巴菲特致股东的信（1990年）②报告收益来源

Sources of Reported Earnings

The table below shows the major sources of Berkshire's reported earnings. In this presentation, amortization of Goodwill and other major purchase-price accounting adjustments are not charged against the specific businesses to which they apply, but are instead aggregated and shown separately. This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them. I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing generally accepted accounting principles (GAAP), which require purchase-price adjustments to be made on a business-by-business basis. The total net earnings we show in the table are, of course, identical to the GAAP total in our audited financial statements.

报告收益来源

下表显示伯克希尔报告收益的主要来源，在这张表中商誉摊销和购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各业务的收益状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之 GAAP 要求以个别企业基础做调整，不管是对投资者或是管理者来说，更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。

Much additional information about these businesses is given on pages 39-46, where you also will find our segment earnings reported on a GAAP basis. For information on Wesco's businesses, I urge you to read Charlie Munger's letter, which starts on page 56. His letter also contains the clearest and most insightful discussion of the banking industry that I have seen.

年报中还有企业个别部门的信息，有关 Wesco 公司的信息，我强烈建议大家可以看看查理·芒格所写的信，里面包含我看过对银行产业写的最详尽精辟的分析。

*Excludes interest expense of Scott Fetzer Financial Group and Mutual Savings & Loan.

注：债务利息科目不含斯科特费泽与互助储贷的利息费用

We refer you also to pages 47-53, where we have rearranged Berkshire's financial data into four segments. These correspond to the way Charlie and I think about the business and should help you more in estimating Berkshire's intrinsic value than consolidated figures would do. Shown on these pages are balance sheets and earnings statements for: (1) our insurance operations, with their major investment positions itemized; (2) our manufacturing, publishing and retailing businesses, leaving aside certain non- operating assets and purchase-price accounting adjustments; (3) our subsidiaries engaged in finance-type operations, which are Mutual Savings and Scott Fetzer Financial; and (4) an all-other category that includes the non-operating assets (primarily marketable securities) held by the companies in segment (2), all purchase- price accounting adjustments, and various assets and debts of the Wesco and Berkshire parent companies.

目前我们已将伯克希尔的财务信息重新分类为四大部门，这是查理跟我认为最可以帮助大家计算本公司内在价值的最好方式，以下的资产负债表与损益表就是依此分类表示(1)保险业务，另将主要投资部位归类；(2)制造、出版与零售业务，扣除非经营资产与购买法的会计调整；(3)金融业的子公司，即互助储贷和斯科特费泽财务公司；(4)其它项目，包含前述非经营资产(主要是有价证券投资)与购买法调整，还有 Wesco 与伯克希尔母公司一些其它的资产与负债。

If you combine the earnings and net worths of these four segments, you will derive totals matching those shown on our GAAP statements. However, I want to emphasize that this four-category presentation does not fall within the purview of our auditors, who in no way bless it.

如果你将这四个部门的收益与净值加总，会得到与经审计师依 GAAP 查核一致的数字，然而我还是必须强调这种表达方式并未经过会计师的审计，我想他宁可选择不要看的好。