), only 37 companies achieved this figure in 1967, and our boys outshone such mildly better-known (but not better appreciated) companies as IBM, General Electric, General Motors, Procter & Gamble, DuPont, Control Data, Hewlett-Packard, etc...

联合棉布商店(Associated Cotton Shops)和国民赔偿公司(National Indemnity)表现尤其突出，这两家公司分别是多元零售和伯克希尔哈撒韦的子公司，分别由本·罗斯纳(Ben Rosner)和杰克·林沃特(Jack Ringwalt)领导。这两家公司都取得了20%左右的资本收益率。在财富500强公司中（美国规模最大的制造业公司排名，通用汽车居于榜首），1967年，只有37家公司的资本收益率达到了20%。IBM、通用电气(General Electric)、通用汽车(General Motors)、宝洁(Procter&Gamble)、杜邦(DuPont)、控制数据(Control Data)和惠普(Hewlett-Packard)，这些公司虽然名气更大，但我们的经理人取得了比他们更优秀的资本收益率。

I still sometimes get comments from partners like: "Say, Berkshire is up four points - that's great!" or "What's happening to us, Berkshire was down three last week?" Market price is irrelevant to us in the valuation of our controlling interests. We valued B-H at 25 at yearend 1967 when the market was about 20 and 31 at yearend 1968 when the market was about 37. We would have done the same thing if the markets had been 15 and 50 respectively. ("Price is what you pay. value is what you get"). We will prosper or suffer in controlled investments in relation to the operating performances of our businesses - we will not attempt to profit by playing various games in the securities markets.

现在还是有合伙人对我说这样的话：“伯克希尔涨了四块钱，太好了！”“伯克希尔上周怎么跌了三块钱，出什么情况了？”在评估控股权益时，我们不看市场价格。1967年年末，我们给伯克希尔哈撒韦的估值是25，当时市场价格是20左右。1968年年末，我们给它的估值是31，当时市场价格是37左右。要是这两年的市场价格分别是15和50，我们的估值还是会和原来一样。（“价格是你付出的，价值是你得到的。”）就控股投资而言，我们的盈亏全看生意经营情况，我们不想通过各种手段在股市获利。

Analysis of 1968 Results All four main categories of our investment operation worked out well in 1968. Our total overall gain of $40,032,691 was divided as follows:

6.Finally, these calculations are not made with the same loving care we apply to counting the money and are subject to possible clerical or mathematical error since they are not entirely se1f-checking.

ControlsOverall, the controlled companies turned in a decent performance during 1968. Diversified Retailing Company Inc. (80% owned) and Berkshire Hathaway Inc. (70% owned) had combined after-tax earnings of over $5 million.

Analysis of 1968 Results

All four main categories of our investment operation worked out well in 1968. Our total overall gain of $40,032,691 was divided as follows:

Controls

Overall, the controlled companies turned in a decent performance during 1968. Diversified Retailing Company Inc. (80% owned) and Berkshire Hathaway Inc. (70% owned) had combined after-tax earnings of over $5 million.