巴菲特致股东的信（1985年）
⑩杂项

Miscellaneous

     The Scott Fetzer purchase illustrates our somewhat haphazard approach to acquisitions. We have no master strategy, no corporate planners delivering us insights about socioeconomic trends, and no staff to investigate a multitude of ideas presented by promoters and intermediaries. Instead, we simply hope that something sensible comes along - and, when it does, we act.

杂项

Scott Fetzer 并购案充分说明了我们对于并购采取随性的态度，我们没有总体战略，没有企业规划师为我们提供有关社会经济趋势的见解，也没有员工来调查发起人和中介机构提出的大量想法。反而我们倾向一切顺其自然，当他们出现时，我们就会有所行动。 

     To give fate a helping hand, we again repeat our regular “business wanted” ad. The only change from last year’s copy is in (1): because we continue to want any acquisition we make to have a measurable impact on Berkshire’s financial results, we have raised our minimum profit requirement.

为了主动向命运招手，我们依惯例再次列出征求并购企业的小广告，今年惟一的变动是第一项中的最低利润要求有提高，主要是因为我们期望并购能为伯克希尔产生显著的财务业绩影响。

     Here’s what we’re looking for: (1) large purchases (at least $10 million of after-tax earnings), (2) demonstrated consistent earning power (future projections are of little interest to us, nor are “turn-around” situations), (3) businesses earning good returns on equity while employing little or no debt, (4) management in place (we can’t supply it), (5) simple businesses (if there’s lots of technology, we won’t understand it), (6) an offering price (we don’t want to waste our time or that of the seller by talking, even preliminarily, about a transaction when price is unknown). We will not engage in unfriendly takeovers. We can promise complete confidentiality and a very fast answer - customarily within five minutes - as to whether we’re interested. We prefer to buy for cash, but will consider issuance of stock when we receive as much in intrinsic business value as we give. Indeed, following recent advances in the price of Berkshire stock, transactions involving stock issuance may be quite feasible. We invite potential sellers to check us out by contacting people with whom we have done business in the past. For the right business - and the right people - we can provide a good home.

以下是我们正在寻找的：(1)、规模够大(每年税后收益至少有 1000 万美元)；(2)、持续稳定获利(我们对有远景或具转机的公司没兴趣)；(3)、高股东回报率(并甚少举债)；(4)、具备管理层(我们无法提供)；(5)、简单的企业(若牵涉到太多高科技，我们弄不懂)；(6)、合理的价格(在价格不确定前，我们不希望浪费自己与对方太多时间)。我们不会进行敌意并购，并承诺完全保密并尽快答复是否感兴趣(通常不超过五分钟)，我们倾向现金交易，除非我们所换得的内在价值跟我们付出的一样多，否则不考虑发行股份。我们欢迎可能的卖家向那些过去与我们合作过的对象打听，对于那些好的公司与好的管理层，我们可以提供一个好的归属。  

     On the other hand, we frequently get approached about acquisitions that don’t come close to meeting our tests: new ventures, turnarounds, auction-like sales, and the ever-popular (among brokers) “I’m-sure-something-will-work-out-if-you-people-get-to-know-each-other”. None of these attracts us in the least.

另一方面我们也持续接到一些不符合我们条件的出售，包括新公司、困境反转公司、拍卖公司以及最常见的中介经纪推销(那些说你们要是能碰一下面一定会感兴趣之类的)。在此重申我们对这些一点兴趣都没有。 

                           * * *

     Besides being interested in the purchases of entire businesses as described above, we are also interested in the negotiated purchase of large, but not controlling, blocks of stock, as in our Cap Cities purchase. Such purchases appeal to us only when we are very comfortable with both the economics of the business and the ability and integrity of the people running the operation. We prefer large transactions: in the unusual case we might do something as small as $50 million (or even smaller), but our preference is for commitments many times that size.

                           * * *

除了以上买下整家公司的并购案外，我们还对大型但不具控制权股份的谈判购买感兴趣，就像我们在大都会这个例子一样，只有当我们对于该业务的商业模式与管理层的能力和诚信都非常满意时才会吸引我们。我们需要大笔的交易，个别情况下我们可能会做一些小到 5000 万美金的交易，但更希望是数倍于此。 

                           * * *

     About 96.8% of all eligible shares participated in Berkshire’s 1985 shareholder-designated contributions program. Total contributions made through the program were $4 million, and 1,724 charities were recipients. We conducted a plebiscite last year in order to get your views about this program, as well as about our dividend policy. (Recognizing that it’s possible to influence the answers to a question by the framing of it, we attempted to make the wording of ours as neutral as possible.) We present the ballot and the results in the Appendix on page 69. I think it’s fair to summarize your response as highly supportive of present policies and your group preference - allowing for the tendency of people to vote for the status quo - to be for increasing the annual charitable commitment as our asset values build.

                           * * *

今年破记录的有 96.8%的有效股权参与 1985 年的股东指定捐赠计划，总计约 400 万美元捐出的款项分配给1,724 家慈善机构，同时去年我们针对股东对于这项计划与股利政策的看法，进行全面性的公民投票，以了解您对该计划以及我们的股息政策的看法。(为避免投票问题影响你的答案，我们尽量将措辞保持中立)，附录中有相关的选票与结果，我认为对投票结果这样总结是公平的：股东高度支持当前的捐赠政策，随着我们资产价值的增加，增加年度慈善规模也是大家的群体偏好。

     We urge new shareholders to read the description of our shareholder-designated contributions program that appears on pages 66 and 67. If you wish to participate in future programs, we strongly urge that you immediately make sure that your shares are registered in the name of the actual owner, not in “street” name or nominee name. Shares not so registered on September 30, 1986 will be ineligible for the 1986 program. 

我们也建议新股东赶快阅读捐赠计划相关信息，若你也想参加的话，我们强烈建议你赶快把股份从经纪人那儿改登记于自己的名下，未在 1986 年 9 月 30 日登记到个人名下的股票将没有资格参加 1986 年计划。

                           * * *
     Five years ago we were required by the Bank Holding Company Act of 1969 to dispose of our holdings in The Illinois National Bank and Trust Company of Rockford, Illinois. Our method of doing so was unusual: we announced an exchange ratio between stock of Rockford Bancorp Inc. (the Illinois National’s holding company) and stock of Berkshire, and then let each of our shareholders - except me - make the decision as to whether to exchange all, part, or none of his Berkshire shares for Rockford shares. I took the Rockford stock that was left over and thus my own holding in Rockford was determined by your decisions. At the time I said, “This technique embodies the world’s oldest and most elementary system of fairly dividing an object. Just as when you were a child and one person cut the cake and the other got first choice, I have tried to cut the company fairly, but you get first choice as to which piece you want.”

                           * * *

基于 1969 年颁布的银行控股公司法的要求，五年前我们将旗下伊利诺伊国民银行和信托公司(the IllinoisNational holding company)的股份卖掉了，当时我们的作法是相当特别的，我们宣布伯克希尔与 RockfordBancorp Inc. (银行母公司)的换股比率，除了我本人，其他每个股东自行决定是否将其全部或部分伯克希尔的股份转换为银行股份，剩下的部分由我本人兜底。当时我说：这种分法是最古老且最公平分配一件东西的方法，就像是小时候切蛋糕，一个人切，而由另一个人先选。由我试图公平分割，但由你们选择要那一块。去年 Rockford银行正式出售，当清算结束，所有股东的回报与每股伯克希尔的内在价值相当，我很高兴五年后回头看当时那块蛋糕切的相当公平。 

     Last fall Illinois National was sold. When Rockford’s liquidation is completed, its shareholders will have received per-share proceeds about equal to Berkshire’s per-share intrinsic value at the time of the bank’s sale. I’m pleased that this five-year result indicates that the division of the cake was reasonably equitable. Last year I put in a plug for our annual meeting, and you took me up on the invitation. Over 250 of our more than 3,000 registered shareholders showed up. Those attending behaved just as those present in previous years, asking the sort of questions you would expect from intelligent and interested owners. You can attend a great many annual meetings without running into a crowd like ours. (Lester Maddox, when Governor of Georgia, was criticized regarding the state’s abysmal prison system. “The solution”, he said, “is simple. All we need is a better class of prisoners.” Upgrading annual meetings works the same way.)

去年年报有个插页是我向你们发出年会邀请，我们 3000 多名的股东中大约有 250 名出席了股东年会，与会者的水准与去年相当，问的问题显示大家都是有智慧且真正关心公司的股东，这在其它上市公司的股东会是很少见到的，乔治亚州州长 Lester Maddox 因为糟糕透顶的狱政制度被批评时他说：“解决的方法其实很简单，我们要做的就是提升人犯的素质水准”，我想要提升股东会的水准也是一样的道理。 

     I hope you come to this year’s meeting, which will be held on May 20 in Omaha. There will be only one change: after 48 years of allegiance to another soft drink, your Chairman, in an unprecedented display of behavioral flexibility, has converted to the new Cherry Coke. Henceforth, it will be the Official Drink of the Berkshire Hathaway Annual Meeting.

伯克希尔的股东年会预计于 1986 年 5 月 20 日在奥马哈举行，我希望各位届时都能参加，今年将会有一项改变：忠于一款软饮料 48 年后，本人将进行一项前所未有的习惯改变，将平常喝的百事可乐改成新的樱桃可口可乐，此后，它将成为伯克希尔年度会议的官方饮料。

     And bring money: Mrs. B promises to have bargains galore if you will pay her a visit at The Nebraska Furniture Mart after the meeting.

最后记得带钱来，B 夫人已经答应若股东在会议期间造访她的家具店将会有意想不到的折扣优惠！

Warren E. Buffett
Chairman of the Board
March 4, 1986

沃伦.巴菲特
董事会主席
1986年3月4日

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