巴菲特給股東的信 1977年 Part 4

We select our marketable equity securities in much the same way we
would evaluate a business for acquisition in its entirety. We want the
business to be (1) one that we can understand, (2) with favorable long-term
prospects, (3) operated by honest and competent people, and (4) available at
a very attractive price. We ordinarily make no attempt to buy equities for
anticipated favorable stock price behavior in the short term. In fact, if their
business experience continues to satisfy us, we welcome lower market prices
of stocks we own as an opportunity to acquire even more of a good thing at a
better price.

我們投資股票的選擇方式與買進整家企業的模式很相近，我們想要的企業必須是(1)我
們可以了解的行業(2)具有長期競爭力(3)由才德兼具的人士所經營(4)吸引人的價格，
我們從來不試著去買進一些短期股價預期有所表現的股票，事實上，如果其企業的表
現符合我們的預期，我們反而希望他們的股價不要太高，如此我們才有機會以更理想
的價格買進更多的股權。

Our experience has been that pro-rata portions of truly outstanding
businesses sometimes sell in the securities markets at very large discounts
from the prices they would command in negotiated transactions involving
entire companies. Consequently, bargains in business ownership, which
simply are not available directly through corporate acquisition, can be
obtained indirectly through stock ownership. When prices are appropriate,
we are willing to take very large positions in selected companies, not with any
intention of taking control and not foreseeing sell-out or merger, but with
the expectation that excellent business results by corporations will translate
over the long term into correspondingly excellent market value and dividend
results for owners, minority as well as majority.

我們過去的經驗顯示，一家好公司部份所有權的價格，常常要比協議談判買下整家要
來得便宜許多，也因此想要擁有價廉物美的企業所有權，直接購併的方式往往不可得，
還不如透過間接擁有股權的方式來達到目的，當價格合理，我們很願意在某些特定的
公司身上持有大量的股權，這樣做不是為了要取得控制權，也不是為了將來再轉賣出
或是進行購併，而是期望企業本身能有好的表現，進而轉化成企業長期的價值以及豐
厚的股利收入，不論是少數股權或是多數股權皆是如此。

Such investments initially may have negligible impact on our operating
earnings. For example, we invested $10.9 million in Capital Cities
Communications during 1977. Earnings attributable to the shares we
purchased totaled about $1.3 million last year. But only the cash dividend,
which currently provides $40,000 annually, is reflected in our operating
earnings figure.

這類的投資初期對於我們的經營利益的助益或許不大，舉例來說，1977年我們投資了
1,090萬美元在資本城通訊公司之上，去年依照持股比例應可分得的盈餘約為130萬
美元，但實在反應在我們財務報表上的卻只有區區4萬美元的現金股利。

Capital Cities possesses both extraordinary properties and
extraordinary management. And these management skills extend equally
to operations and employment of corporate capital. To purchase, directly,
properties such as Capital Cities owns would cost in the area of twice our cost
of purchase via the stock market, and direct ownership would offer no
important advantages to us. While control would give us the opportunity -
and the responsibility - to manage operations and corporate resources, we
would not be able to provide management in either of those respects equal to
that now in place. In effect, we can obtain a better management result
through non-control than control. This is an unorthodox view, but one we
believe to be sound.

資本城擁有優良的資產與優異的管理階層，而這些管理技能同樣也延伸至營運面及資
金管理面，想要直接買下資本城所要花費的成本可能是兩倍於間接透過股票市場投
資，更何況直接擁有權對我們並沒有多大的好處，控制權雖然讓我們擁有機會，但同
樣也帶來責任去管理企業的營運及資源，我們根本就沒有能力提供現有管理階層關於
這些方面額外任何的助益，事實上，與其管還不如不管，更能得到好的結果，這樣的
觀念或許很反常，但卻是我們認為比較合適的。

Banking

銀行業

In 1977 the Illinois National Bank continued to achieve a rate of
earnings on assets about three times that of most large banks. As usual,
this record was achieved while the bank paid maximum rates to savers and
maintained an asset position combining low risk and exceptional liquidity.
Gene Abegg formed the bank in 1931 with $250,000. In its first full year of
operation, earnings amounted to $8,782. Since that time, no new capital
has been contributed to the bank; on the contrary, since our purchase in
1969, dividends of $20 million have been paid. Earnings in 1977 amounted
to $3.6 million, more than achieved by many banks two or three times its
size.

1977年伊利諾國家銀行的資產報酬率約為其他規模較大同業的三倍，一如往常，這樣
的成績，還搭配給予存戶最優惠的利率，同時維持風險最低流動性最高的資產組合，
Gene Abegg在1931年以25萬美元成立這家銀行，在第一個完整的營業年度，盈餘
就達到8,782美元，從那時候開始，銀行就沒有再辦理任何一次增資，相反地，當我
們在1969年買下該公司時，馬上就領到了2,000萬美元的現金股利，1977年的盈餘
更達到360萬美元，甚至比規模大他兩三倍的銀行同業還多。

Late last year Gene, now 80 and still running a banking operation
without peer, asked that a successor be brought in. Accordingly, Peter
Jeffrey, formerly President and Chief Executive Officer of American National
Bank of Omaha, has joined the Illinois National Bank effective March 1st as
President and Chief Executive Officer.

去年現年80歲依然一馬當先專注於銀行營運的Gene，要求新的接任者接手，因此前
奧瑪哈美國國家銀行的總裁Peter Jeffrey於3/1正式加入伊利諾國家銀行擔任新總
裁。

Gene continues in good health as Chairman. We expect a continued
successful operation at Rockford’s leading bank.

老當益壯的Gene依然擔任董事長，我們預期該銀行仍將成為Rockford地區首區一指
的銀行 (伊利諾州城市)。

Blue Chip Stamps

藍籌郵票

We again increased our equity interest in Blue Chip Stamps, and owned
approximately 36 1/2% at the end of 1977. Blue Chip had a fine year,
earning approximately $12.9 million from operations and, in addition, had
realized securities gains of $4.1 million.

我們再度增加對藍籌郵票的持股權益，截至1977年底，持有的股權比例大約是
36.5%，藍籌郵票去年的表現相當不錯，營業利益達到1,290萬美元，此外還有410
萬的已實現資本利得。

Both Wesco Financial Corp., an 80% owned subsidiary of Blue Chip
Stamps, managed by Louis Vincenti, and See’s Candies, a 99% owned
subsidiary, managed by Chuck Huggins, made good progress in 1977.
Since See’s was purchased by Blue Chip Stamps at the beginning of 1972,
pre-tax operating earnings have grown from $4.2 million to $12.6 million
with little additional capital investment. See’s achieved this record while
operating in an industry experiencing practically no unit growth.
Shareholders of Berkshire Hathaway Inc. may obtain the annual report of Blue
Chip Stamps by requesting it from Mr. Robert H. Bird, Blue Chip Stamps,
5801 South Eastern Avenue, Los Angeles, California 90040.

藍籌郵票持有80%股權的Wesco金融公司(由Louis Vincenti所管理)及持有99%股權
的子公司喜斯糖果(由Chuck Huggins所管理)在1977年都有重大進展，自從喜斯糖
果在1972年被藍籌郵票所買下後，就沒有挹注任何額外的資本，其稅前盈餘從420
萬美元成長到1,260萬美元，尤其難得的是喜斯所處的產業環境，幾乎沒有成長，若
有需要Berkshire的股東可向Mr. Robert(地址加州洛杉磯5801 South Eastern
Avenue)索取藍籌郵票的年報。


Warren E. Buffett, Chairman

March 14,1978

Warren E. Buffett

　

華倫．巴菲特

董事會主席

1978年3月14日