巴菲特致合伙人的信（1969年12月5日）（上）

December 5th , 1969

1969年12月5日

To My Partners:

This letter is to supply you with some published information relating to our two controlled companies (and their four principal operating components), as well as to give you my general views regarding their operations. My comments are not designed to give you loads of detailed information prospectus-style, but only my general "slant" as I see the businesses at this time.

致各位合伙人：

随信附上了我们两家控股公司（及其四家子公司）的一些公开信息。在本信中，我将向各位简单介绍一下这几家公司的经营情况。我的简单介绍不会像招股书那样提供面面俱到的信息，只是大概谈一下我个人对这些公司的“浅见”。

At yearend, BPL will own 800,000 of 1,000,000 shares outstanding of Diversified Retailing Company. First Manhattan Company and Wheeler, Munger & Company will each own 100,000 shares. DRC previously owned 100% of Hochschild, Kohn & Company of Baltimore, and currently owns 100% of Associated Retail Stores
(formerly named Associated Cotton Shops). On December 1st, DRC sold its entire interest in H-K to Supermarkets General Corp. for $5,045,205 of cash plus non-interest bearing SGC notes for $2 million due 2-1-70, and $4,540,000 due 2-1-71. The present value of these notes approximates $6.0 million so, effectively, DRC received about $11 million on the sale. Various warranties were made by DRC in connection with the sale, and, while we expect no claims pursuant to the contract, a remote contingent liability always exists while warranties are in force.

年末，在多元零售公司1,000,000股流通股中，巴菲特合伙基金将持有800,000股，第一曼哈顿公司(First Manhattan Company)和惠勒·芒格合伙公司(Wheeler,Munger&Company)将分别持有100,000股。多元零售公司曾拥有巴尔地摩的霍赫希尔德·科恩公司(Hochschild,Kohn&Co.)100%的股份，目前拥有联合零售商店（Associated Retail Stores，原名联合棉布商店）100%的股份。12月1日，多元零售公司将其在霍赫希尔德·科恩公司的全部权益出售给了超级市场控股公司(Supermarkets General Corp.)，获得了5,045,205美元的现金以及超级市场控股公司70年2月1日到期的200万美元无息票据、71年2月1日到期的4,540,000美元无息票据。上述票据的现值约为600万美元，多元零售公司出售科恩公司获得的现金相当于1100万美元左右。在这笔交易的合同中，多元零售公司需要遵守若干保证条款。我们估计不会因此而承担责任，但既然是有约束力的保证条款，或多或少总是有承担相关责任的可能性。

Associated Retail Stores has a net worth of about $7.5 million. It is an excellent business with a strong financial position, good operating margins and a record of increasing sales and earnings in recent years. Last year, sales were about $37.5 million and net income about $1 million. This year should see new records in sales and earnings, with my guess on the latter to be in the area of $1.1 million after full taxes.

联合零售商店的净资产价值是750万美元左右。这家公司的生意很好，财务状况稳健，利润率高，近年来销售额和盈利节节攀升。去年，销售额大约是3750万美元，净利润大约是100万美元。今年，它的销售额和盈利应该再创新高，扣除所有税收后，净利润可能在110万美元左右。

DRC has $6.6 million in debentures outstanding (prospectus with full description of the business as of December 18th, 1967 and the debenture terms will be sent you upon request) which have one unusual feature in that if I, or an entity controlled by me, is not the largest shareholder of DRC, the debentureholders have the right to present their debentures for payment by the company at par.

多元零售公司发行了660万美元的公司债（如有需要，请向我们索取债券募集说明书，其中包含截止1967年12月18日的公司业务介绍以及债券条款）。该债券存在一个特别条款，规定如果我或我控制的实体不再是多元零售公司的最大股东，债券持有人有权要求公司按面值偿付债券。

Thus, DRC has tangible net assets of about $11.50 - $12.00 per share, an excellent operating business and substantial funds available for reinvestment in other operating businesses. On an interim basis, such funds will be employed in marketable securities.

目前，多元零售公司的有形资产净值是每股11.50-12.00美元，它的生意非常好，而且有大量资金可以用于投资其他业务。该公司的闲置资金将暂时用于投资有价证券。

Berkshire Hathaway Inc. has 983,582 shares outstanding, of which BPL owns 691,441. B-H has three main operating businesses, the textile operation, the insurance operation (conducted by National Indemnity Company and National Fire & Marine Insurance Company, which will be collectively called the insurance company) and the Illinois National Bank and Trust Company of Rockford, Illinois. It also owns Sun Newspapers Inc, Blacker Printing Company and 70% of Gateway Underwriters, but these operations are not financially significant relative to the total.

伯克希尔·哈撒韦(Berkshire Hathaway Inc.)拥有983,582股的流动股，其中巴菲特合伙基金持有691,441股。伯克希尔·哈撒韦主要有三项业务：纺织业务、保险业务（国民赔偿公司和国民火灾与海事保险公司，统称为保险公司）、伊利诺伊国民银行以及罗克福德信托公司。伯克希尔还拥有太阳报业(Sun Newspapers Inc)、布莱克尔印刷公司(Blacker Printing Company)以及捷威保险公司(Gateway Underwriters)70%的股份，但是这几个业务所占比重相对较小。

The textile operation presently employs about $16 per share in capital and, while I think it has made some progress relative to the textile industry generally, cannot be judged a satisfactory business. Its return on capital has not been sufficient to support the assets employed in the business and, realistically, an adequate return has less than an even chance of being averaged in the future. It represents the best segments of the business that existed when we purchased control four and one-half years ago. Capital from the other segments has been successfully redeployed - first, on an interim basis into marketable securities and, now on a permanent basis into insurance and banking. I like the textile operating people - they have worked hard to improve the business under difficult conditions - and, despite the poor return, we expect to continue the textile operation as long as it produces near current levels.

目前，在每股投入的资金中，纺织业务占了16美元。虽说与整个纺织行业相比，伯克希尔的纺织业务稍微领先，但这项业务算不上好生意。我们在纺织业务中投入了不少资产，但是它的资本回报率却很低，将来更不可能实现足够高的回报率。四年半以前，我们买入了伯克希尔，当时在这家公司的各项业务里，纺织业务是最好的。我们将伯克希尔其他业务的资金都成功地进行了重新分配，开始是暂时投资到有价证券上，现在是长期投资到保险公司和银行。我敬佩纺织业务的员工，尽管环境艰难，但他们一直在努力，希望能做得更好。虽然纺织业务的投资回报率如此之差，只要它能维持当前的水平，我们打算继续经营下去。

The insurance operation (of which B-H owns virtually 100%) and the bank (where B-H owns 97.7%) present a much happier picture. Both are first-class businesses, earning good returns on capital and stacking up well on any absolute or comparative analysis of operating statistics. The bank has about $17 per share of net tangible assets applicable to B-H, and the insurance company approximately $15. I would estimate their normal current earning power to be about $4 per share (compared to about $3.40 from operations pro-forma in 1968), with good prospects for future growth on the combined $32 of tangible net assets in the bank and insurance company. Adding in the textile business and miscellaneous assets, and subtracting parent company bank debt of about $7 million, gives a tangible net asset value of about $43 per share for B-H, or about $45 stated book value, allowing for the premium over tangible assets paid for the bank.

保险业务（伯克希尔拥有旗下保险公司100%的股份）和银行（伯克希尔拥有97.7%的股份）就好多了。这两个都是一流的好生意，资本回报率高，营业数据无论怎么分析，不管是绝对的，还是相对的，都非常好。在伯克希尔哈撒韦的每股有形净资产中，银行占大约17美元，保险公司占大约15美元。在有形净资产中，银行和保险合计占32美元，我估计它们当前的正常盈利能力是每股4美元（可以对比一下，1968年，我估算它们的盈利是3.40美元），而且它们将来的成长前景非常好。加上纺织业务和其他业务的资产，减去母公司700万美元的银行贷款，伯克希尔哈撒韦的每股有形净资产是43美元，再加上收购银行时支付的高于有形资产的溢价，伯克希尔哈撒韦的账面净资产是每股45美元。

One caveat - when I talk above of tangible net assets. I am valuing the $75 million of bonds held by the insurance company and bank at amortized cost. This is in accord with standard accounting procedures used in those industries and also in accord with the realities of their business operations where it is quite unlikely that bonds will have to be sold before maturity. At today's historically low bond prices, however, our bonds have a market value substantially below carrying value, probably on the order of $10 per share of B-H stock.

有一点需要注意，保险公司和银行持有 7500万美元的债券，对这些债券估值时，我是用已摊销成本计算的，然后得出的有形净资产。这符合行业内常规会计准则，也符合银行和保险行业的实际情况，债券不可能在没到期之前卖出。但是，现在的债券价格处于历史地位，我们持有的债券的市场价值远远低于账面价值，其账面价值大约是每股10美元。

Between DRC and B-H, we have four main operating businesses with three of them in my opinion, definitely first class by any of the usual standards of evaluation. The three excellent businesses are all run by men over sixty who are largely responsible for building each operation from scratch. These men are hard working, wealthy, and good – extraordinarily good. Their age is a negative, but it is the only negative applicable to them. One of the reasons I am happy to have a large segment of my capital in B-H and DRC is because we have such excellent men in charge of the operating businesses.

在多元零售公司和伯克希尔哈撒韦旗下，我们有四大主要业务，按照一般的标准，不管怎么评估，其中三项业务都绝对是一流的。这三项业务的经理人都超过了60岁，这些业务基本上是他们白手起家营造的。他们工作努力、生活富足，而且人品很好，无可挑剔。他们的年龄是大了些，但他们只有这么一个小缺点。我之所以愿意把我的大部分资金投入到伯克希尔哈撒韦和多元零售公司，其中很重要的一个原因就是，有这么优秀的人经营这两家公司。