巴菲特致股东的信（1978年）⑤银行业⑥零售业

Banking

Under Gene Abegg and Pete Jeffrey, the Illinois National Bank and Trust Company in Rockford continues to establish new records. Last year’s earnings amounted to approximately 2.1% of average assets, about three times the level averaged by major banks. In our opinion, this extraordinary level of earnings is being achieved while maintaining significantly less asset risk than prevails at most of the larger banks.

银行业

在Gene Abegg及Pete Jeffrey的领导下，位于Rockford地区的伊利诺国家银行及信托公司持续创造历史新纪录，去年的盈余达到平均资产的2.1%，获利率约是其它大银行的三倍，我们认为有这样的盈余，同时还能够兼顾规避其它银行普遍存在的资产风险实在是难得。

We purchased the Illinois National Bank in March 1969. It was a first-class operation then, just as it had been ever since Gene Abegg opened the doors in 1931. Since 1968, consumer time deposits have quadrupled, net income has tripled and trust department income has more than doubled, while costs have been closely controlled.

我们是在1969年买下伊利诺国家银行的，当时该公司的营运就属一流，这项传统打从1931年Gene Abegg创立时便一直维持到现在，自从1968年以来，银行定期存款金额成长四倍、净收入增加三倍而信托部门的收入也增加二倍，另外成本控制也相当得宜。

Our experience has been that the manager of an already high- cost operation frequently is uncommonly resourceful in finding new ways to add to overhead, while the manager of a tightly-run operation usually continues to find additional methods to curtail costs, even when his costs are already well below those of his competitors. No one has demonstrated this latter ability better than Gene Abegg.

依我们过去的经验显示，一家费用成本高的公司经营者，永远找得到增加公司开支的借口；而相对的，一家费用成本低的经营者，永远找得到为公司节省开支的方法，即使后者的成本早已远低于前者，这点我们在Gene Abegg得到充分的验证。

We are required to divest our bank by December 31, 1980. The most likely approach is to spin it off to Berkshire shareholders some time in the second half of 1980.

我们被要求必须在1980年12月31日以前出脱银行事业，最有可能的方式是在1980年中将银行股份依持股比例分配给伯克希尔的股东。

Retailing

Upon merging with Diversified, we acquired 100% ownership of Associated Retail Stores, Inc., a chain of about 75 popular priced women’s apparel stores. Associated was launched in Chicago on March 7, 1931 with one store, $3200, and two extraordinary partners, Ben Rosner and Leo Simon. After Mr. Simon’s death, the business was offered to Diversified for cash in 1967. Ben was to continue running the business - and run it, he has.

零售业

在与多元零售公司合并之后，我们取得联合零售商店100%的股权，这是一家拥有75家女性流行服饰店的公司，联合公司是在1931年在芝加哥由两位创办人Ben Rosner及Leo Simon以3,200美元开立第一家店面，在Simon先生死后，由多元零售公司在1967年以现金买下，并由Ben照原来方式继续经营这家公司。

Associated’s business has not grown, and it consistently has faced adverse demographic and retailing trends. But Ben’s combination of merchandising, real estate and cost-containment skills has produced an outstanding record of profitability, with returns on capital necessarily employed in the business often in the 20% after-tax area.

虽然联合商店的业务因为面临地区以及零售趋势的困境而停滞不前，但Ben在商品贩售、不动产以及成本控制的能力依旧让公司创造出优异的获利成绩，使得资金运用效率达到了20%的股东权益回报率（税后）。

Ben is now 75 and, like Gene Abegg, 81, at Illinois National and Louie Vincenti, 73, at Wesco, continues daily to bring an almost passionately proprietary attitude to the business. This group of top managers must appear to an outsider to be an overreaction on our part to an OEO bulletin on age discrimination. While unorthodox, these relationships have been exceptionally rewarding, both financially and personally. It is a real pleasure to work with managers who enjoy coming to work each morning and, once there, instinctively and unerringly think like owners. We are associated with some of the very best.

Ben今年75岁，但与伊利诺国家银行81岁的Gene Abegg以及Wesco73岁的Louie Vincenti一样，每天依旧为所领导的企业灌注无比的热情与活力，外界不知情的人还以为我们对于这群杰出的经理人有年龄上的特殊偏好，虽然极不寻常，但这样的关系实在是让我们受益良多，无论是在财务上或精神上都是如此，与这群“乐在其中”并以像老板一样心态每天认真经营公司的专业经理人在一起工作实在是一种享受。

Warren E. Buffett, Chairman
March 26, 1979

沃伦.巴菲特，董事会主席
1979年3月26日

We are required to divest our bank by December 31, 1980. The most likely approach is to spin it off to Berkshire shareholders some time in the second half of 1980.

Warren E. Buffett, Chairman March 26, 1979

Warren E. Buffett, Chairman
March 26, 1979