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These customers request a jewelry selection of a certain type and value … say； emeralds in the 10；000 …20；000 range … and we then send them five to ten items meeting their specifications and from which they can pick。 Last year we mailed about 1；500 assortments of all kinds； carrying values ranging from under 1；000 to hundreds of thousands of dollars。
这些客户大多指定要一定品质与价位的珠宝，例如1万到2万美元的绿宝石，之后我们会送上五到十个符合他们要求的样品供他们做挑选，去年我们总共寄出超过1；500种组合，每种组合的价值从1；000美元到几十万美元不等。
The selections are sent all over the country； some to people no one at Borsheim's has ever met。 （They must always have been well remended； however。） While the number of mailings in 1990 was a record； Ike has been sending merchandise far and wide for decades。 Misanthropes will be crushed to learn how well our 〃honor…system〃 works： We have yet to experience a loss from customer dishonesty。
这些产品被分送到全美各地，有些人是波仙素未谋面的，（当然他们必须要经过别人郑重的推荐），虽然这个数量在1990年达到高峰，但事实Ike在几十年以前就开始这样的创举，厌世者在得知我们所实施的荣誉制度可能会崩溃，截至目前为止我们还没有因为客户的不诚实而遭受损失。
We attract business nationwide because we have several advantages that petitors can't match。 The most important item in the equation is our operating costs； which run about 18％ of sales pared to 40％ or so at the typical petitor。 （Included in the 18％ are occupancy and buying costs； which some public panies include in 〃cost of goods sold。〃） Just as Wal…Mart； with its 15％ operating costs； sells at prices that high…cost petitors can't touch and thereby constantly increases its market share； so does Borsheim's。 What works with diapers works with diamonds。
我们之所以能够吸引全美各地的生意上门主要是因为我们有几项优势是其它竞争对手所无法比拟的，其中最重要的一项就是经营的成本，相较于同业的40％的高比率，波仙的营业成本大概是营业额的18％（这包含持有与买进成本，有些公开发行的大公司还把他们列在销货成本项下），就像是Wal…Mart的营业费用率只有15％，因此可以以其它高成本竞争者无法达到的价位销售，从而持续地增加其市场占有率，波仙也是如此，同样的方式除了卖尿布以外，换做于卖钻石一样管用。
Our low prices create huge volume that in turn allows us to carry an extraordinarily broad inventory of goods； running ten or more times the size of that at the typical fine…jewelry store。 Couple our breadth of selection and low prices with superb service and you can understand how Ike and his family have built a national jewelry phenomenon from an Omaha location。
由于价格低廉所以销售数量也相当大，因此我们可以备有各式各样的产品存货，比起其它店规模与数量甚至超过十倍之多，除了种类齐全、价格低廉之外，再加上我们贴心的服务，这也是为什么Ike与他的家庭可以在奥玛哈这个小地方创造出全美闻名的珠宝传奇。
And family it is。 Ike's crew always includes son Alan and sons…in…law Marvin Cohn and Donald Yale。 And when things are busy … that's often … they are joined by Ike's wife； Roz； and his daughters； Janis and Susie。 In addition； Fran Blumkin； wife of Louie （Chairman of Nebraska Furniture Mart and Ike's cousin）； regularly pitches in。 Finally； you'll find Ike's 89…year…old mother； Rebecca； in the store most afternoons； Wall Street Journal in hand。 Given a family mitment like this； is it any surprise that Borsheim's runs rings around petitors whose managers are thinking about how soon 5 o'clock will arrive？
真是虎父无犬子，Ike的团队总少不了他儿子Alan与女婿Marvin和Donald，而且要是生意忙不过来的话，Ike的老婆Roz跟他的女儿们Janis与Susie还会跳进来帮忙，另外Fran Blumkin…Louie的老婆（内布拉斯加家具店的老板…Ike的侄子），有时也会插花帮忙，最后大家绝对不要忘了还有高龄89岁的老祖母Rebecca，每天下午都会手拿华尔街日报坐镇店里，能够有一个家族像这样的投入，也难怪他们可以轻松击败那些由每天只等五点下班的专业经理人所经营的店。
While Fran Blumkin was helping the Friedman family set records at Borsheim's； her sons； Irv and Ron； along with husband Louie； were setting records at The Nebraska Furniture Mart。 Sales at our one…and…only location were 159 million； up 4％ from 1989。 Though again the fact can't be conclusively proved； we believe NFM does close to double the volume of any other home furnishings store in the country。
当Fran Blumkin帮助Friedman家族创造波仙珠宝店的记录时，她的先生Louie再搭配儿子Irv与Ron，同时也在内布拉斯加家具店创造记录，1990年单店的营业额1。59亿美元，较前一年度增加4％，虽然没有精确的统计数字，但我们相信NFM的销售量最少是全美其它同业的两倍以上。
The NFM formula for success parallels that of Borsheim's。 First； operating costs are rock…bottom … 15％ in 1990 against about 40％ for Levitz； the country's largest furniture retailer； and 25％ for Circuit City Stores； the leading discount retailer of electronics and appliances。 Second； NFM's low costs allow the business to price well below all petitors。 Indeed； major chains； knowing what they will face； steer clear of Omaha。 Third； the huge volume generated by our bargain prices allows us to carry the broadest selection of merchandise available anywhere。
NFM成功的方程式与波仙十分的相近，首先经营成本实在是有够低，1990年相较于全美最大家具零售商Levitz的40％与家用电器折扣量贩店Circuit City的25％，NFM竟只有15％，第二也由于成本低，所以NFM的产品订价就可以比竞争同业低许多，事实上许多通路商也很清楚这一点，所以他们唯一的做法就是尽量远离奥玛哈地区，第三便宜的价格导致销量大好，从而可以让我们备有更多别处所看不到，种类齐全的产品。
Some idea of NFM's merchandising power can be gleaned from a recent report of consumer behavior in Des Moines； which showed that NFM was Number 3 in popularity among 20 furniture retailers serving that city。 That may sound like no big deal until you consider that 19 of those retailers are located in Des Moines； whereas our store is 130 miles away。 This leaves customers driving a distance equal to that between Washington and Philadelphia in order to shop with us； even though they have a multitude of alternatives next door。 In effect； NFM； like Borsheim's； has dramatically expanded the territory it serves … not by the traditional method of opening new stores but rather by creating an irresistible magnet that employs price and selection to pull in the crowds。
有关NFM的商品魔力可以从最近Des Moines地区的消费者行为调查报告中看出端倪，NFM在该地区所有的20家家具零售商当中排名第三，这讯息乍听之下或许没什么了不得，但你可知道其它19家都位在Des Moines，除了NFM离该地区足足有130英哩远，这距离代表当地的居民虽然在附近有更多的选择，却还是情愿大老远开车走相当从华盛顿到费城的距离，只为了买我们的产品，事实上NFM就像波仙一样，急速地扩张其版图范围，靠的不是传统地展店模式，而是利用价格与种类散发出强烈的磁场，吸引客户远道而来。
Last year at the Mart there occurred an historic event： I experienced a counterrevelation。 Regular readers of this report know that I have long scorned the boasts of corporate executives about synergy； deriding such claims as the last refuge of scoundrels defending foolish acquisitions。 But now I know better： In Berkshire's first synergistic explosion； NFM put a See's candy cart in the store late last year and sold more candy than that moved by some of the full…fledged stores See's operates in California。 This success contradicts all tenets of retailing。 With the Blumkins； though； the impossible is routine。
去年在家具店发生了一件重大的历史事件，使我经历了一次自我反省，经常阅读我们年报的读者应该都知道长久以来我对于企业主管动不动就强调的企业综效饬之以鼻，认为这不过是经营阶层对于愚蠢购并案所作的推托之词，不过现在我学乖了，在Berkshire我们创造出第一个企业综效，NFM在去年底决定在店内摆设喜斯的糖果车，结果所卖出的糖果甚至比加州的旗舰店还要多，这次的成功打破了所有零售业的定律，有B太太家族在，所有不可能的事都变成家常便饭。
At See's； physical volume set a record in 1990 … but only barely and only because of good sales early in the year。 After the invasion of Kuwait； mall traffic in the West fell。 Our poundage volume at Christmas dropped slightly； though our dollar sales were up because of a 5％ price increase。
提到喜斯糖果，1990年的销售数量又创新高，不过成长相当有限且主要是拜年初业绩大好所致，在伊拉克入侵科威特之后，西方世界的交通活动大减，使得圣诞节的销售数量稍微下滑，虽然因为调整价格的关系，使得我们的营收成长了5％。
That increase； and better control of expenses； improved profit margins。 Against the backdrop of a weak retailing environment； Chuck Huggins delivered outstanding results； as he has in each of the nineteen years we have owned See's。 Chuck's imprint on the business … a virtual fanaticism about quality and service … is visible at all of our 225 stores。
销售金额增加加上营业费用控制得当，获利也有所改善，面对零售业大环境不佳的窘境，就如同过去他接手后的19年，Chuck Huggins还是一如往常递出漂亮的成绩单，Chuck对于品质与服务的坚持，在我们所有225家分店中都看得到。
One happening in 1990 illustrates the close bond between See's and its customers。 After 15 years of operation； our store in Albuquerque was endangered： The landlord would not renew our lease； wanting us instead to move to an inferior location in the mall and even so to pay a much higher rent。 These changes would have wiped out the store's profit。 After extended negotiations got us nowhere； we set a date for closing the store。
1990年所发生的一件事最足以说明喜斯糖果与客户之间紧密的关系，经过15年的营运，我们在Albuquerque的分店经营发生危机，地主不愿与我们继续签订租约，反而希望我们搬到购物商场地点较差的摊位，并且还要调涨租金，如此一来将会把我们仅有的利润给吃光，经过协调不成，迫不得已我们贴出的即将停业的告示。
On her own； the store's manager； Ann Filkins； then took action； urging customers to protest the closing。 Some 263 responded by sending letters and making phone calls to See's headquarters in San Francisco； in some cases threatening to boycott the mall。 An alert reporter at the Albuquerque paper picked up the story。 Supplied with this evidence of a consumer uprising； our landlord offered us a satisfactory deal。 （He； too； proved susceptible to a counterrevelation。）
之后靠着店经理Ann Filkins个人的努力，采取行动敦促客户们像房东表达抗议，总计有263位客户写信或打电话到喜斯位于旧金山的总部，有的甚至扬言要抵制购物商场，甚至引起当地记者的注意，大幅刊载这项消息，有了众多客户的支持，房东最后终于妥协，提供一个令我们满意的条件（我想他应该也得到一个自我反省的机会教育）。
Chuck subsequently wrote personal letters of thanks to every loyalist and sent each a gift certificate。 He repeated his thanks in a newspaper ad that listed the names of all 263。 The sequel： Christmas sales in Albuquerque were up substantially。
事后Chuck对喜斯所有忠实的支持者一一写给每个人亲笔的感谢函，并在报纸上刊登所有263位客户名单，后续的发展是我们在Albuquerque分店的业绩大幅成长。
Charlie and I were surprised at developments this past year in the media industry； including newspapers such as our Buffalo News。 The business showed far more vulnerability to the early stages of a recession than has been the case in the past。 The question is whether this erosion is just part of an aberrational cycle … to be fully made up in the next upturn … or whether the business has slipped in a way that permanently reduces intrinsic business values。
查理跟我对于过去几年媒体事业的发展感到相当的意外，包含水牛城日报等报纸在内，这个产业现在因为经济衰退所受到的伤害，要比过去的经验要来的严重许多，问题是这种退化只是因为景气循环的暂时失调呢？ （意味着下次景气翻扬会再回复），或是有可能一去不复返，企业的价值就此永远地流失掉。
Since I didn't predict what has happened； you may question the value of my prediction about what will happen。 Nevertheless； I'll proffer a judgment： While many media businesses will remain economic marvels in parison with American industry generally； they will prove considerably less marvelous than I； the industry； or lenders thought would be the case only a few years ago。
因为我没能预料到已经发生的事，所以你可能会质疑我预测未来的能力，尽管如此我还是提供个人的判断供大家参考，虽然相较于美国其它产业，媒体事业仍然维持一个不错的经济荣景，不过还是远不如我个人、产业界或是借款人几年前的预期。
The reason media businesses have been so outstanding in the past was not physical growth； but rather the unusual pricing power that most participants wielded。 Now； however； advertising dollars are growing slowly。 In addition； retailers that do little or no media advertising （though they sometimes use the Postal Service） have gradually taken market share in certain merchandise categories。 Most important of all； the number of both print and electronic advertising channels has substa