巴菲特致股东的信（1981年）④公司长期业绩

巴菲特致股东的信（1981年）
④公司长期业绩

Long-Term Corporate Performance

In measuring long-term economic performance, equities held by our insurance subsidiaries are valued at market subject to a charge reflecting the amount of taxes that would have to be paid if unrealized gains were actually realized. If we are correct in the premise stressed in the preceding section of this report, our unreported ownership earnings will find their way, irregularly but inevitably, into our net worth. To date, this has been the case.

公司长期业绩

在衡量一家公司长期的经济表现时，我们的保险子公司所持有的股票会以市价(扣除假设真的实现须付的所得税)，而若我们前面所作的推论正确的话，那些不具控制权的股权其未分配盈余，虽然不规则但最后终究会找到路反映在我们公司帐上，至少到目前为止确是如此。

An even purer calculation of performance would involve a valuation of bonds and non-insurance held equities at market. However, GAAP accounting does not prescribe this procedure, and the added purity would change results only very slightly. Should any valuation difference widen to significant proportions, as it has at most major insurance companies, we will report its effect to you.

当然若严格一点的话，还必须把债券投资及非保险子公司所持的股票以市价计算才更准确，然而GAAP(一般公认会计原则)并未如此规定，而且这样做对我们来说其实影响不大，而当其影响大到一定程度时，我一定会向各位报告。

On a GAAP basis, during the present management’s term of seventeen years, book value has increased from $19.46 per share to $526.02 per share, or 21.1% compounded annually. This rate of return number is highly likely to drift downward in future years. We hope, however, that it can be maintained significantly above the rate of return achieved by the average large American corporation.

在GAAP的基础下，公司的帐面价值，自现今经营阶层接手的十七年以来，已从19.46美元增加到如今的526.02美元，约以年复合成长率21.1%增加，只是这个比率在未来将会逐年下滑，但我们期望它至少会高于一般美国大企业的平均水准。

Over half of the large gain in Berkshire’s net worth during 1981 - it totaled $124 million, or about 31% - resulted from the market performance of a single investment, GEICO Corporation. In aggregate, our market gain from securities during the year considerably outstripped the gain in underlying business values. Such market variations will not always be on the pleasant side.

在1981年净值增加的约一亿二千多万美元中，约有一半要归功于盖可保险一家公司，总得来说，今年我们投资股票市值的增加要比其背后实际代表的经济价值增加数要大得多，而要注意股票市值却不会永远朝好的方向走。

In past reports we have explained how inflation has caused our apparently satisfactory long-term corporate performance to be illusory as a measure of true investment results for our owners. We applaud the efforts of Federal Reserve Chairman Volcker and note the currently more moderate increases in various price indices. Nevertheless, our views regarding long-term inflationary trends are as negative as ever. Like virginity, a stable price level seems capable of maintenance, but not of restoration.

去年我们曾解释通货膨胀是如何使我们的帐面表现比经济实质要好看的多，我们对Fed(联邦储备理事会)主席Volcker先生所作的努力使得现在所有的物价指数能温和的成长表示感谢，尽管如此，我们仍对未来的通膨趋势感到悲观，就像是童真一样，稳定的物价只能维持现状，却没有办法使其恢复原状。

Despite the overriding importance of inflation in the investment equation, we will not punish you further with another full recital of our views; inflation itself will be punishment enough. (Copies of previous discussions are available for masochists.) But, because of the unrelenting destruction of currency values, our corporate efforts will continue to do a much better job of filling your wallet than of filling your stomach.

尽管通膨对投资来讲实在是太重要了，但我不会再折磨你们而把我们的观点再复述一遍，通膨本身对大家的折磨已足够了(若谁有被虐狂可向我索取复本)，但由于通膨间断不止的使货币贬值，公司可能尽力的使你的皮夹满满，更胜于填饱你的肚子。

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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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