巴菲特致股东的信（1975年）③保险投资业务④银行业⑤整体回顾

Insurance Investments

Gains in investment income were moderate during 1975 because premium volume remained flat and underwriting losses reduced funds available for investment. Invested assets, measured at cost at yearend, were close to identical with the level at the beginning of the year.

保险投资业务

1975年保险投资的收益不是很多，因为保费收入不多并且承保损失导致投资资金不足。投资资产，以年底的成本衡量，大概与年初的水平一致。

At the end of 1974 the net unrealized loss in the stock section of our portfolio amounted to about $17 million, but we expressed the opinion, nevertheless, that this portfolio overall represented good value at its carrying value of cost. During 1975 a net capital loss of $2,888,000 before tax credits was realized, but our present expectation is that 1976 will be a year of realized capital gain. On March 31, 1976 our net unrealized gains applicable to equities amounted to about $15 million. Our equity investments are heavily concentrated in a few companies which are selected based on favorable economic characteristics, competent and honest management, and a purchase price attractive when measured against the yardstick of value to a private owner.

1974年年底在股票部分我们的投资组合未变现净损失达1700万美元，但是我们坚信，不论如何，这个组合整体相对于其账面价值的成本而言，还是有着良好的投资价值的。1975年税收抵免前的资本净损失是2,888,000美元，但是目前我们预计1976年会实现资本盈利。1976年3月31日，我们未变现的普通股盈利总计约1500万美元。我们股权投资主要集中于这些公司：有着良好的经济基础，有能力且诚实的管理层，并且以一个私营业主的价值尺度来衡量，购买价格很有吸引力。

When such criteria are maintained, our intention is to hold for a long time; indeed, our largest equity investment is 467,150 shares of Washington Post “B” stock with a cost of $10.6 million, which we expect to hold permanently.

当这些要素都具备了，我们就打算长期持有；实际上，我们最大的股权投资是“华盛顿邮报”的467,150股B股，花费大约1060万美元，并且我们期望永久持有。

With this approach, stock market fluctuations are of little importance to us—except as they may provide buying opportunities—but business performance is of major importance. On this score we have been delighted with progress made by practically all of the companies in which we now have significant investments.

用这种方法，股市的波动（可能会产生有利的购买机会）对我们的影响就很小了，但是经营业绩仍旧很重要。在这方面，我们很高兴地看到，我们所有重大投资的公司均取得了进展。

We have continued to maintain a strong liquid position in our insurance companies. In last year’s annual report we explained how variations of 1/10 of 1% in interest rates result in million dollar swings in market value of our bonds. We consider such market fluctuation of minor importance as our liquidity and general financial strength make it highly improbable that bonds will have to be sold at times other than those of our choice.

我们将在保险公司里保持强大的资本流动性。去年的年报我们解释过利率仅仅变化了1/10却使我们的债券收入增加了百万美元。我们认为这种波动性和我们强大的资本流动以及健康的财务优势联合在一起，使不得不卖出债券的可能性几乎为零.

Banking

It is difficult to find adjectives to describe the performance of Eugene Abegg, Chief Executive of Illinois National Bank and Trust of Rockford, Illinois, our banking subsidiary.

银行业

任何言辞都难以赞扬Eugene Abegg（我们的银行子公司：伊利诺伊州国家银行和信托公司的首席执行官）的卓越表现。在许多银行经营出现困难的这一年，伊利诺斯仍旧保持着它优异的业绩水平。

In a year when many banking operations experienced major troubles, Illinois National continued its outstanding record. Against average loans of about $65 million, net loan losses were $24,000, or .04%. Unusually high liquidity is maintained with obligations of the U. S. Government and its agencies, all due within one year, at yearend amounting to about 75% of demand deposits. Maximum rates of interest are paid on all consumer savings instruments which make up more than $2 million, it consistently has generated favorable earnings. Positioned as we now are with respect to income taxes, the addition of a solid source of taxable income is particularly welcome.

相对于6500万美元的平均贷款，净贷款损失达24000美元，即约有0.04%的损失。在美国政府和他的机构的要求下，它保持着极高的资本流动性，年底时所有一年内到期的定期存款占了75%。大量的利率是靠消费者储蓄投资收入（总计超过了200万美元）来支付的，当然也获得了可观的利润。作为现在我们应纳的收入所得税，应纳税所得额主要来源的增加还是值得考虑的。

General Review

Your present management assumed responsibility at Berkshire Hathaway in May, 1965. At the end of the prior fiscal year (September, 1964) the net worth of the Company was $22.1 million, and 1,137,778 common shares were outstanding, with a resulting book value of $19.46 per share. Ten years earlier, Berkshire Hathaway’s net worth had been $53.4 million. Dividends and stock repurchases accounted for over $21 million of the decline in company net worth, but aggregate net losses of $9.8 million had been incurred on sales of $595 million during the decade.

整体回顾

目前的管理层是于1965年五月接管伯克希尔-哈撒韦的。在1964年9月之前，财政年度结束时，公司的净资产是2210万美元，流通在外的普通股有1,137,778股，每股账面价值是19.46美元。十年之前，伯克希尔-哈撒韦的净资产已是5340万美元。股息和股票回购占资本净值减少额的2100万美元，但是十年期间，5.95亿美元的销售导致了980万美元的净损失。

In 1965, two New England textile mills were the company’s only sources of earning power and, before Ken Chace assumed responsibility for the operation, textile earnings had been erratic and, cumulatively, something less than zero subsequent to the merger of Berkshire Fine Spinning and Hathaway Manufacturing. Since 1964, net worth has been built to $92.9 million, or $94.92 per share. We have acquired total, or virtually total ownership of six businesses through negotiated purchases for cash (or cash and notes) from private owners, started four others, purchased a
31.5% interest in a large affiliate enterprise and reduced the number of outstanding shares of Berkshire Hathaway to 979,569. Overall, equity per share has compounded at an annual rate of slightly over 15%.

1965年，新西兰的两个纺织厂是公司的唯一盈利来源，在Ken Chace接管这项业务之前，纺织利润是波动增长的，在伯克希尔纺纱和哈撒韦制造业合并之后有时甚至会出现亏损。自从1964年之后，资本净值达到了9290万美元，即股本是9492万美元。我们通过谈判从私营业主那用现金收购（或者是现金和支票）六家公司，也可以说是拥有了对他们的所有权，又开始收购另外四家，购买了一个大公司的约31.5%的股份，使伯克希尔哈撒韦公司的在外流通股减少至979,569股。整体而言，每股收益大概以稍高于15%的年增长率而提高了。

While 1975 was a major disappointment, efforts will continue to develop growing and diversified sources of earnings. Our objective is a conservatively financed and highly liquid business—possessing extra margins of balance sheet strength consistent with the fiduciary obligations inherent in the banking and insurance industries—which will produce a long term rate of return on equity capital exceeding that of American industry as a whole.

尽管1975年的业绩令人大失所望，但是我们会继续致力于壮大公司规模并使得盈利来源多元化。我们的目标是维持保守的融资和资本的高流动性，保持资产负债表的额外盈利优势，同时坚守银行及保险行业固有的信用责任，这样会使得我们长期的股权资本回报率高于美国整体行业的水平。

Warren E. Buffett, Chairman

沃伦.E.巴菲特，董事会主席

Insurance Investments Gains in investment income were moderate during 1975 because premium volume remained flat and underwriting losses reduced funds available for investment. Invested assets, measured at cost at yearend, were close to identical with the level at the beginning of the year.

When such criteria are maintained, our intention is to hold for a long time; indeed, our largest equity investment is 467,150 shares of Washington Post “B” stock with a cost of $10.6 million, which we expect to hold permanently.

Banking It is difficult to find adjectives to describe the performance of Eugene Abegg, Chief Executive of Illinois National Bank and Trust of Rockford, Illinois, our banking subsidiary.

Warren E. Buffett, Chairman

Insurance Investments

Gains in investment income were moderate during 1975 because premium volume remained flat and underwriting losses reduced funds available for investment. Invested assets, measured at cost at yearend, were close to identical with the level at the beginning of the year.

Banking

It is difficult to find adjectives to describe the performance of Eugene Abegg, Chief Executive of Illinois National Bank and Trust of Rockford, Illinois, our banking subsidiary.