巴菲特致股东的信（1980年）
⑨伊利诺国家银行及Rockford信托处分案⑩财务⑪其他事项

Disposition of Illinois National Bank and Trust of Rockford

     On December 31, 1980 we completed the exchange of 41,086 shares of Rockford Bancorp Inc. (which owns 97.7% of Illinois National Bank) for a like number of shares of Berkshire Hathaway Inc.

伊利诺国家银行及Rockford信托处分案
1980年底，我们终于完成了以伯克希尔的股份交换41,086股Rockford Bancorp(其持有97.7%伊利诺国家银行股份)的动作。

     Our method of exchange allowed all Berkshire shareholders to maintain their proportional interest in the Bank (except for me; I was permitted 80% of my proportional share). They were thus guaranteed an ownership position identical to that they would have attained had we followed a more conventional spinoff approach. Twenty-four shareholders (of our approximate 1300) chose this proportional exchange option.

交换的方式准许伯克希尔股东维持各自在该银行的权益(除了我本人仅能维持原来的80%)，如此他们将可确保在该银行的权益与传统的分割方式一样受到保障，总计有24位股东(目前股东总人数为1,300人)选择了这种对等方式。 

     We also allowed overexchanges, and thirty-nine additional shareholders accepted this option, thereby increasing their ownership in the Bank and decreasing their proportional ownership in Berkshire. All got the full amount of Bancorp stock they requested, since the total shares desired by these thirty-nine holders was just slightly less than the number left available by the remaining 1200-plus holders of Berkshire who elected not to part with any Berkshire shares at all. As the exchanger of last resort, I took the small balance (3% of Bancorp’s stock). These shares, added to shares I received from my basic exchange allotment (80% of normal), gave me a slightly reduced proportional interest in the Bank and a slightly enlarged proportional interest in Berkshire.

另外股东们也可要求增加其在该银行的权益(相对地，其在伯克希尔的权益将减少)，所有提出此项要求的股东皆如愿拿到股票，因为这39位股东需求的股份数量刚好略低于其它1,200多位选择全数保留伯克希尔股份所释出的银行股份，剩下的中间差额则由本人承受(约占Bancorp3%的股份)，在加计先前基本80%的分配额度后，最后的结果，本人在银行的权益稍微减少，而在伯克希尔的权益则略微增加。 

     Management of the Bank is pleased with the outcome. Bancorp will operate as an inexpensive and uncomplicated holding company owned by 65 shareholders. And all of those shareholders will have become Bancorp owners through a conscious affirmative decision.

银行的经营团队对于这样的结果感到满意，Bancorp将成为一个只有65位股东，组织单纯且不复杂的控股公司。 

Financing

     In August we sold $60 million of 12 3/4% notes due August 1, 2005, with a sinking fund to begin in 1991.

财务
8月份，我们发行了12.75%，25年期(2005年到期)，金额6,000万美元的公司债，依合约规定我们将于1991年开始提存备偿基金。

     The managing underwriters, Donaldson, Lufkin & Jenrette Securities Corporation, represented by Bill Fisher, and Chiles, Heider & Company, Inc., represented by Charlie Heider, did an absolutely first-class job from start to finish of the financing.

这项融资案的主要承销商，以比尔·费雪为代表的Donaldson, Lufkin & Jenrette证券公司，和以查理·海德为代表的Chiles, Heider &公司，自始至终都提供我们一流的服务。

     Unlike most businesses, Berkshire did not finance because of any specific immediate needs. Rather, we borrowed because we think that, over a period far shorter than the life of the loan, we will have many opportunities to put the money to good use. The most attractive opportunities may present themselves at a time when credit is extremely expensive - or even unavailable. At such a time we want to have plenty of financial firepower.

不像大部份的公司，伯克希尔并不会为了一些特定的短期资金需求而去融资，我们借钱反而是因为当我们觉得在一定期间内(约略短于融资年限)将有许多好的投资机会出现，最佳的投资机会大多是出现在市场银根最紧的时候，那时候你一定希望拥有庞大的火力。 

     Our acquisition preferences run toward businesses that generate cash, not those that consume it. As inflation intensifies, more and more companies find that they must spend all funds they generate internally just to maintain their existing physical volume of business. There is a certain mirage-like quality to such operations. However attractive the earnings numbers, we remain leery of businesses that never seem able to convert such pretty numbers into no-strings-attached cash.

对于购并的对象，我们偏爱那些会“产生现金”而非“消化现金”的公司。由于高通货膨涨的影响，越来越多的公司发现它们必须将所赚得的每一块钱再投入才能维持其原有的营运规模，就算这些公司帐面数字再好看，除非看到白花花的现金，我们对之仍保持高度警戒。 

     Businesses meeting our standards are not easy to find. (Each year we read of hundreds of corporate acquisitions; only a handful would have been of interest to us.) And logical expansion of our present operations is not easy to implement. But we’ll continue to utilize both avenues in our attempts to further Berkshire’s growth.

符合我们标准的公司并不容易发现，(每年我们研究上百件的购并案，其中仅有少数能引起我们的兴趣)，所以要让我们规模合理稳定扩充的想法并不容易落实，但我们仍将持续多方尝试以保持伯克希尔的成长。 

     Under all circumstances we plan to operate with plenty of liquidity, with debt that is moderate in size and properly structured, and with an abundance of capital strength. Our return on equity is penalized somewhat by this conservative approach, but it is the only one with which we feel comfortable.

无论如何，我们皆希望能够保持适当的流动性，负债比例与结构适当并保留充裕的资本实力，虽然这种保守的态度将使得我们的投资报酬率因此打了点折扣，但这也是惟一能让我们感到安心的一种方式。 

               * * * * * * * * * * * *

     Gene Abegg, founder of our long-owned bank in Rockford, died on July 2, 1980 at the age of 82. As a friend, banker and citizen, he was unsurpassed.

               * * * * * * * * * * * *

Gene Abegg我们长期投资的Rockford银行创办人，于七月二日逝世，享年八十二岁，身为一位挚友、银行家与杰出公民，他是无可超越的。 

     You learn a great deal about a person when you purchase a business from him and he then stays on to run it as an employee rather than as an owner. Before the purchase the seller knows the business intimately, whereas you start from scratch. The seller has dozens of opportunities to mislead the buyer - through omissions, ambiguities, and misdirection. After the check has changed hands, subtle (and not so subtle) changes of attitude can occur and implicit understandings can evaporate. As in the courtship-marriage sequence, disappointments are not infrequent.

当你向某个人买下一家公司时，你对这个人有了更多的了解，之后你又请他以伙计而非老板的身份继续经营这家公司。在买卖开始前，他对这家公司了若指掌，而你却一无所知，卖方有太多机会可以欺骗买方，而当交易完成后，微妙(但又不那么微妙)的态度开始改变而模糊的认知也会发酵，就像是求婚的过程一般，失望总是难免的。 

     From the time we first met, Gene shot straight 100% of the time - the only behavior pattern he had within him. At the outset of negotiations, he laid all negative factors face up on the table; on the other hand, for years after the transaction was completed he would tell me periodically of some previously
undiscussed items of value that had come with our purchase.

而当我们第一次碰面，Gene百分之百坦诚，就像是其为人一般，谈判的开始，他把公司所有负面的因素摊开在桌上，另一方面，在交易完成数年后，他还会定期地告知你当初交易时未讨论到的地方。 

     Though he was already 71 years of age when he sold us the Bank, Gene subsequently worked harder for us than he had for himself. He never delayed reporting a problem for a minute, but problems were few with Gene. What else would you expect from a man who, at the time of the bank holiday in 1933, had enough cash on the premises to pay all depositors in full? Gene never forgot
he was handling other people’s money. Though this fiduciary attitude was always dominant, his superb managerial skills enabled the Bank to regularly achieve the top position nationally in profitability.

而就算是当他把银行卖给我们时已高龄71岁，Gene仍然兴勤工作更甚于以往，虽然极少发生问题，但一有问题便立刻报告毫不迟疑，你还能对这样的人多要求些什么呢？（早在1933年该银行所持有的现金便足以立即清偿所有存款），他永远记得他是在处理别人的钱财，虽然这种正直不阿的态度将永远安息，但他杰出的管理能力将使银行在全美获利能力的表现上继续名列前茅。 

     Gene was in charge of the Illinois National for close to fifty years - almost one-quarter of the lifetime of our country. George Mead, a wealthy industrialist, brought him in from Chicago to open a new bank after a number of other banks in Rockford had failed. Mr. Mead put up the money and Gene ran the show. His talent for leadership soon put its stamp on virtually every major civic activity in Rockford.

Gene负责伊利诺国家银行的营运将近50年，约当美国历史的四分之一，当初是一位工业巨子George Mead从芝加哥把他找来Rockford开设银行，Mead先生负责出钱，Gene则负责出力，他的领导才能立即在Rockford地区各种社交活动中展现出来。 

     Dozens of Rockford citizens have told me over the years of help Gene extended to them. In some cases this help was financial; in all cases it involved much wisdom, empathy and friendship. He always offered the same to me. Because of our respective ages and positions I was sometimes the junior partner, sometimes the senior. Whichever the relationship, it always was a special one, and I miss it.

许多Rockford的居民告诉我这些年来Gene给予他们很多帮助，有时是金钱上的，但更多时候包含的是智能、同情与友谊，而我本身也从他身上获得许多，因为个别年纪与工作上的关系，我们益师益友，不论如何，这种关系相当特殊，我永远怀念他。 

Warren E. Buffett
 Chairman of the Board
February 27, 1981

沃伦.巴菲特
董事会主席
1981年2月27日

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〔译文基于梁孝永康所编《巴菲特致合伙人+致股东的信全集》修改完善〕

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