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Because of the way the tax law works； the Rip Van Winkle style of investing that we favor … if successful … has an important mathematical edge over a more frenzied approach。 Let's look at an extreme parison。
由于税法运作的方式，如果情况许可的话，我们偏爱李伯大梦式的投资，因为较之疯狂短线进出的方法，它有一个很重要的利基点，让我们举一个很极端的例子来做说明。
Imagine that Berkshire had only 1； which we put in a security that doubled by yearend and was then sold。 Imagine further that we used the after…tax proceeds to repeat this process in each of the next 19 years； scoring a double each time。 At the end of the 20 years； the 34％ capital gains tax that we would have paid on the profits from each sale would have delivered about 13；000 to the government and we would be left with about 25；250。 Not bad。 If； however； we made a single fantastic investment that itself doubled 20 times during the 20 years； our dollar would grow to 1；048；576。 Were we then to cash out； we would pay a 34％ tax of roughly 356；500 and be left with about 692；000。
假设Berkshire只有1块美金的投资，但它每年却可以有一倍的报酬，假设我们将卖掉后所得的资金，用同样的方式再重复19年，结果20年下来，依照34％的税率总共贡献给国库13；000美元，而我们自己则可以拿到25；250美元，看起来还不错，然而要是我们简单一点，只做一项不变的投资，但是它同样可以赚每年一倍，则最后的金额却高达1；048；576美元，在扣除34％ 356；500的所得税之后，实得约692；000美元。
The sole reason for this staggering difference in results would be the timing of tax payments。 Interestingly； the government would gain from Scenario 2 in exactly the same 27：1 ratio as we … taking in taxes of 356；500 vs。 13；000 … though； admittedly； it would have to wait for its money。
之所以会有如此大的差异唯一的理由就是所得税支付的时点，有趣的是政府从后面那种情况所抽的税金还比前者高，当然政府必须等到最后才能拿到这笔税金。
We have not； we should stress； adopted our strategy favoring long…term investment mitments because of these mathematics。 Indeed； it is possible we could earn greater after…tax returns by moving rather frequently from one investment to another。 Many years ago； that's exactly what Charlie and I did。
必须强调的是我们并不是因为这种简单的算术就倾向采用长期投资的态度，没错经常性的变动有可能会使我们的税后报酬高一些，事实上在几年之前，查理跟我就是这样在做的。
Now we would rather stay put； even if that means slightly lower returns。 Our reason is simple： We have found splendid business relationships to be so rare and so enjoyable that we want to retain all we develop。 This decision is particularly easy for us because we feel that these relationships will producegood … though perhaps not optimal … financial results。 Considering that； we think it makes little sense for us to give up time with people we know to be interesting and admirable for time with others we do not know and who are likely to have human qualities far closer to average。 That would be akin to marrying for money … a mistake under most circumstances； insanity if one is already rich。
但现在我们觉得一动不如一静，虽然这样的投资报酬看起来可能会少一点，其中的理由很简单，我们已经找到相当难得的商业合作关系，并珍惜我们彼此间所发展出来的情感，做这种决定对我们来说一点都不困难，因为我们相信这样的关系一定会让我们有一个满意的投资成果，虽然它可能不是最佳的。也因此我们觉得实在没有意义要舍弃原来我们熟悉欣赏的人，而把时间浪费在我们不认识且人格可能会在水准以下的人身上，那不等于一个有钱人竟然还为了金钱而结婚，这未免有些精神错乱。
Sources of Reported Earnings
帐列盈余的来源
The table below shows the major sources of Berkshire's reported earnings。 In this presentation； amortization of Goodwill and other major purchase…price accounting adjustments are not charged against the specific businesses to which they apply； but are instead aggregated and shown separately。 This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them。 I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing generally accepted accounting principles （GAAP）； which require purchase…price adjustments to be made on a business…by…business basis。 The total net earnings we show in the table are； of course； identical to the GAAP total in our audited financial statements。
下表显示Berkshire帐列盈余的主要来源，在这张表中商誉的摊销数与购买法会计调整数会从个别被投资公司分离出来，单独加总列示，之所以这样做是为了让旗下各事业的盈余状况，不因我们的投资而有所影响，过去我一再地强调我们认为这样的表达方式，较之一般公认会计原则要求以个别企业基础做调整，不管是对投资者或是管理者来说，更有帮助，当然最后损益加总的数字仍然会与经会计师查核的数字一致。
Further information about these businesses is given in the Business Segment section on pages 37…39； and in the Management's Discussion section on pages 40…44。 In these sections you also will find our segment earnings reported on a GAAP basis。 For information on Wesco's businesses； I urge you to read Charlie Munger's letter； which starts on page 54。 In addition； we have reprinted on page 71 Charlie's May 30； 1989 letter to the U。 S。 League of Savings Institutions； which conveyed our disgust with its policies and our consequent decision to resign。
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，里头包含查理在1989年5月写给美国储贷联盟的一封公开信，信中传达对于其推行政策的不满并做出辞去在其组织中的职位。
（000s omitted）
Berkshire's Share of Net Earnings （after taxes and Pre…Tax Earnings minority interests）
Operating Earnings：
Insurance Group：
Underwriting Net Investment Ine Buffalo News Fechheimer Nebraska Furniture Mart Kirby 。
1989 （24；400） 243；599 46；047 12；621 17；070 26；114
1988 （11；081） 231；250 42；429 14；152 18；439 26；891
1989 （12；259） 213；642 27；771 6；789 8；441 16；803
1988 （1；045） 197；779 25；462 7；720 9；099 17；842
Scott Fetzer
Manufacturing Group See's Candies Wesco … other than Insurance World Book 。 Amortization of Goodwill 。
1989 33；165 34；235 13；008 25；583 （3；387）
1988 28；542 32；473 16；133 27；890 （2；806）
1989 19；996 20；626 9；810 16；372 （3；372）
1988 17；640 19；671 10；650 18；021 （2；806）
Other Purchase…Price
Accounting Charges Interest Expense
1989 （5；740） （42；389）
1988 （6；342） （35；613）
1989 （6；668） （27；098）
1988 （7；340） （23；212）
Shareholder…Designated
Contributions Other Operating Earnings Sales of Securities
1989 （5；867） 23；755 393；414 223；810
1988 （4；966） 41；059 418；450 131；671
1989 （3；814） 12；863 299；902 147；575
1988 （3；217） 27；177 313；441 85；829
Total Earnings … All Entities
1989 1988 1989 1988
617；224 550；121 447；477 399；270
*Excludes interest expense of Scott Fetzer Financial Group and Mutual Savings & Loan。
*不包含史考特飞兹与联合储贷的利息费用
We refer you also to pages 45…51； where we have rearranged Berkshire's financial data into four segments。 These correspond to the way Charlie and I think about the business and should help you calculate Berkshire's intrinsic value。 Shown on these pages are balance sheets and earnings statements for： （1） our insurance operations； with their major investment positions itemized； （2） our manufacturing； publishing and retailing businesses； leaving aside certain non…operating assets and purchase…price accounting adjustments； （3） our subsidiaries engaged in finance…type operations； which are Mutual Savings and Scott Fetzer Financial； and （4） an all…other category that includes the non…operating assets （primarily marketable securities） held by the panies in segment （2）； all purchase price accounting adjustments； and various assets and debts of the Wesco and Berkshire parent panies。
在后面我会提到重新将Berkshire的部门分类为四大项，这是查理跟我认为可以帮助大家计算本公司实质价值的最好方式，以下的资产负债表与盈余表就是依此分类表示（1）保险事业，并将主要投资部位归类（2）制造、出版与零售事业，扣除非本业资产与购买法的会计调整（3）金融业的子公司…诸如联合储贷与史考特飞兹财务公司（4）其它项目，包含前述非营业资产（主要是有价证券投资）与购买法调整，还有Wesco与Berkshire母公司一些其它的资产与负债。
If you bine the earnings and net worths of these four segments； you will derive totals matching those shown on our GAAP statements。 However； I want to emphasize that this four…category presentation does not fall within the purview of our auditors； who in no way bless it。
如果你将这四个部门的盈余与净值加总，会得到与经会计师依公认会计原则查核的数字一致，然而我还是必须强调这种表达方式并未经过会计师的检视，我想他宁可选择不要看的好。
In addition to our reported earnings； we also benefit from significant earnings of investees that standard accounting rules do not permit us to report。 On page 15； we list five major investees from which we received dividends in 1989 of about 45 million； after taxes。 However； our share of the retained earnings of these investees totaled about 212 million last year； not counting large capital gains realized by GEICO and Coca…Cola。 If this 212 million had been distributed to us； our own operating earnings； after the payment of additional taxes； would have been close to 500 million rather than the 300 million shown in the table。
除了帐列盈余数字之外，实际上我们受惠于会计原则不能认列的盈余，后面我烈示出五家主要被投资公司在1989年收到的税后现金股利收入合计是4；500万美元，然而若依照投资比例我们可以分得的税后盈余却高达2。12亿美元，这还不包含我们在GEICO与Coca…Cola身上所获得的资本利得，而若将这应得的2。12亿盈余分给我们，则在扣除应付的所得税之后，公司帐列的盈余可能会大幅增加为5亿美元，而不是现在的3亿美元。
The question you must decide is whether these undistributed earnings are as valuable to us as those we report。 We believe they are … and even think they may be more valuable。 The reason for this a…bird…in…the…bush…may…be…worth…two…in…the…hand conclusion is that earnings retained by these investees will be deployed by talented； owner…oriented managers who sometimes have better uses for these funds in their own businesses than we would have in ours。 I would not make such a generous assessment of most managements； but it is appropriate in these cases。
你应该判断的关键在于这些未分配的盈余与我们帐上已经列示的盈余同样的珍贵，甚至我们相信他们以后可能还更有价值，这一鸟在林更是两鸟在手的道理，就像是与其把盈余交到我们手中，还不如留给我们信任有才干的经理人继续运用发挥，通常我对一般的经理人不会有这么高的评价，但以这几家公司来说，的确是实至名归。
In our view； Berkshire's fundamental earning power is best measured by a 〃look…through〃 approach； in which we append our share of the operating earnings retained by our investees to our own reported operating earnings； excluding capital gains in both instances。 For our intrinsic business value to grow at an average of 15％ per year； our 〃look…through〃 earnings must grow at about the same pace。 We'll need plenty of help from our present investees； and also need to add a new one from time to time； in order to reach this 15％ goal。
就我们的观点，Berkshire的基本获利能力可以用直接法来衡量，也就是我们将被投资公司真正应分给我们的盈余加到帐列的营业利益之上，同时扣除我们在这些投资已实现的资本利得，所以如果说我们想要让企业的实质价值每年平均以15％的速度成长，我们的直接盈余也必须要以同等的速度增加，因此我们相当需要现有的被投资公司给予我们更多的支持，同时也需要时时增加新进的成员才有办法达到这15％的目标。
Non…Insurance Operations
非保险营运
In the past； we have labeled our major manufacturing； publishing and retail operations 〃The Sainted Seven。〃 With our acquisition of Borsheim's early in 1989； the challenge was to find a new title both alliterative and appropriate。 We failed： Let's call the group 〃The Sainted Seven Plus One。〃
在过去我们将主要的制造、出版与零售业昵称为七个圣徒，在1989年波仙珠宝加入后，马上面临的一个问题就是要找到一个贴切又好听的名词，但到目前为止我们还没有想到，现在姑且将他们称作为「七加一个圣徒」吧。
This divine assemblage … Borsheim's； The Buffalo News； Fechheimer Bros。； Kirby； Nebraska Furniture Mart； Scott Fetzer Manufacturing Group； See's Candies； World Book … is a collection of businesses with economic characteristics that range from good to superb。 Its managers range from superb to superb。
这神圣的组合…波仙珠宝、水牛城日报、费区海默、寇比吸尘器、内布拉斯加家具、史考特费兹、喜斯糖果与世界百科全书等公司，可以说是模范企业的绝佳组合，他们的管理人也可以说是好的不能再好了。
Most of these managers have no need to work for a living； they show up at the ballpark because they like to hit home runs。