巴菲特致股东的信（1986年）②报告收益来源

Sources of Reported Earnings

The table on the next page shows the major sources of Berkshire’s reported earnings. This table differs in several ways from the one presented last year. We have added four new lines of business because of the Scott Fetzer and Fechheimer acquisitions. In the case of Scott Fetzer, the two major units acquired were World Book and Kirby, and each is presented separately. Fourteen other businesses of Scott Fetzer are aggregated in Scott Fetzer - Diversified Manufacturing. SF Financial Group, a credit company holding both World Book and Kirby receivables, is included in "Other." This year, because Berkshire is so much larger, we also have eliminated separate reporting for several of our smaller businesses.

报告收益来源

下表系伯克希尔报告收益的主要来源，今年的表与前几年有几点不太一样的地方，由于收购斯科特费泽(ScottFetzer)、费区海默(Fechheimer)，我们增加 4 条业务线：斯科特费泽，费区海默、柯比吸尘器(Kirby)、世界图书(World Book)。斯科特费泽其他 14 项较小的业务线汇总在「斯科特费泽制造集团」栏中。SF 金融集团(SFFinancial Group)是一家同时持有世界图书和柯比应收账款的信贷公司，被列入「其他」栏目。同时也由于伯克希尔整体规模扩大了许多，我们还取消了对几家小型企业的单独报告。

In the table, amortization of Goodwill is not charged against the specific businesses but, for reasons outlined in the Appendix to my letter in the 1983 Annual Report, is aggregated as a separate item. (A Compendium of earlier letters, including the Goodwill discussion, is available upon request.) Both the Scott Fetzer and Fechheimer acquisitions created accounting Goodwill, which is why the amortization charge for Goodwill increased in 1986.

在表中，商誉的摊销不计入特定业务，汇总为一个单独的项目，原因请参阅 1983 年的附录。斯科特费泽和费区海默的收购都产生了会计商誉，这是在 1986年商誉的摊销费用增加的原因。

Additionally, the Scott Fetzer acquisition required other major purchase-price accounting adjustments, as prescribed by generally accepted accounting principles (GAAP). The GAAP figures, of course, are the ones used in our consolidated financial statements. But, in our view, the GAAP figures are not necessarily the most useful ones for investors or managers. Therefore, the figures shown for specific operating units are earnings before purchase-price adjustments are taken into account. In effect, these are the earnings that would have been reported by the businesses if we had not purchased them.

另外依 GAAP 会计原则要求收购 Scott Fetzer 采用购买法会计处理，在合并财务报表上所显示的数字是依照GAAP 会计原则所编制，但就我们看来，这个数字对于经理人与投资人来说并不见得有意义。因此下表所显示的是购买法会计调整前的数字，事实上如果我们没有购买它们，这才是这家公司原本的收益状况。

A discussion of our reasons for preferring this form of presentation is in the Appendix to this letter. This Appendix will never substitute for a steamy novel and definitely is not required reading. However, I know that among our 6,000 shareholders there are those who are thrilled by my essays on accounting - and I hope that both of you enjoy the Appendix.

详细解释请参阅附录，不过若嫌内容不具吸引力，可以不看，当然我也知道在所有六千名股东当中，有许多对于我个人在会计方面的观点感到兴奋，希望你们都能喜欢。

In the Business Segment Data on pages 41-43 and in the Management’s Discussion section on pages 45-49, you will find much additional information about our businesses. I urge you to read those sections, as well as Charlie Munger’s letter to Wesco shareholders, describing the various businesses of that subsidiary, which starts on page 50.

在后文业务数据和管理层讨论中，会找到更多数据，同时我也强力推荐各位看看查理每年写给 Wesco 股东的年报，里头有该公司旗下业务的详细介绍。

As you can see, operating earnings substantially improved during 1986. Some of the improvement came from the insurance operation, whose results I will discuss in a later section. Fechheimer also will be discussed separately. Our other major businesses performed as follows:

如你所见在 1986 年经营收益显著提高，一些改善来自保险业务，后面将单独讨论，费区海默公司也将详细说明。我们的其他主要业务表现如下：

o Operating results at The Buffalo News continue to reflect a truly superb managerial job by Stan Lipsey. For the third year in a row, man-hours worked fell significantly and other costs were closely controlled. Consequently, our operating margins improved materially in 1986, even though our advertising rate increases were well below those of most major newspapers.

o 布法罗新闻(The Buffalo News)的经营业绩反映出 Stan Lipsey 出色的管理能力，连续三年，工时大幅下降，其他成本受到严格控制，尽管我们的广告增长率远低于同业，但经营收益仍然大幅增加。

Our cost-control efforts have in no way reduced our commitment to news. We continue to deliver a 50% "news hole" (the portion of the total space in the paper devoted to news), a higher percentage, we believe, than exists at any dominant newspaper in this country of our size or larger.

我们控制成本的努力并不代表我们在新闻品质上有所退让，我们的新闻量(新闻版面占整体版面的比例)持续维持在 50%以上，这一比例高于这个国家任何规模或更大的主流报纸。

The average news hole at papers comparable to the News is about 40%. The difference between 40% and 50% is more important than it might first seem: a paper with 30 pages of ads and a 40% news hole delivers 20 pages of news a day, whereas our paper matches 30 pages of ads with 30 pages of news. Therefore, given ad pages equal in number, we end up delivering our readers no less than 50% more news.

一般同业的水准约只有 40%。各位可不要小看这 10%的差距，同样 30 页的广告量，40%代表报纸每天提供约 20 页新闻，而我们 50%则是每天提供约 30 页的新闻，一比一的新闻与广告量是我们坚持的原则。

We believe this heavy commitment to news is one of the reasons The Buffalo News has the highest weekday penetration rate (the percentage of households in the paper’s primary marketing area purchasing it each day) among any of the top 50 papers in the country. Our Sunday penetration, where we are also number one, is even more impressive. Ten years ago, the only Sunday paper serving Buffalo (the Courier-Express) had circulation of 271,000 and a penetration ratio of about 63%. The Courier-Express had served the area for many decades and its penetration ratio - which was similar to those existing in many metropolitan markets - was thought to be a "natural" one, accurately reflecting the local citizenry’s appetite for a Sunday product.

我们认为，对新闻量的这种态度是我们能在全美前 50 家报纸中拥有最高日报渗透率的重要原因之一(订户数占当地家庭户数的比率)。其中周日版的渗透率更令人印象深刻，十年前，布法罗唯一的周日版报纸 Courier-Express 已经为该地区服务超过十年，发行量为 27.1 万份，渗透率约 63%，与全美其它大城市相当，这在当时已被视为是自然的上限，能准确地反映了当地居民对周日版的胃口。

Our Sunday paper was started in late 1977. It now has a penetration ratio of 83% and sells about 100,000 copies more each Sunday than did the Courier-Express ten years ago - even though population in our market area has declined during the decade. In recent history, no other city that has long had a local Sunday paper has experienced a penetration gain anywhere close to Buffalo’s.

然而从 1977 年我们开始发行周日版，渗透率为 83%，发行量超过十年前信使快报(Courier-Express)10 万份，虽然这十年该地区人口数不增反减。在最近的历史中，没有一家发行周末版的城市经历过我们的渗透率增长。

Despite our exceptional market acceptance, our operating margins almost certainly have peaked. A major newsprint price increase took effect at the end of 1986, and our advertising rate increases in 1987 will again be moderate compared to those of the industry. However, even if margins should materially shrink, we would not reduce our news-hole ratio.

虽然拥有超高的市场接受度，却也代表经营收益几乎肯定已达顶峰，1986 年底新闻纸价格大幅上涨，1987年的广告费涨幅相比同业亦属温和，然而，即使利润率缩水，我们仍坚持新闻比率不降低。

As I write this, it has been exactly ten years since we purchased The News. The financial rewards it has brought us have far exceeded our expectations and so, too, have the non-financial rewards. Our respect for the News - high when we bought it - has grown consistently ever since the purchase, as has our respect and admiration for Murray Light, the editor who turns out the product that receives such extraordinary community acceptance. The efforts of Murray and Stan, which were crucial to the News during its dark days of financial reversals and litigation, have not in the least been lessened by prosperity. Charlie and I are grateful to them.

今年已是我们买下布法罗报纸十个年头了，它带给我们的投资回报远远超过我们的预期，精神上的收获也是如此，我们对于布法罗报纸的敬仰从买下它开始与日俱增，及其经营者 Murray Light 的敬仰亦是如此。Murray是一位编辑，是他让这份报纸拥有超高的社区认同度，Murray 和 Stan 在报纸面临财务困难与诉讼的黑暗时期所展现的努力至关重要，而且并未随着日后的繁荣有所减弱，查理与我在此对他们表示由衷的感谢。

o The amazing Blumkins continue to perform business miracles at Nebraska Furniture Mart. Competitors come and go (mostly go), but Mrs. B. and her progeny roll on. In 1986 net sales increased 10.2% to $132 million. Ten years ago sales were $44 million and, even then, NFM appeared to be doing just about all of the business available in the Greater Omaha Area. Given NFM’s remarkable dominance, Omaha’s slow growth in population and the modest inflation rates that have applied to the goods NFM sells, how can this operation continue to rack up such large sales gains? The only logical explanation is that the marketing territory of NFM’s one-and-only store continues to widen because of its ever-growing reputation for rock-bottom everyday prices and the broadest of selections. In preparation for further gains, NFM is expanding the capacity of its warehouse, located a few hundred yards from the store, by about one-third.

o 内布拉斯加家具店的 Blumkins 家族持续创造商业史上的奇迹，竞争者来来去去(主要是去)，但 B 夫人跟她的家族却仍屹立不倒。1986 年净销售额增长 10.2%达到 1.32 亿美元，是 10 年前的三倍，即使在当年，该店便已独霸整个奥马哈地区，若再考量本地缓慢的人口增长率以及家具商品温和的通货膨胀率，这种成绩更是难能可贵，而惟一可以解释的理由就是，随着内布拉斯加家具店价廉物美、样式齐全的声名远播，其市场范围持续扩大，而为了应付日后的成长，该店已着手将仓库扩大三分之一。

Mrs. B, Chairman of Nebraska Furniture Mart, continues at age 93 to outsell and out-hustle any manager I’ve ever seen. She’s at the store seven days a week, from opening to close. Competing with her represents a triumph of courage over judgment.

93 岁高龄的 B 夫人技压群雄，展现超高的销售能力与耐力，超过我见过的任何经理人。一周工作七天，每天从开店到打烊，想要跟她竞争需要无比的勇气。

It’s easy to overlook what I consider to be the critical lesson of the Mrs. B saga: at 93, Omaha based Board Chairmen have yet to reach their peak. Please file this fact away to consult before you mark your ballot at the 2024 annual meeting of Berkshire.

大家可能很容易就忽略 B 夫人传奇，不过没关系 93 岁的她还未抵达巅峰，等到 2024 年伯克希尔股东会召开时，请大家拭目以待。

o At See’s, sales trends improved somewhat from those of recent years. Total pounds sold rose about 2%. (For you chocaholics who like to fantasize, one statistic: we sell over 12,000 tons annually.) Same-store sales, measured in pounds, were virtually unchanged. In the previous six years, same store poundage fell, and we gained or maintained poundage volume only by adding stores. But a particularly strong Christmas season in 1986 stemmed the decline. By stabilizing same-store volume and making a major effort to control costs, See’s was able to maintain its excellent profit margin in 1986 though it put through only minimal price increases. We have Chuck Huggins, our long-time manager at See’s, to thank for this significant achievement.

o 喜诗糖果近几年的销售趋势有所改善，总磅数增加约 2%，(若你是巧克力的爱好者，告诉你一个惊人的数字，我们一年的销售量是 1.2 万吨)。以磅计同店销售金额几乎没有变化，但过去六年单店销售磅数持续下滑，使得我们只有靠增加店面数量来增加或维持销售量的下滑，但 1986 年拜圣诞节销售火爆所赐销量没有下降。通过大力控制成本和稳定的单店销量，尽管价格实现最低限度上涨，该公司仍然保持优异的利润率，我们要感谢长期经理人 Chuck Huggins 取得的这一重大成就。

See’s has a one-of-a-kind product "personality" produced by a combination of its candy’s delicious taste and moderate price, the company’s total control of the distribution process, and the exceptional service provided by store employees. Chuck rightfully measures his success by the satisfaction of our customers, and his attitude permeates the organization. Few major retailing companies have been able to sustain such a customer-oriented spirit, and we owe Chuck a great deal for keeping it alive and well at See’s.

喜诗糖果是一种独一无二的个性化商品，甜美的糖果加上适中的价格，且该公司完全掌握销售渠道并由店员提供贴心的服务，Chuck 的成就反应在客户的满意度上，并进而感染到整个公司，很少有大型零售企业能够保持这种以客户为导向的精神，我们非常感谢 Chuck 让这种精神在喜诗保持生机勃勃。

See’s profits should stay at about their present level. We will continue to increase prices very modestly, merely matching prospective cost increases.

展望未来喜诗的利润应该可以维持在现有状态，我们仍会持续温和地提高价格，以反映增加的成本。

o World Book is the largest of 17 Scott Fetzer operations that joined Berkshire at the beginning of 1986. Last year I reported to you enthusiastically about the businesses of Scott Fetzer and about Ralph Schey, its manager. A year’s experience has added to my enthusiasm for both. Ralph is a superb businessman and a straight shooter. He also brings exceptional versatility and energy to his job: despite the wide array of businesses that he manages, he is on top of the operations, opportunities and problems of each. And, like our other managers, Ralph is a real pleasure to work with. Our good fortune continues.

o 世界图书公司是 1986 年加入我们的 Scott Fetzer 旗下 17 个业务部门中最大的一个。去年我很高兴地跟各位报告了 Scott Fetzer 的业务及其经理人拉尔夫·谢伊(Ralph Schey)，一年后我更加开心地向大家报告，Ralph 真是个优秀的经理人，圆满地达成目标，虽然要管理各式各样的产品，并面对不同的机会问题与挑战，Ralph 却使得他的工作更加精彩更多元化，而且更重要的是我们合作愉快，看来我们的好运持续不断。

World Book’s unit volume increased for the fourth consecutive year, with encyclopedia sales up 7% over 1985 and 45% over 1982. Childcraft’s unit sales also grew significantly.

世界图书公司的销售量连续四年皆成长，《儿童手工》套书也大幅成长。

World Book continues to dominate the U.S. direct-sales encyclopedia market - and for good reasons. Extraordinarily well-edited and priced at under 5 cents per page, these books are a bargain for youngster and adult alike. You may find one editing technique interesting: World Book ranks over 44,000 words by difficulty. Longer entries in the encyclopedia include only the most easily comprehended words in the opening sections, with the difficulty of the material gradually escalating as the exposition proceeds. As a result, youngsters can easily and profitably read to the point at which subject matter gets too difficult, instead of immediately having to deal with a discussion that mixes up words requiring college-level comprehension with others of fourth-grade level.

《世界百科全书》称霸于直销市场，不但编排精美，且平均每页不到五毛钱，可谓老少咸宜，有一数字相当有趣，那就是书中有高达四万多个困难字，入门部分由简单的生字组成，慢慢地加入难度更高的单字，如此使得年轻的读者能够循序渐进，最后轻易的便能运用大学程度以上的单字。

Selling World Book is a calling. Over one-half of our active salespeople are teachers or former teachers, and another 5% have had experience as librarians. They correctly think of themselves as educators, and they do a terrific job. If you don’t have a World Book set in your house, I recommend one.

推销百科全书是项神圣的天职，我们超过半数以上的销售人员是现职或是退休的老师，有些则是图书馆员，他们将自己视为教育工作者，而且做的有声有色，如果你家中还没有一套《世界百科全书》，那么我建议你赶快去买一套放在家里。

o Kirby likewise recorded its fourth straight year of unit volume gains. Worldwide, unit sales grew 4% from 1985 and 33% from 1982. While the Kirby product is more expensive than most cleaners, it performs in a manner that leaves cheaper units far behind ("in the dust," so to speak). Many 30- and 40-year-old Kirby cleaners are still in active duty. If you want the best, you buy a Kirby.

o 柯比吸尘器同样维持连续四年的成长，全球的销售数量共成长了 33%，虽然其产品价格要比同类型吸尘器贵许多，但它的性能却将其它品牌远远拋在后面，有许多产品经过了三、四十年还很耐用，想要最好的，就买柯比！

Some companies that historically have had great success in direct sales have stumbled in recent years. Certainly the era of the working woman has created new challenges for direct sales organizations. So far, the record shows that both Kirby and World Book have responded most successfully.

许多靠直销销售其产品的公司，近年来纷纷倒闭，主要是由于上班族妇女越来越多所致，不过到目前为止，柯比吸尘器与世界图书公司的表现算是可圈可点。

The businesses described above, along with the insurance operation and Fechheimer, constitute our major business units. The brevity of our descriptions is in no way meant to diminish the importance of these businesses to us. All have been discussed in past annual reports and, because of the tendency of Berkshire owners to stay in the fold (about 98% of the stock at the end of each year is owned by people who were owners at the start of the year), we want to avoid undue repetition of basic facts. You can be sure that we will immediately report to you in detail if the underlying economics or competitive position of any of these businesses should materially change. In general, the businesses described in this section can be characterized as having very strong market positions, very high returns on capital employed, and the best of operating managements.

以上企业再加上保险业务和费区海默构成了我们主要的业务部门，简单地描述并不意味着它们对我们不具重要性，所有的这些在过去的年报都已详细的报告过，由于我们的股东结构非常稳定(每年约有 98%的股东会选择继续持有本公司)，所以我们不必花太多时间重复赘述。当然若是这些企业的基本经济因素或竞争地位发生重大变化，我们一定会立即向您详细报告，总的来说，前面所提的公司都有非常强大的市场竞争力，非常高的资本回报率和最佳的管理层。