1979年巴菲特致股东的信正式版.doc
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1、巴菲特研究中心 Research Centre for Buffettism巴菲特致股东的信 1979 年Buffetts Letters To Berkshire Shareholders 1979Again, we must lead off with a few words about首先,还是会计相关的议题,从去年)accounting. Since our last annual report, the年报开始,会计原则要求保险公司持accounting profession has decided that equity有的股票投资在资产负债表日的评价securities owne
2、d by insurance companies must be方式,从原先的成本与市价孰低法,carried on the balance sheet at market value. We料改按公平市价法列示,由于我们帐上previously have carried such equity securities资的股票投资拥有大量的未实现利益,at the lowerof aggregate cost or aggregate研因此即便我们已提列了资本利得实现market value. Because we have large unrealized投时应该支付的估计所得税负债,我们ga
3、ins in our insurance equity holdings, the1978 年及 1979 年的净值依然大幅增多result of this new policy is to increase加。载更substantially both the 1978 and 1979 yearend net下worth, even after the appropriate liability is,established for taxes on capital gains that wouldbe payable should equities be sold at such mark
4、et”valuations.)As you know, Blue Chip Stamps, our 60% owned大家都知道,我们持股 60%的蓝筹邮subsidiary, is fully consolidated in Berkshire票业已并入伯克希尔的合并报表之Hathaways financial statements. However, Blue中,然而依照现行会计原则规定,蓝Chip still is requiredto carry its equity筹邮票的股票投资仍必须按照旧制-EDITORinvestments at the lower of aggregate
5、cost or也就是成本与市价孰低法列示,换句aggregate market value, justValueFirst1as Berkshire话说,以同一种价格买进同一种股票,Hathaways insurance subsidiaries did prior to不同公司的会计评价方法竟不一样,(this year. Should the same equities be purchased(这是不是让你毛骨悚然),蓝筹邮票股at an identical price by an insurance subsidiary持股的市值请参阅 18 页的附注三。牛of Berkshire H
6、athaway and by Blue Chip Stamps,资present accounting principles often would投require that they end up carried on ourconsolidated值balance sheet at two differentvalues. (That价shouldPDFkeep you on your toes.)“Market valuesof BlueChip Stamps equity号holdings are given in footnote 3 on page 18.众1979 Operati
7、ng Results1979 年营运成果信公We continue to feel that the ratio of operating就短期间而言,我们一向认为营业利微earnings (before securities gains or losses) to益(不含出售证券损益)除以股东权益索shareholders equity with all securities valued(所有股票投资按原始成本计算)所得at cost is the most appropriate way to measure出的比率,为衡量单一年度经营成果搜any single years operat
8、ing performance.的最佳方式。(Measuring such results against shareholders之所以不按市价计算的原因,是因为equity with securities valued at market could如此做将使得分母每年大幅波动而失significantly distort the operating performance去比较意义,举例来说,股票价格大percentage because of wide year-to-year market幅下跌造成股东权益跟着下滑,其结PDFM1巴菲特研究中心 Research Centre for
9、 Buffettismvalue changes in the net worth figure that serves果将使得原本平常的营业利益看起来as the denominator. For example, a large decline反而不错,同样的,股价表现越好,in securities values could result in a very low股东权益分母跟着变大的结果,将使“market value” net worth that, in turn, could得营业利益率变得失色,所以我们仍)cause mediocre operating earnings t
10、o look将按期初的股东权益(股票投资以原unrealisticallygood. Alternatively,the more始成本计)为基准来衡量经营绩效。料successful thatequity investments have been,资the larger the net worth base becomes and the研poorer the operating performance figure appears.投Therefore, we will continue to report operating多performance measured against b
11、eginning networth, with securities valued at cost.On this basis, we had a reasonably good operating在这样的基础下,1979 年我们获得了更performance in 1979 - but not quite as good as不错的经营成果,营业利益达到期初that of 1978 - with operating earnings amounting载净值的 18.6%,略逊于 1978 年的数字,to 18.6% of beginning net worth. Earnings per下
12、当然每股盈余成长了不少(约 20%),share, of course, increased somewhat (about 20%)”但我们不认为应该对每股盈余过于关but we regard this as an improper figure upon注,因为虽然 1979 年我们可运用的资)which to focus. We had substantially more capital金又增加了不少,但运用的绩效却反to work with in 1979 than in 1978, and our而不如前一年度,因为即便是利率固performance in utilizing th
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