1975年巴菲特致股东的信正式版.doc
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1、1975 年巴菲特致股东的信翻译:Rick )1975 年纺织业务进行了扩张,收购了两个公司。-资料研To the Stockholders of Berkshire Hathaway Inc.:多投Last year, when discussing the prospects for 1975, we stated “the outlook for 1975 is更not encouraging.” This forecast proved to be distressingly accurate. Our operatingearnings for 1975 were $6,713,59
2、2, or $6.85 per share, producing a return onbeginning shareholders equity of 7.6%. This is the lowest return on equity载,experienced since 1967. Furthermore, as explained later in this letter,下a large segment”of these earnings resulted from Federal income tax refunds which will not beavailable to ass
3、ist performance in 1976.)致伯克希尔股东:PDF在去年的年报里,我们谈到 1975 年的前景的时候,我们提到:“前景不妙”。目前看来,我们预测准确,但是令人沮丧。1975EDITOR年,我们的运营利润是 671 万美元,每股约合 6.85 美元,按年初的股东权益,ROE 为 7.6%。这是自 1967 年以来的最差回报率。然而,我们后面也会提到,大部分的盈利来源于联邦所得税ValueFirst1股的退税。1976年无法再享受到退税的优惠。(牛On balance, however, current trends indicate a somewhat brighter
4、1976. Operations投and prospects will be discussed资in greater detail below, under specific industry titles.值Our expectation is that significantly better results in textiles, earnings added fromPDFMrecent acquisitions, an increase in equity in earnings of Blue Chip Stamps resulting价“from an enlarged ow
5、nership interest, and at least a moderate improvement ininsurance underwriting results will more than offset other possible negatives to众produce greater号earnings in 1976.公微总体而言,目前的趋势显示 1976 年的情况有所好转。我们下面将分部门详细讨索信论我们的业务。我们预测纺织业务部门的盈利会大幅增加,受惠于我们最近所做搜的收购;同时我们持有的蓝带印花公司的股权比例有所上升,这将增加我们按权益比例享有的利润;我们承保业务部门
6、的业绩也会有一定程度的上升,所有这些(将会抵消一些负面的因素,使得我们 1976 年的业绩有所改善。The major variableand by far the most difficult to predict with any feeling of confidenceis the insurance underwriting result. Present very tentative indications are that underwriting improvement is in prospect. If such improvement is moderate,our ov
7、erall gain in earnings in 1976 likewise will prove moderate. More significant underwriting improvement could give us a major gain in earnings.目前变化最大,也是最不好预测的就是承保利润率。目前有微弱的迹象显示承保)的业绩在改善。如果承保业务的业绩有一定程度的改善,那么 1976 年我们总体料业绩也会有所改善。承保业绩的大幅改善将显著提升我们的业绩。资Textile Operations研During the first half of 1975 sale
8、s of textile products were extremely depressed,投resulting in major production curtailments. Operations ran at a significant loss, withemployment down as much as 53% from a year earlier.更多载纺织业务下在 1975 年的上半年,纺织产品的销售很差,导致了我们大幅削减产量。我们的,雇员数下降了 53%,运营处于严重亏损的水平。”)In contrast with previous cyclical slumps,
9、however, most textile producers quicklyreduced production to match incoming orders, thus preventing massive industry-wideaccumulation of inventories. Such cutbacks caused quite prompt reflection at the millEDITORoperating level when demand revived at retail. As a result, beginning about midyearbusin
10、ess rebounded at a fairly rapid rate. This “V” shaped textile depression, whileValueFirst1one of the sharpest on record, also became one of the shortest ones in our experience.(The fourth quarter produced an excellent profit for our textile division, bringing股results for the year into the black.资牛和以
11、往的纺织行业周期相比,本轮周期中很多纺织企业迅速削减产量,按订单生投产,这样就避免了全行业大量存货的累积。产量削减之后,工厂的产量对零售需值求的再次恢复迅速作出反应。在年中的时候,纺织产品的价格快速反弹。此次纺织行业的 V“型反转,在历史上也是最深的一次(指下降周期价格的跌幅价PDF,rick),同时也是持续时间最短的一次。第四季度,我们的纺织业务取得了很好的利润,号以至于我们全年并未发生亏损,反而有所盈利。公众On April 28, 1975 we acquired Waumbec Mills Incorporated and Waumbec Dyeing信and Finishing Co
12、., Inc. located in Manchester, New Hampshire. These companies索微搜have long sold woven goods into the drapery and apparel trade. Such draperymaterials complement and extend the line already marketed through the Home Fabrics(Division of Berkshire Hathaway. In the period prior to our acquisition, the co
13、mpanyhad run at a very substantial loss, with only about 55% of looms in operation and thePDFMfinishing plant operating at about 50% of capacity. Losses continued on a reduced basis for a few months after acquisition. Outstanding efforts by our manufacturing,administrative and sales people now have
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