巴菲特致股东的信（1982年）③报告收益来源

Sources of Reported Earnings

The table below shows the sources of Berkshire’s reported earnings. In 1981 and 1982 Berkshire owned about 60% of Blue Chip Stamps which, in turn, owned 80% of Wesco Financial Corporation. The table displays aggregate operating earnings of the various business entities, as well as Berkshire’s share of those earnings. All of the significant gains and losses attributable to unusual sales of assets by any of the business entities are aggregated with securities transactions in the line near the bottom of the table, and are not included in operating earnings.

报告收益来源

下表显示伯克希尔依照各个公司持股比例来列示帐面盈余的主要来源，而各个公司资本利得损失并不包含在内而是汇总于下表最后“已实现出售证券利得”一栏，虽然本表列示的方式与一般公认会计原则不尽相同但最后的损益数字却是一致的。其中伯克希尔拥有蓝筹印花60%的股权，而后者又拥有Wesco财务公司80%的股权。

* Amortization of intangibles arising in accounting for purchases of businesses (i.e. See’s, Mutual and Buffalo Evening News) is reflected in the category designated as “Other”.

*包含购并企业商誉的摊销(如喜诗糖果;Mutual;水牛城晚报等)

On pages 45-61 of this report we have reproduced the narrative reports of the principal executives of Blue Chip and Wesco, in which they describe 1982 operations. A copy of the full annual report of either company will be mailed to any Berkshire shareholder upon request to Mr. Robert H. Bird for Blue Chip Stamps, 5801 South Eastern Avenue, Los Angeles, California 90040, or to Mrs. Jeanne Leach for Wesco Financial Corporation, 315 East Colorado Boulevard, Pasadena, California 91109.

I believe you will find the Blue Chip chronicle of developments in the Buffalo newspaper situation particularly interesting. There are now only 14 cities in the United States with a daily newspaper whose weekday circulation exceeds that of the Buffalo News. But the real story has been the growth in Sunday circulation. Six years ago, prior to introduction of a Sunday edition of the News, the long-established Courier-Express, as the only Sunday newspaper published in Buffalo, had circulation of 272,000. The News now has Sunday circulation of 367,000, a 35% gain - even though the number of households within the primary circulation area has shown little change during the six years. We know of no city in the United States with a long history of seven-day newspaper publication in which the percentage of households purchasing the Sunday newspaper has grown at anything like this rate. To the contrary, in most cities household penetration figures have grown negligibly, or not at all. Our key managers in Buffalo - Henry Urban, Stan Lipsey, Murray Light, Clyde Pinson, Dave Perona and Dick Feather - deserve great credit for this unmatched expansion in Sunday readership.

本报告附有蓝筹印花及Wesco两家公司主要经营阶层对其1982年公司经营作的一番叙述，其中我相信你会发现有关蓝筹印花在水牛城晚报的情况特别有意思，目前全美大约有十四个城市的日报业者其每周发行量超过水牛城，但真正的关键却在于星期天发行量的成长，六年前也就是在周日版尚未推出之前，原本在水牛城发行星期天报纸的Courier-Express约有27万份的发行量，而如今即使该地区家庭户数未见成长单单水牛城新闻在周日便有36万份，约为35%的成长，就我们所知这是在全美其它地区所未见的，一切都要归功该报的管理阶层为我们所做的努力。

As we indicated earlier, undistributed earnings in companies we do not control are now fully as important as the reported operating earnings detailed in the preceding table. The distributed portion of non-controlled earnings, of course, finds its way into that table primarily through the net investment income segment of Insurance Group earnings.

如同我们先前曾说明过的，非控股股权投资未分配的盈余其重要性早以不下于前表所列公司帐面营业净利。当然，非控股股权投资已分配的盈余部分主要通过保险集团收益的净投资收益部分进入该表。

We show below Berkshire’s proportional holdings in those non-controlled businesses for which only distributed earnings (dividends) are included in our earnings.

下表所列系我们在不具控制权的股权投资依持股比例所应有之权益:

(a) All owned by Berkshire or its insurance subsidiaries.
(b) Blue Chip and/or Wesco own shares of these companies. All numbers represent Berkshire’s net interest in the larger gross holdings of the group.

(c) Temporary holding as cash substitute.

(a)全部由伯克希尔或其保险子公司拥有。
(b)代表由伯克希尔子公司蓝筹印花与维斯科所持有，所有数字代表依伯克希尔持股比例换算得来的净权益。
(c)临时持有作为现金替代。

In case you haven’t noticed, there is an important investment lesson to be derived from this table: nostalgia should be weighted heavily in stock selection. Our two largest unrealized gains are in Washington Post and GEICO, companies with which your Chairman formed his first commercial connections at the ages of 13 and 20, respectively After straying for roughly 25 years, we returned as investors in the mid-1970s. The table quantifies the rewards for even long-delayed corporate fidelity.

为免你未注意到，本表有个投资经验可与大家分享，念旧在我们投资选股时必须特别加以重视，我们投资组合中具有最大未实现利益的两家公司盖可保险与华盛顿邮报，事实上本人早在13岁与20岁时便与它们结缘，但磋跎了二十几年，迟至1970年代我们才正式成为该公司的股东，但结果证明所谓:“迟到总比未到好。”

Our controlled and non-controlled businesses operate over such a wide spectrum that detailed commentary here would prove too lengthy. Much financial and operational information regarding the controlled businesses is included in Management’s Discussion on pages 34-39, and in the narrative reports on pages 45-61. However, our largest area of business activity has been, and almost certainly will continue to be, the property-casualty insurance area. So commentary on developments in that industry is appropriate.

由于我们具控制权与不具控制权的股权投资经营的行业实在是相当广泛，若我一一详细介绍将会使得报告变得冗长，然而这其中不管是现在或是将来最主要的事业经营将会是摆在产险与意外险领域之上，因此我们有必要对保险产业现状予以详加说明。

* Amortization of intangibles arising in accounting for purchases of businesses (i.e. See’s, Mutual and Buffalo Evening News) is reflected in the category designated as “Other”.

We show below Berkshire’s proportional holdings in those non-controlled businesses for which only distributed earnings (dividends) are included in our earnings.

(a) All owned by Berkshire or its insurance subsidiaries.(b) Blue Chip and/or Wesco own shares of these companies. All numbers represent Berkshire’s net interest in the larger gross holdings of the group. (c) Temporary holding as cash substitute.

(a) All owned by Berkshire or its insurance subsidiaries.
(b) Blue Chip and/or Wesco own shares of these companies. All numbers represent Berkshire’s net interest in the larger gross holdings of the group.

(c) Temporary holding as cash substitute.