1978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 1978 年Buffetts Letters To Berkshire Shareholders 1978First, a few words about accounting. The merger首先,是会计相关的议题,在年底与)with Diversified Retailing Company, Inc. at多元零售公司的合并后,对于公司的yearend addstwo newcomplications inthe财务报表有两项影响,首先在合并案presentation of our fin
2、ancial results. After the完成后,我们对蓝筹邮票的持股比例merger, our ownershipofBlue Chip Stamps料将提高至 58%左右,意味着该公司的increased to approximately 58% and, therefore,资资产负债以及盈余数字必须全部纳到the accountsof thatcompany must be fully研伯克希尔的报表之内,在此之前,我consolidated in the Balance Sheet and Statement投们仅透过权益法按投资比例认列蓝筹of Earnings prese
3、ntation of Berkshire. In邮票的净值与收益。多previous reports, our share of the net earnings载更only of Blue Chip had been included as a single下item on Berkshires Statement of Earnings, and,there had been a similar one-line inclusion onour Balance Sheet of our share of their net”assets.)This full consolidation o
4、f sales, expenses,如此全面性地将营收、费用、应收帐receivables, inventories, debt, etc. produces an款、存货及负债等科目合并,所产生aggregation of figures from many diverse的数字将来自于各种产业特性截然不businesses -textiles,insurance, candy,同的行业,包含纺织、保险、糖果、EDITORnewspapers, trading stamps - with dramatically报纸及邮票等,某些行业各位的持有different economic chara
5、cteristics.ValueFirst1In some of的权益是 100%,某些例如由蓝筹邮票theseyour ownershipis 100% but, in those所持有的却只有 58%(至于其它股东(businesses which are owned by Blue Chip but fully所代表的权益,则列在资产负债表右股consolidated, your ownership as a Berkshire半边负债科目的少数股东权益项下),牛对于财务报表这样的归类,我们认为shareholder is only 58%. (Ownership by others o
6、f资非但无法解释实际现况反而模糊了真the balance of these businesses is accounted for投正的焦点,事实上,我们内部从来就by the large minority interest item on theliability side值of the Balance Sheet.) Such a不使用这样的报表进行分析管理。grouping价of BalancePDFSheet and Earnings items -“some wholly owned, some partly owned - tends to号obscure economic re
7、ality more than illuminate众it. In fact, it represents a form of presentation信公that we never prepare for internal use during the微year and which is ofno value to us inany索management activities.搜For that reason, throughout the report we provide基于这样的理由,在接下来的报告中,muchseparatefinancialinformationand我们将针对个别
8、的行业提供各自的财(commentary onthe various segments ofthe务数字及分析检讨,以协助各位评估business to help you evaluate Berkshires伯克希尔实际的表现及前景,这些信performance and prospects. Much of this息大都是证管会信息揭露的相关要segmented information is mandated by SEC求,详见 29 页到 34 页的管理阶层讨PDFM1巴菲特研究中心 Research Centre for Buffettismdisclosure rules and
9、covered in “Managements论,至于在这里我们则试着以经营者Discussion” on pages 29 to 34. And in this letter的角度为各位分析各个营利单位的表we try to present to you a view of our various现。operating entities from the same perspective)that we view them managerially.A second complication arising from the merger is合并案所引发的第二项影响则是今年that the
10、 1977 figures shown in this report are报表中秀出 1977 年的数字与去年提differentfromthe1977figures shown inthe料供给各位同一年度的数字有所不同,report wemailed to youlast year. Accounting资会计原则要求当像多元零售与伯克希convention requires that when two entities such研尔这样二个独立个体合并时,所有报as Diversified and Berkshire are merged, all投告的财务数字都必须假设这两家公司fi
11、nancial data subsequently must be presented as原本就在一起,所以后续呈现所有数多if the companies had been merged at the time they字,是假设这两家公司早在 1977 年更were formed ratherthan just recently. Sothe(甚至更早以前)就已经合并,虽然真enclosedfinancialstatements,in effect,载正合并的日期是 1978 年的 12 月 30pretend that in 1977(andearlier years)the下日,这样
12、的改变使得比较性的评论很,Diversified-Berkshire merger already had taken”容易产生混淆,因为以往的报告中,place, even thoughthe actual merger date was我们告诉各位的都是伯克希尔的历史)December 30, 1978. This shifting base makes记录,而非依照合并多元零售后重新comparative commentary confusing and, from time修正数字。to time in our narrative report, we will talk offigu
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