巴菲特致股东的信（1994年）⑤报告收益来源

Sources of Reported Earnings

The table on the next page shows the main sources of Berkshire's reported earnings. In this presentation, purchase-premium charges of the type we discussed in our earlier analysis of Scott Fetzer are not assigned to 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. This form of presentation seems to us to be more useful to investors and managers than one utilizing GAAP, which requires purchase premiums to be charged off, business-by-business. The total 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。就像我们在前面对 ScottFetzer 的分析中所讨论的类型一样，下表中被投资公司的购买溢价单独分离出来汇总列示，之所以这样做是为了让旗下各事业的收益状况，不因我们的投资而有所影响。在我们看来，这样的表述方式对投资者或经理人来说比 GAAP 的方式更有帮助，因为 GAAP 要求按业务逐笔摊销购买溢价。当然最后损益加总的数字仍然会与 GAAP 的数字一致。

A large amount of information about these businesses is given on pages 37-48, where you will also find our segment earnings reported on a GAAP basis. In addition, on pages 53-59, we have rearranged Berkshire's financial data into four segments on a non-GAAP basis, a presentation that corresponds to the way Charlie and I think about the company. Our intent is to supply you with the financial information that we would wish you to give us if our positions were reversed.

在年报中你可以找到依照 GAAP 原则编制的详细的部门信息，以及按照查理跟我的方式重新划分业务的财务信息。我们报告的目标是，假如我们角色互换，向你的提供的财务信息，跟你提供给我们的完全一致。