巴菲特致股东的信（1988年）④波仙珠宝

Borsheim’s

It was in 1983 that Berkshire purchased an 80% interest in The Nebraska Furniture Mart. Your Chairman blundered then by neglecting to ask Mrs. B a question any schoolboy would have thought of: “Are there any more at home like you?” Last month I corrected the error: We are now 80% partners with another branch of the family.

波仙珠宝

1983 年，伯克希尔买下内布拉斯加家具店 80%的股权，当时我忘了问 B 夫人一个连小学生都会想到的问题：“你还有没有其它兄弟姊妹”。上个月我补救了这个错误，现在我们又成为该家族另一个分支的 80%股东。

After Mrs. B came over from Russia in 1917, her parents and five siblings followed. (Her two other siblings had preceded her.) Among the sisters was Rebecca Friedman who, with her husband, Louis, escaped in 1922 to the west through Latvia in a journey as perilous as Mrs. B’s earlier odyssey to the east through Manchuria. When the family members reunited in Omaha they had no tangible assets. However, they came equipped with an extraordinary combination of brains, integrity, and enthusiasm for work - and that’s all they needed. They have since proved themselves invincible.

1917 年，当 B 夫人从俄国往东经满州一路逃到美国之后，她的双亲与五位兄弟姊妹也陆续来到美国，其中包括一个姊妹丽贝卡·弗里德曼(Rebecca Friedman)和她的丈夫路易。1922 年，他们冒着生命危险往西途经拉脱维亚来到美国。当家族在奥马哈重新团聚时，大家一无所有，然而，只要身具头脑、品格与对工作的热情，一切就已足够，后来证明他们所向无敌。

In 1948 Mr. Friedman purchased Borsheim’s, a small Omaha jewelry store. He was joined in the business by his son, Ike, in 1950 and, as the years went by, Ike’s son, Alan, and his sons-in-law, Marvin Cohn and Donald Yale, came in also.

1948 年 Friedman 先生买下奥马哈地区一家叫波仙的小珠宝店，1950 年他的儿子艾克(Ike)也加入进来。随着时间流逝，艾克的儿子艾伦(Alan)和女婿马文·科恩(MarvinCohn)和唐纳德·耶鲁(DonaldYale)也加入了进来。

You won’t be surprised to learn that this family brings to the jewelry business precisely the same approach that the Blumkins bring to the furniture business. The cornerstone for both enterprises is Mrs. B’s creed: “Sell cheap and tell the truth.” Other fundamentals at both businesses are: (1) single store operations featuring huge inventories that provide customers with an enormous selection across all price ranges, (2) daily attention to detail by top management, (3) rapid turnover, (4) shrewd buying, and (5) incredibly low expenses. The combination of the last three factors lets both stores offer everyday prices that no one in the country comes close to matching.

你应该不难预料，这个家族为当地珠宝业所带来的影响与布鲁姆金家族对于家具行业的情况完全类似，两家店共同的信条就是：货真价实，物美价廉。另外，共同的特色还有：(1)单店经营，但货品样式价格种类齐全，满足消费者各式需求；(2)管理层对细节的日常专注；(3)货品周转快速；(4)精明的采购；(5)令人难以置信的低运营成本。后面三项特点的结合，让店内产品的售价比全美其它地方都卖的便宜。

Most people, no matter how sophisticated they are in other matters, feel like babes in the woods when purchasing jewelry. They can judge neither quality nor price. For them only one rule makes sense: If you don’t know jewelry, know the jeweler.

大部分的人们不管在其它事情上多么学有专精，但是遇到买珠宝首饰时，就像是迷失在森林里的小孩子，什么都不懂，不会判断东西的品质好坏与价格高低。对这些人来说，只要记住一条，不懂珠宝没有关系，只要认准珠宝商就好。

I can assure you that those who put their trust in Ike Friedman and his family will never be disappointed. The way in which we purchased our interest in their business is the ultimate testimonial. Borsheim’s had no audited financial statements; nevertheless, we didn’t take inventory, verify receivables or audit the operation in any way. Ike simply told us what was so -- and on that basis we drew up a one-page contract and wrote a large check.

我敢保证，那些信任 Friedman 家族的人永远不会失望。我们购买波仙股权的方式就是最好的证明，波仙没有经过审计的财务报告，我们也没有盘点存货、查验应收帐款或是做任何方式的审计。艾克只是简单地告诉我们如何如何，于是双方就草拟了一页简单的合约，并由我们开出一大笔金额的支票。

Business at Borsheim’s has mushroomed in recent years as the reputation of the Friedman family has spread. Customers now come to the store from all over the country. Among them have been some friends of mine from both coasts who thanked me later for getting them there.

随着 Friedman 家族声誉的远播，近年来波仙珠宝的生意越做越大，客户从美国各地远道而来，其中也包含我一些从东西两岸来的朋友，他们也都很感谢我能带他们去参观波仙珠宝。

Borsheim’s new links to Berkshire will change nothing in the way this business is run. All members of the Friedman family will continue to operate just as they have before; Charlie and I will stay on the sidelines where we belong. And when we say “all members,” the words have real meaning. Mr. and Mrs. Friedman, at 88 and 87, respectively, are in the store daily. The wives of Ike, Alan, Marvin and Donald all pitch in at busy times, and a fourth generation is beginning to learn the ropes.

波仙的营运模式并不会因为伯克希尔的加入而有所改变，弗里德曼家族成员仍将像以前一样持续在各自的岗位上奋斗。查理跟我会站在旁边默默支持，事实上所有的成员包含高龄 88 岁与 87 岁的老先生和夫人，仍然每天到店里工作，其它儿子媳妇也是从早忙到晚，家族的第四代已正准备开始学习接班。

It is great fun to be in business with people you have long admired. The Friedmans, like the Blumkins, have achieved success because they have deserved success. Both families focus on what’s right for the customer and that, inevitably, works out well for them, also. We couldn’t have better partners.

跟你所长期钦佩的人一起共事，实在是人生一大乐事。弗里德曼家族和布鲁姆金家族一样，他们的成功实至名归。两个家族都坚持在做对客户有益的事，同时对他们自己也有很大的益处。他们是我们最好的事业伙伴。