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panies are in businesses that； on balance； seem rather mundane。 Most sell non…sexy products or services in much the same manner as they did ten years ago （though in larger quantities now； or at higher prices； or both）。 The record of these 25 panies confirms that making the most of an already strong business franchise； or concentrating on a single winning business theme； is what usually produces exceptional economics。
事实上我们在Berkshire的经验正是如此，我们的专业经理人所以能够缔造优异的成绩，所从事的业务相当平凡，但重点是把它们做到极致，经理人致力于保护企业本身、控制成本，基于现有能力寻找新产品与新市场来巩固既有优势，他们从不受外界诱惑，钜细靡遗地专注于企业之上，而其成绩有目共睹。
Berkshire's experience has been similar。 Our managers have produced extraordinary results by doing rather ordinary things … but doing them exceptionally well。 Our managers protect their franchises； they control costs； they search for new products and markets that build on their existing strengths and they don't get diverted。 They work exceptionally hard at the details of their businesses； and it shows。
以下是近况报导
Here's an update：
克里思蒂小姐嫁给一位考古学家，她曾说︰「配偶最理想的职业就是考古学家，因为你越老，他就越有兴趣」，事实上应该是商学院而非考古学系的学生，需要多多研究B太太…这位NFM高龄94岁的负责人。
o Agatha Christie； whose husband was an archaeologist； said that was the perfect profession for one's spouse： 〃The older you bee； the more interested they are in you。〃 It is students of business management； not archaeologists； who should be interested in Mrs。 B （Rose Blumkin）； the 94…year…old chairman of Nebraska Furniture Mart。
五十年以前B太太以五百块美金创业，到如今NFM已是全美远近驰名的家具量贩店，但是B太太还是一样从早到晚，一个礼拜工作七天，掌管采购、销售与管理，我很确定她现在正蓄势待发，准备在未来的五到十年内，全力冲刺再创高峰，也因此我已说服董事会取消一百岁强迫退休的年龄上限，（也该是时候了，随着时光的流逝，越来我越相信这个规定是该修改了）
Fifty years ago Mrs。 B started the business with 500； and today NFM is far and away the largest home furnishings store in the country。 Mrs。 B continues to work seven days a week at the job from the opening of each business day until the close。 She buys； she sells； she manages … and she runs rings around the petition。 It's clear to me that she's gathering speed and may well reach her full potential in another five or ten years。 Therefore； I've persuaded the Board to scrap our mandatory retirement…at…100 policy。 （And it's about time： With every passing year； this policy has seemed sillier to me。）
去年（1987年） NFM的销货净额是一亿四千多万美元，较前一年度成长8％，这是全美独一无二的一家店，也是全美独一无二的家族，B太太跟她三个儿子拥有天生的生意头脑、品格与冲劲，且分工合作，团结一致。
Net sales of NFM were 142。6 million in 1987； up 8％ from 1986。 There's nothing like this store in the country； and there's nothing like the family Mrs。 B has produced to carry on： Her son Louie； and his three boys； Ron； Irv and Steve； possess the business instincts； integrity and drive of Mrs。 B。 They work as a team and； strong as each is individually； the whole is far greater than the sum of the parts。
B太太家族的杰出表现，不但让身为股东的我们受益良多，NFM的客户们更受惠更大，只要选择NFM的产品据估计光是1987年就可省下至少三千万美元，换句话说若客户到别处去买可能要贵上这么多钱。
The superb job done by the Blumkins benefits us as owners； but even more dramatically benefits NFM's customers。 They saved about 30 million in 1987 by buying from NFM。 In other words； the goods they bought would have cost that much more if purchased elsewhere。
去年我接到一封无名氏所写的相当有趣的信︰「很遗憾看到Berkshire第二季的获利下滑，想要提高 贵公司的获利吗？ 有一个不错的法子，去查查NFM的产品售价，你会发现他们把一、两成的获利空间白白奉送给客户，算算一年一亿四千万的营业额，那可是二千八百万的利润，这个数字实在是相当可观，再看看别家家具、地毯或是电器用品的价格，你就会发现把价格调回来是再合理不过了。谢谢
一位竞争同业留」
You'll enjoy an anonymous letter I received last August： 〃Sorry to see Berkshire profits fall in the second quarter。 One way you may gain back part of your lost。 （sic） Check the pricing at The Furniture Mart。 You will find that they are leaving 10％ to 20％ on the table。 This additional profit on 140 million of sells （sic） is 28 million。 Not small change in anyone's pocket！ Check out other furniture； carpet； appliance and T。V。 dealers。 Your raising prices to a reasonable profit will help。 Thank you。 /signed/ A petitor。〃 NFM will continue to grow and prosper by following Mrs。 B's maxim： 〃Sell cheap and tell the truth。〃
展望未来NFM在B太太「价格公道实在」的座右铭领导下，必将继续成长茁壮。o在全美相同规模（或甚至更大）的报纸中，水牛城报纸有两个特点第一、它在平时与假日的普及率最高（即订户数在该地区家户数的比率），第二是新闻比率最高（新闻版面占总版面的比率）
o Among dominant papers of its size or larger； the Buffalo News continues to be the national leader in two important ways： （1） its weekday and Sunday penetration rate （the percentage of households in the paper's primary market area that purchase it）； and （2） its 〃news…hole〃 percentage （the portion of the paper devoted to news）。
事实上一份报纸能够同时拥有这两项特色绝对不是巧合，因为新闻内容越丰富，也就越能吸引更广泛的读者，从而提高普及率，当然除了量之外，新闻品质也很重要，这不但代表要有好的报导与编辑，也代表要有实时性与关联性，为了让报纸成为读者们不可或缺的东西，它必须能够马上告诉读者许多他们想要知道的事情，而不是等读者们都已知道后，事后报纸才刊登出来。
It may not be coincidence that one newspaper leads in both categories： an exceptionally 〃newsrich〃 product makes for broad audience appeal； which in turn leads to high penetration。 Of course； quantity must be matched by quality。 This not only means good reporting and good writing； it means freshness and relevance。 To be indispensable； a paper must promptly tell its readers many things they want to know but won't otherwise learn until much later； if ever。
以水牛城日报来说我们平均每24小时出七个版本，每次内容都会更新，举一个简单的例子就足以让人感到惊奇，光是每天的讣文就会更新七次，也就是说每则新增的讣文会在报纸上连续刊登七个版。
At the News； we put out seven fresh editions every 24 hours； each one extensively changed in content。 Here's a small example that may surprise you： We redo the obituary page in every edition of the News； or seven times a day。 Any obituary added runs through the next six editions until the publishing cycle has been pleted。
当然一份新闻也必须要有有深度的全国与国际性新闻，但一份地区性的报纸也必须及时并广泛地报导社区动态，要把这点做好除了必须要有足够的空间，并加以有效地运用。
It's vital； of course； for a newspaper to cover national and international news well and in depth。 But it is also vital for it to do what only a local newspaper can： promptly and extensively chronicle the personally…important； otherwise…unreported details of munity life。 Doing this job well requires a very broad range of news … and that means lots of space； intelligently used。
如同往年，去年（1987年）我们的新闻比大约是50％，若是我们把这比率砍到一般40％的水准，我们一年约可省下四百万美金的新闻成本，但我们从来都不会考虑如此做，就算哪一天我们的获利大幅缩减也是一样。
Our news hole was about 50％ in 1987； just as it has been year after year。 If we were to cut it to a more typical 40％； we would save approximately 4 million annually in newsprint costs。 That interests us not at all … and it won't interest us even if； for one reason or another； our profit margins should significantly shrink。
基本上查理跟我都不太相信营业预算，像是「间接费用必须缩减，因为预估营业收入不若以往」之类的说法，。如果有一天我们必须降低新闻比率或是牺牲喜斯糖果的品质与服务，以提升疲弱不振的获利表现，或是相反地因为Berkshire太多钱以致现金花不完，就去聘请经济分析师、公关顾问等对公司一点帮助都没有的人。这些做法一点道理都没有，我们完全不了解为何有些公司因为公司赚太多钱就增加一些没有用的人来消化预算，或是因为获利不佳就砍掉一些关键的人事，这种变来变去的方式既不符合人性也不符合商业原则，我们的目标是不论如何都要做对Berkshire的客户与员工有意义的事， （你可能会问那公司专机又是怎么一回事？？嗯！我想有时一个人总会有忘了原则的时候）
Charlie and I do not believe in flexible operating budgets； as in 〃Non…direct expenses can be X if revenues are Y； but must be reduced if revenues are Y … 5％。〃 Should we really cut our news hole at the Buffalo News； or the quality of product and service at See's； simply because profits are down during a given year or quarter？ Or； conversely； should we add a staff economist； a corporate strategist； an institutional advertising campaign or something else that does Berkshire no good simply because the money currently is rolling in？ That makes no sense to us。 We neither understand the adding of unneeded people or activities because profits are booming； nor the cutting of essential people or activities because profitability is shrinking。 That kind of yo…yo approach is neither business…like nor humane。 Our goal is to do what makes sense for Berkshire's customers and employees at all times； and never to add the unneeded。 （〃But what about the corporate jet？〃 you rudely ask。 Well； occasionally a man must rise above principle。）
虽然水牛城新闻的营收最近几年只有些微的成长，但在发行人Stan Lipsey杰出的管理之下，获利却反而大幅成长，有好几年我甚至错误地预测该报的获利会下滑，而同样地今年我也不会让大家失望，1988年不管是毛利或者是获利都会缩水，其中新闻印刷成本的飞涨是主要的原因。
Although the News' revenues have grown only moderately since 1984； superb management by Stan Lipsey； its publisher； has produced excellent profit growth。 For several years； I have incorrectly predicted that profit margins at the News would fall。 This year I will not let vou down： Margins will； without question； shrink in 1988 and profit may fall as well。 Skyrocketing newsprint costs will be the major cause。 Fechheimer Bros。 pany is another of our family businesses … and； like the Blumkins； what a family。 Three generations of Heldmans have for decades consistently； built the sales and profits of this manufacturer and distributor of uniforms。 In the year that Berkshire acquired its controlling interest in Fechheimer … 1986 … profits were a record。 The Heldmans didn't slow down after that。 Last year earnings increased substantially and the outlook is good for 1988。
费区海默兄弟公司是我们旗下另一个家族企业，而就像Blumkins一样是个非常杰出的家族，Heldmans家族三代几十年来，努力不懈地建立了这家制服制造与销售公司，而在Berkshire取得所有权的1986年，该公司的获利更创新高，此后Heldmans家族并未停下脚步，去年（1987年）盈余又大幅增加，而展望今年（1988年）前景更是看好。在制服事业大概没有什么出奇的事，唯一的惊奇就是Heldmans家族， Bob、George、Gary、Roger跟Fred，对于这行业熟的不能再熟，同时也乐在其中，我们何其有幸能与他们一起合作共事。
There's nothing magic about the Uniform business； the only magic is in the Heldmans。 Bob； George； Gary； Roger and Fred know the business inside and out； and they have fun running it。 We are fortunate to be in partnership with them。 o Chuck Huggins continues to set new records at See's； just as he has ever since we put him in charge on the day of our purchase some 16 years ago。 In 1987； volume hit a new high at slightly Under 25 million pounds。 For the second year in a row； moreover； same…store sales； measured in pounds； were virtually unchanged。 In case you are wondering； that represents improvement： In each of the previous six years； same…store sales had fallen。
Chuck Huggins持续为喜斯糖果缔造新猷，自从十六年前我们买下这家公司，并请他主掌这项事业时，便一直是如此，在1987年糖果销售量创下近二千五百万英镑的新高，同时连续第二年单店平均营业额维持不坠，你可能会觉得没什么了不起，事实上这已是相当大的改善，因为过去连续六年数字都呈现下滑的趋势。
Although we had a particularly strong 1986 Christmas season； we racked up better store…for…store parisons in the 1987 Christmas season than at any other time of the year。 Thus； the seasonal factor at See's bees even more extreme。 In 1987； about 85％ of our profit was earned during December。
虽然1986年的圣诞节特别旺，但1987年的记录比86年还要好，使得季节因素对喜斯糖果来说越来越重要，经统计去年一整年约有85％的获利是在十二月单月所创造的。糖果店是个很好玩的地方，但对大部分的老板来说就不那么有趣了，就我们所知，这几年来除了喜斯赚大钱之外，其它糖果店的经营皆相当惨淡，所以很明显的喜斯搭的并不是顺风车，它的表现是扎扎实实的。
Candy stores are fun to visit； but most have not been fun f