1971年的巴菲特致股东的信.pdf

1971 年巴菲特致股东的信 翻译：Rick /s/blog_a3453d2201015o6u.html 本文主要讲保险和银行。 1967 年巴菲特收购了国民赔偿保险公司。 1969 年进入再保险领域（暂时未知是收购还是新设，根据后文的意思我们猜测 可能是国民赔偿保险公司在1969 年新设，有待以后查证） 1970-1972 年巴菲特陆续在几个州新设立保险公司（根据80 年代的年报，这几个 自创的保险公司的表现似乎很一般） 1969 年巴菲特收购伊利诺伊州国民银行 To the Stockholders of Berkshire Hathaway Inc.: 致伯克希尔股东： It is a pleasure to report that operating earnings in 1971, excluding capital gains, amounted to more than 14% of beginning shareholders equity. This result—considerably above the average of American industry—was achieved in the face of inadequate earnings in our textile operation, making clear the benefits of redeployment of capital inaugurated five years ago. It will continue to be the objective of management to improve return on total capitalization (long term debt plus equity), as well as the return on equity capital. However, it should be realized that merely maintaining the present relatively high rate of return may well prove more difficult than was improvement from the very low levels of return which prevailed throughout most of the 1960s. 很高兴向各位股东报告：1971 年的经营利润（不包括资本利得）占年初股东权 益的比重超过了14% 。这样的经营结果（比美国行业的平均水平高很多），是在 我们纺织业务盈利不好的情况下取得的。我们5 年前重新配置资本的好处已经显 而易见。管理层的目标是提高投入资本（股东权益+长期负债）的回报率以及股 东权益的回报率。然而，我们必须清楚：维持目前高ROE 将会比较困难，因为 整个60 年代的股东权益回报很低，而将较低的股东权益回报提高要相对容易。 Textile Operations We, in common with most of the textile industry, continued to struggle throughout 1971 with inadequate gross margins. Strong efforts to hammer down costs and a continuous search for less price-sensitive fabrics produced only marginal profits. However, without these efforts we would have operated substantially in the red. Employment was more stable throughout the year as our program to improve control of inventories achieved reasonable success. 我们的纺织业务，和这个行业里的大多数纺织企业一样，在1971 年艰难渡过，毛利很低。 我们努力削减成本，并且持续不断地搜寻那些对价格敏感度较弱的布料产品，这些努力只贡 献了一些边际上的利润。但是，如果没有这些努力的话，我们的纺织业务可能是亏损的。在 1971 年，由于我们在控制存货方面的努力取得了一些成功，员工雇佣情况比以前稳定。 As mentioned last year, Ken Chace and his managem