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oan crisis。 Also； take special note of Dave Hillstrom performance at Precision Steel Warehouse； a Wesco subsidiary。 Precision operates in an extremely petitive industry； yet Dave consistently achieves good returns on invested capital。 Though data is lacking to prove the point； I think it is likely that his performance； both in 1988 and years past； would rank him number one among his peers。
年报中还有企业个别部门的信息，有关Wesco公司的信息，我强烈建议大家可以看看查理孟格所写的年报，里头包含我看过对储贷机构危机事件写得最贴切的一篇文章，另外也可以顺便看看Precision钢铁厂，这家Wesco的子公司所处的产业竞争相当激烈，但经理人Dave仍然努力创造相当不错的绩效，虽然手头上缺乏资料来证明，但我相信他的表现绝对不比其它同侪逊色。
1988 Unit：US'000
Earnings Before Ine Tax After Ine Tax
Percent Total Berkshire Share Berkshire Share
Earnings from Operation
Insurance Group
Underwriting #DIV/0！ （11；081） （1；045）
Net Investment Ine #DIV/0！ 231；250 197；779
Buffalio News #DIV/0！ 42；429 25；462
Fechheimer 14；152 7；720
Kirby 26；891 17；842
Nebraska Furniture Mart #DIV/0！ 18；439 9；099
Scott Fetzer…Diversified 28；542 17；640
See's Candies #DIV/0！ 32；473 19；671
Wesco Financial Corporation…Parent #DIV/0！ 16；133 10；650
World Book 27；890 18；021
Amortization of Goodwill （2；806） （2；806）
Interest on Debt （35；613） （23；212）
Shareholder's Contribution （4；966） （3；217）
Other 34；717 19；837
0 418；450 313；441
Realized Securities Gain 131；671 85；829
Total Earnings…all entities 0 550；121 399；270
*不包含史考特飞兹金融集团的利息费用
*Excludes interest expense of Scott Fetzer Financial Group。
我们旗下各项营运事业所创造的盈余，不管是依绝对值或是与同业相较，实在是相当出色，对此我们衷心感谢这些辛苦的经理人，你我应该感到庆幸能与他们一起共事。
The earnings achieved by our operating businesses are superb； whether measured on an absolute basis or against those of their petitors。 For that we thank our operating managers： You and I are fortunate to be associated with them。 At Berkshire； associations like these last a long time。 We do not remove superstars from our lineup merely because they have attained a specified age … whether the traditional 65； or the 95 reached by Mrs。 B on the eve of Hanukkah in 1988。 Superb managers are too scarce a resource to be discarded simply because a cake gets crowded with candles。 Moreover； our experience with newly…minted MBAs has not been that great。 Their academic records always look terrific and the candidates always know just what to say； but too often they are short on personal mitment to the pany and general business savvy。 It difficult to teach a new dog old tricks。
在Berkshire，这样的关系可以维持相当长久，我们不会因为这些杰出优秀的明星经理人年纪到了一定程度就把他们给换掉，不管是65岁或是B太太在1988年所打破的95岁上限，明星的经理人实在是可遇不可求的稀罕珍宝，他们就像是插满蜡烛的蛋糕，如何叫人舍得把他们丢弃，相较之下，我们对于新进的MBA企管硕士的评价就没有那么高了，他们的学术经历看起来总是很吓人，讲起话来头头是道，但个人对于企业长期发展的投入却相当有限，实在是很难去教菜狗那套老伎俩。
Here an update on our major non…insurance operations：
以下是我们非保险部门的最新营运状况︰
At Nebraska Furniture Mart； Mrs。 B （Rose Blumkin） and her cart roll on and on。 She been the boss for 51 years； having started the business at 44 with 500。 （Think what she would have done with 1；000！） With Mrs。 B； old age will always be ten years away。
在内布拉斯加家具店方面，B太太坐着她的轮椅持续运转，自从44岁那年以500块美金开始创业当老板，至今已有51个年头，（要是当初是用1；000块的话，现在可能更不得了），对于B太太来说，就是再多十岁也不嫌老。
The Mart； long the largest home furnishings store in the country； continues to grow。 In the fall； the store opened a detached 20；000 square foot Clearance Center； which expands our ability to offer bargains in all price ranges。
这家全美最大的家具量贩店到现在还在持续成长，去年秋天，又新开了一家占地20；000平方英呎的清洁用品中心，让我们的产品线不论是各种价格都应有尽有。
Recently Dillard； one of the most successful department store operations in the country； entered the Omaha market。 In many of its stores； Dillard runs a full furniture department； undoubtedly doing well in this line。 Shortly before opening in Omaha； however； William Dillard； chairman of the pany； announced that his new store would not sell furniture。 Said he； referring to NFM： we don’t want to pete with them。 We think they are about the best there is。？
最近Dillard一家在全美地区经营相当成功的百货公司打算进军奥玛哈地区，在它其它主要的分店都设有家具部门，事实上他们在这方面也做的相当成功，不过就在其奥玛哈分店开幕的前夕，Dillard总裁William先生却宣布这家分店决定不卖家具，他特别提到NFM，表示你绝对不会想要与它竞争，我想它在当地已经是最强的了。
At the Buffalo News we extol the value of advertising； and our policies at NFM prove that we practice what we preach。 Over the past three years NFM has been the largest ROP advertiser in the Omaha World…Herald。 （ROP advertising is the kind printed in the paper； as contrasted to the preprinted…insert kind。） In no other major market； to my knowledge； is a home furnishings operation the leading customer of the newspaper。 At times； we also run large ads in papers as far away as Des Moines； Sioux City and Kansas City … always with good results。 It truly does pay to advertise； as long as you have something worthwhile to offer。
水牛城报纸我们赞扬广告的价值，而我们在NFM的政策则是证明我们所宣扬的确实可行，过去三年来，NFM是奥玛哈世界先锋报的最大广告客户，（ROP是指直接印在报纸而非夹报式的广告），据我所知，除此之外没有一家报纸的主要广告客户是家具商，同时我们也在堪萨斯等地区刊登广告，所得到的反应也相当不错，广告当然有其效果，只要你所要介绍的东西值得推荐。
Mrs。 B’s son； Louie； and his boys； Ron and Irv； plete the winning Blumkin team。 It a joy to work with this family。 All its members have character that matches their extraordinary abilities。
B太太的儿子路易，还有他几个小孩组成了一支梦幻队伍，跟他们一起共事实在是一种享受，所有的成员品格与才能兼具。
Last year I stated unequivocally that pre…tax margins at The Buffalo News would fall in 1988。 That forecast would have proved correct at almost any other newspaper our size or larger。 But Stan Lipsey … bless him … has managed to make me look foolish。
去年我曾明确地表示水牛城日报1988年的税前盈余一定会下滑，事实证明要不是有Stan Lipsey，结果可能会如我所预测，与其它同规模的报纸同样地沉沦，很高兴Stan让我看起来很愚蠢。
Though we increased our prices a bit less than the industry average last year； and though our newsprint costs and wage rates rose in line with industry norms； Stan actually improved margins a tad。 No one in the newspaper business has a better managerial record。 He has achieved it； furthermore； while running a paper that gives readers an extraordinary amount of news。 We believe that our ewshole？percentage … the portion of the paper devoted to news … is bigger than that of any other dominant paper of our size or larger。 The percentage was 49。5％ in 1988 versus 49。8％ in 1987。 We are mitted to keeping it around 50％； whatever the level or trend of profit margins。
虽然我们去年我们调涨的价格较同业水准略低，同时印刷与工资成本调整的幅度与同业一致，但Stan还是硬生生让毛利率又扩大一些，在新闻业没有其它人可以像他这样有更好的经营绩效，且同时还能够让读者得到如此丰富的新闻，我们相信我们自己的新闻比率，绝对是同样规模或甚至更大报纸中最高的，1988年49。5％，不管获利状况如此，我们一定会努力将这个比率维持在50％上下。
Charlie and I have loved the newspaper business since we were youngsters； and we have had great fun with the News in the 12 years since we purchased it。 We were fortunate to find Murray Light； a top…flight editor； on the scene when we arrived and he has made us proud of the paper ever since。
查理跟我在年轻的时候就很热爱新闻事业，而买下水牛城报纸的12年来，让我们渡过许多快乐时光，我们很幸运能够找到像Murray这样杰出的总编辑，让我们一入主水牛城报纸后，便深深引以为傲。
See’s Candies sold a record 25。1 million pounds in 1988。 Prospects did not look good at the end of October； but excellent Christmas volume； considerably better than the record set in 1987； turned the tide。
喜斯糖果在1988年总共销售了2；510万磅重的糖果，本来在十月前整个销售前景看起来不太乐观，但拜圣诞节旺季特别旺所致，整个局势跟着扭转。
As we have told you before； See’s business continues to bee more Christmas…concentrated。 In 1988； the pany earned a record 90％ of its full…year profits in December： 29 million out of 32。5 million before tax。 （It enough to make you believe in Santa Claus。） December deluge of business produces a modest seasonal bulge in Berkshire corporate earnings。 Another small bulge occurs in the first quarter； when most World Book annuals are sold。
就像我们以前告诉各位的，喜斯的糖果旺季越来越向圣诞节集中，去年光是12月的税前获利2；900万就占全年度3；250万的90％，（如此你应该相信圣诞老公公真的存在了吧），十二月的旺季使得Berkshire第四季的盈余看起来相当不错，另外第一季则是因为世界百科全书年度出版所以也会有一波小高潮。
Charlie and I put Chuck Huggins in charge of See about five minutes after we bought the pany。 Upon reviewing his record； you may wonder what took us so long。
查理跟我是在买下喜斯糖果五分钟之后，决定为Chuck Huggins负责这家公司的管理，在看过他这些年来的绩效之后，你可能会怀疑为何我们要考虑那么久！
At Fechheimer； the Heldmans … Bob； George； Gary； Roger and Fred … are the Cincinnati counterparts of the Blumkins。 Neither furniture retailing nor uniform manufacturing has inherently attractive economics。 In these businesses； only exceptional managements can deliver high returns on invested capital。 And that exactly what the five Heldmans do。 （As Mets announcer Ralph Kiner once said when paring pitcher Steve Trout to his father； Dizzy Trout； the famous Detroit Tigers pitcher： here a lot of heredity in that family。？
在费区海默，Heldmans家族就好象是B太太家族的辛辛那提版，不管是家具业或者是制服业都不会很有吸引力的行业，也只有好的管理才能让股东们获得好的投资报酬，这正是Heldmans五位家族成员为Berkshire所作的贡献，身为职棒大都会队的发言人，Ralph Kiner曾说比较该队投手Steve Trout与他的父亲Dizzy Trout也是老虎队名投手，你就会发现虎父无犬子。
Fechheimer made a fairly good…sized acquisition in 1988。 Charlie and I have such confidence in the business savvy of the Heldman family that we okayed the deal without even looking at it。 There are very few managements anywhere … including those running the top tier panies of the Fortune 500 … in which we would exhibit similar confidence。
费区海默在1988年进行了一项规模颇大的购并案，查理跟我对于他们相当有信心，所以我们连看都没有看就同意了这项交易，很少有经营阶层，即便是财星五百大企业也好，能得到我们这样的信任。
Because of both this acquisition and some internal growth； sales at Fechheimer should be up significantly in 1989。
因为这项购并案与内部本身的成长，费区海默的营业额可望大幅成长。
All of the operations managed by Ralph Schey … World Book； Kirby； and The Scott Fetzer Manufacturing Group … performed splendidly in 1988。 Returns on the capital entrusted to Ralph continue to be exceptional。
所有Ralph Schey所管理的事业，包含世界百科全书、寇比吸尘器与史考特费兹制造集团，在1988年的表现皆相当出色，投资其上的资金也获得相当不错的报酬。
Within the Scott Fetzer Manufacturing Group； particularly fine progress was recorded at its largest unit； Campbell Hausfeld。 This pany； the country leading producer of small and medium…sized air pressors； has more than doubled earnings since 1986。
在史考特费兹制造集团当中，又以Campbell家用器具最突出，这家全美最大的中小型压缩机自从1986年来每年盈余都呈倍数成长。
Unit sales at both Kirby and World Book were up significantly in 1988； with export business particularly strong。 World Book became available in the Soviet Union in September； when that country largest American book store opened in Moscow。 Ours is the only general encyclopedia offered at the store。
寇比吸尘器与世界百科全书的1988年销售数量都大幅成长，尤其在外销部份更是强劲，世界百科全书在九月配合莫斯科当地最大的一家美国百货公司开幕，正式在苏联推出，成为该店唯一展示的一套百科全书。
Ralph personal productivity is amazing： In addition to running 19 businesses in superb fashion； he is active at The Cleveland Clinic； Ohio University； Case Western Reserve； and a venture capital operation that has spawned sixteen Ohio…based panies and resurrected many others。 Both Ohio and Berkshire are fortunate