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The taxes that insurance panies pay … which increased materially； though on a delayed basis； upon enactment of the Tax Reform Act of 1986 … took a further turn for the worse at the end of 1987。 We detailed the 1986 changes in last year's report。 We also mented on the irony of a statute that substantially increased 1987 reported earnings for insurers even as it materially reduced both their long…term earnings potential and their business value。 At Berkshire； the temporarily…helpful 〃fresh start〃 adjustment inflated 1987 earnings by 8。2 million。
去年在年报中详述刚通过的税负改革法案，使得保险公司支付的税负以递延渐进的形式大幅增加，这种情况在1987年更加恶化，讽刺的是虽然这个法案大大地影响到保险公司长期的获利与价值，却让保险公司短期的盈余数字格外亮丽，光是在Berkshire1987年的盈余就增加了八百多万美金。
In our opinion； the 1986 Act was the most important economic event affecting the insurance industry over the past decade。 The 1987 Bill further reduced the intercorporate dividends…received credit from 80％ to 70％； effective January 1； 1988； except for cases in which the taxpayer owns at least 20％ of an investee。
就我们个人的看法，1986年的法案是近十多年来保险业界最重要的经济事件， 1987年的新法案进一步将企业间股利可扣抵的比率由80％减为70％，除非被投资公司有超过20％的股权是由一般投资人所拥有。
Investors who have owned stocks or bonds through corporate intermediaries other than qualified investment panies have always been disadvantaged in parison to those owning the same securities directly。 The penalty applying to indirect ownership was greatly increased by the 1986 Tax Bill and； to a lesser extent； by the 1987 Bill； particularly in instances where the intermediary is an insurance pany。 We have no way of offsetting this increased level of taxation。 It simply means that a given set of pre…tax investment returns will now translate into much poorer after…tax results for our shareholders。
投资人透过中间企业法人（除了专业投资公司外）持有的股份或债券，先天上本来就比直接持有这些有价证券要来的不利的多，尤其是在1986年租税改革法案通过后，这种租税惩罚更为明显，（虽然1987年的情况稍微好转一点，尤其是对保险公司来说），我们没有任何方法可以规避这项增加的税负成本，简而言之，现在同样的税前获利，在扣除税负成本后最后所得到的税后净利，要比过去要来得少的多。
All in all； we expect to do well in the insurance business； though our record is sure to be uneven。 The immediate outlook is for substantially lower volume but reasonable earnings improvement。 The decline in premium volume will accelerate after our quota…share agreement with Fireman's Fund expires in 1989。 At some point； likely to be at least a few years away； we may see some major opportunities； for which we are now much better prepared than we were in 1985。
不论如何，我们的保险事业应该可以做的不错，只是最后的成绩可能无法像过去那么好，目前的展望是保费收入将减少，尤其是消防人员基金在1989年到期后，但盈余可略微改善，之后我们可能可以再遇到好机会，不过那可能要好几年以后，届时我们应该可以作好更万全的准备。
Marketable Securities … Permanent Holdings
有价证券…永恒的持股
每当查理跟我为Berkshire旗下的保险公司买进股票（扣除套利交易，后面会再详述），我们采取的态度就好象是我们买下的是一家私人企业一样，我们着重于这家公司的经济前景、经营阶层以及我们支付的价格，我们从来就没有考虑再把这些股份卖出，相反地只要能够预期这家公司的价值能够稳定地增加，我们愿意无限期地持有这些股份，在投资时我们从不把自己当作是市场的分析师、总体经济分析师或是证券分析师，而是企业的分析师。
Whenever Charlie and I buy mon stocks for Berkshire'sinsurance panies （leaving aside arbitrage purchases； discussed later） we approach the transaction as if we were buying into a private business。 We look at the economic prospects of the business； the people in charge of running it； and the price we must pay。 We do not have in mind any time or price for sale。 Indeed； we are willing to hold a stock indefinitely so long as we expect the business to increase in intrinsic value at a satisfactory rate。 When investing； we view ourselves as business analysts … not as market analysts； not as macroeconomic analysts； and not even as security analysts。
我门的方式在交易热络的股票市场相当管用，因为市场三不五时就会突然浮现令人垂涎三尺的投资机会，但这价格其实并不太重要，因为就算是我们持有的股票停止交易很长一段时间我们也不在意，就像是世界百科全书或是费区海默同样没有每天的报价，最后一点，我们的经济利益取决于我们所拥有的公司本身的经济利益，不管我们持有的是全部或者是部份股权都一样。
Our approach makes an active trading market useful； since it periodically presents us with mouth…watering opportunities。 But by no means is it essential： a prolonged suspension of trading in the securities we hold would not bother us any more than does the lack of daily quotations on World Book or Fechheimer。 Eventually； our economic fate will be determined by the economic fate of the business we own； whether our ownership is partial or total。
班哲明．葛拉汉是我的老师，也是我的朋友，很久以前讲过一段有关对于市场波动心态的谈话，是我认为对于投资获利最有帮助的一席话，他说投资人可以试着将股票市场的波动当作是一位市场先生每天给你的报价，他就像是一家私人企业的合伙人，不管怎样，市场先生每天都会报个价格要买下你的股份或是将手中股份卖给你。
Ben Graham； my friend and teacher； long ago described the mental attitude toward market fluctuations that I believe to be most conducive to investment success。 He said that you should imagine market quotations as ing from a remarkably acmodating fellow named Mr。 Market who is your partner in a private business。 Without fail； Mr。 Market appears daily and names a price at which he will either buy your interest or sell you his。
即使是你们所共同拥有的合伙企业经营稳定变化不大，市场先生每天还是会固定提出报价，同时市场先生有一个毛病，那就是他的情绪很不稳定，当他高兴时，往往只看到合伙企业好的一面，所以为了避免手中的股份被你买走，他会提出一个很高的价格，甚至想要从你手中买下你拥有的股份；但有时候，当他觉得沮丧时，眼中看到的只是这家企业的一堆问题，这时他会提出一个非常低的报价要把股份卖给你，因为他很怕你会将手中的股份塞给他。
Even though the business that the two of you own may have economic characteristics that are stable； Mr。 Market's quotations will be anything but。 For； sad to say； the poor fellow has incurable emotional problems。 At times he feels euphoric and can see only the favorable factors affecting the business。 When in that mood； he names a very high buy…sell price because he fears that you will snap up his interest and rob him of imminent gains。 At other times he is depressed and can see nothing but trouble ahead for both the business and the world。 On these occasions he will name a very low price； since he is terrified that you will unload your interest on him。
市场先生还有一个很可爱的特点，那就是他不在乎受到冷落，若今天他提出的报价不被接受，隔天他还是会上门重新报价，要不要交易完全由你自主，所以在这种情况下，他的行为举止越失措，你可能得到的好处也就越多。
Mr。 Market has another endearing characteristic： He doesn't mind being ignored。 If his quotation is uninteresting to you today； he will be back with a new one tomorrow。 Transactions are strictly at your option。 Under these conditions； the more manic…depressive his behavior； the better for you。
但就像辛蒂瑞拉参加的化妆舞会一样，你务必注意午夜前的钟响，否则马车将会变回番瓜，市场先生是来给你服务的，千万不要受他的诱惑反而被他所导引，你要利用的是他饱饱的口袋，而不是草包般的脑袋，如果他有一天突然傻傻地出现在你面前，你可以选择视而不见或好好地加以利用，但是要是你占不到他的便宜反而被他愚蠢的想法所吸引，则你的下场可能会很凄惨；事实上若是你没有把握能够比市场先生更清楚地衡量企业的价值，你最好不要跟他玩这样的游戏，就像是打牌一样，若是你没有办法在30分钟内看出谁是肉脚，那么那个肉脚很可能就是你！
But； like Cinderella at the ball； you must heed one warning or everything will turn into pumpkins and mice： Mr。 Market is there to serve you； not to guide you。 It is his pocketbook； not his wisdom； that you will find useful。 If he shows up some day in a particularly foolish mood； you are free to either ignore him or to take advantage of him； but it will be disastrous if you fall under his influence。 Indeed； if you aren't certain that you understand and can value your business far better than Mr。 Market； you don't belong in the game。 As they say in poker； 〃If you've been in the game 30 minutes and you don't know who the patsy is； you're the patsy。〃
葛拉汉的市场先生理论在现今的投资世界内或许显得有些过时，尤其是在那些大谈市场效率理论、动态避险与beta值的专家学者眼中更是如此，他们会对那些深奥的课题感到兴趣是可以理解的，因为这对于渴望投资建议的追求者来说，是相当具吸引力的，就像是没有一位名医可以单靠「吃两颗阿斯匹宁」这类简单有效的建议成名致富的。
Ben's Mr。 Market allegory may seem out…of…date in today's investment world； in which most professionals and academicians talk of efficient markets； dynamic hedging and betas。 Their interest in such matters is understandable； since techniques shrouded in mystery clearly have value to the purveyor of investment advice。 After all； what witch doctor has ever achieved fame and fortune by simply advising 〃Take two aspirins〃？
这当然是股市秘籍存在的价值，但就我个人的看法，投资成功不是靠晦涩难解的公式、计算机运算或是股票行情板上股票上下的跳动，相反地投资人要能成功，惟有凭借着优异的商业判断同时避免自己的想法、行为，受到容易煽动人心的市场情绪所影响，以我个人的经验来说，要能够免除市场诱惑，最好的方法就是将葛拉汉的市场先生理论铭记在心。
The value of market esoterica to the consumer of investment advice is a different story。 In my opinion； investment success will not be produced by arcane formulae； puter programs or signals flashed by the price behavior of stocks and markets。 Rather an investor will succeed by coupling good business judgment with an ability to insulate his thoughts and behavior from the super…contagious emotions that swirl about the marketplace。 In my own efforts to stay insulated； I have found it highly useful to keep Ben's Mr。 Market concept firmly in mind。
追随葛拉汉的教诲，查理跟我着眼的是投资组合本身的经营成果，以此来判断投资是否成功，而不是他们每天或是每年的股价变化，短期间市场或许会忽略一家经营成功的企业，但最后这些公司终将获得市场的肯定，就像葛拉汉所说的：「短期而言，股票市场是一个投票机，但长期来说，它却是一个体重机」一家成功的公司是否很快地就被发现并不是重点，重要的是只要这家公司的内在价值能够以稳定地速度成长才是关键，事实上越晚被发现有时好处更多，因为我们就有更多的机会以便宜的价格买进它的股份。
Following Ben's teachings； Charlie and I let our marketable equities tell us by their operating results … not by their daily； or even yearly； price quotations … whether our investments are successful。 The market may ignore business success for a while； but eventually will confirm it。 As Ben said： 〃In the short run； the market is a voting machine but in the long run it is a weighing machine。〃 The speed at which a business's success is recognized； furthermore； is not that important as long as the pany's intrinsic value is increasing at a satisfactory rate。 In fact； delayed recognition can be an advantage： It may give us the chance to buy more of a good thing at a bargain price。
当然有时市场也会高估一家企业的价值，在这种情况下，我们会考虑把股份出售，另外有时虽然公司股价合理或甚至略微低估，但若是我们发现有更被低估的投资标的或是我们觉得比较熟悉了解的公司时，我们也会考虑出售股份。
Sometimes； of course； the market may judge a business to be more valuable than the underlying facts would indicate it is。 In such a case； we will sell our holdings。 Sometimes； also； we will sell a security that is fairly valued or even undervalued because we require funds for a still more undervalued investment or one we believe we understand better。
然而我们必须强调的是我们不会因为被投资公司的股价上涨或是因为我们已经持有一段时间，就把它们给处分掉，在华尔街名言中，最可笑的莫过于是「赚钱的人是不会破产的」，我们很愿意无限期的持有一家公司的股份，只要这家公司所运用的资金可以产生令人满意的报酬、管理阶层优秀能干且正直，同时市场对于其股价没有过度的高估。
We need to emphasize； however； that we do not sell holdings just because they have appreciated or because we have held them for a long time。 （Of Wall Street maxims the most foolish may be 〃You can't go broke taking a profit。〃） We are quite content to hold any security indefinitely； so long as the prospective return on equity capital of the underlying business is satisfactory； management is petent and honest； and the market does not overvalue the business。
但是这不包含我们保险公司所�