巴菲特給股東的信 1978年 Part6

Earnings attributable to the shares of SAFECO owned by Berkshire at
yearend amounted to $6.1 million during 1978, but only the dividends
received (about 18% of earnings) are reflected in our operating earnings. We
believe the balance, although not reportable, to be just as real in terms of
eventual benefit to us as the amount distributed. In fact, SAFECO’s retained
earnings (or those of other well-run companies if they have opportunities to
employ additional capital advantageously) may well eventually have a value
to shareholders greater than 100 cents on the dollar.

1978年Berkshire持有的SAFECO公司股份可分配到的盈餘約為610萬美元，但最
後反應在我們盈餘帳上的卻只有實際收到的股利收入(約佔總盈餘的18%)，我們相信
剩下的部份，雖然報表上看不到，其意義與我們實際收到的那一部份盈餘同等重要，
事實上，保留在SAFECO公司帳上的盈餘(或是其他可以好好運用額外資金的那些好
公司)將來一定可以為股東創造出更多的價值。

We are not at all unhappy when our wholly-owned businesses retain all
of their earnings if they can utilize internally those funds at attractive rates.
Why should we feel differently about retention of earnings by companies in
which we hold small equity interests, but where the record indicates even
better prospects for profitable employment of capital? (This proposition cuts
the other way, of course, in industries with low capital requirements, or if
management has a record of plowing capital into projects of low profitability;
then earnings should be paid out or used to repurchase shares - often by far
the most attractive option for capital utilization.)

我們並不反對旗下百分之百持有的子公司將所賺取的盈餘繼續保留在帳上，如果他們
可以再利用這些資金創造更好的投資報酬，同樣地，對於其他持有少數股權的被投資
公司，如果他們可以好好地運用這些資金，創造更好的報酬，我們何樂而不為，(這樣
的前提，也意味著如果某些產業並不需要投入太多的資金或是管理階層過去有將資金
浪擲在低投資報酬率的記錄的話，那麼盈餘就應該分還給股東或是拿來買回庫藏股，
這是現有資金運用最好的選擇)。

The aggregate level of such retained earnings attributable to our equity
interests in fine companies is becoming quite substantial. It does not enter
into our reported operating earnings, but we feel it well may have equal
long-term significance to our shareholders. Our hope is that conditions
continue to prevail in securities markets which allow our insurance
companies to buy large amounts of underlying earning power for relatively
modest outlays. At some point market conditions undoubtedly will again
preclude such bargain buying but, in the meantime, we will try to make the
most of opportunities.

這些股權投資累積下來未分配的盈餘越來越可觀，雖然他們並未反應在我們的報表之
上，但我們認為他們對於我們股東長遠利益的貢獻相當重要，我們期望股票市場能夠
繼續維持現狀，好讓我們為旗下保險公司大量買進更多價廉物美的股票，雖然某些時
候市場情況不一定會允許我們這樣做，但我們還是會繼續試著努力去尋找更多的機
會。

Banking

銀行業

Under Gene Abegg and Pete Jeffrey, the Illinois National Bank and Trust
Company in Rockford continues to establish new records. Last year’s
earnings amounted to approximately 2.1% of average assets, about three
times the level averaged by major banks. In our opinion, this extraordinary
level of earnings is being achieved while maintaining significantly less asset
risk than prevails at most of the larger banks.

在Gene Abegg及Pete Jeffrey的領導下，位於Rockford地區的伊利諾國家銀行及
信託公司持續創造歷史新紀錄，去年的盈餘達到平均資產的2.1%，獲利率約是其他大
銀行的三倍，我們認為有這樣的盈餘，同時還能夠兼顧規避其他銀行普遍存在的資產
風險實在是難得。

We purchased the Illinois National Bank in March 1969. It was a first-
class operation then, just as it had been ever since Gene Abegg opened the
doors in 1931. Since 1968, consumer time deposits have quadrupled, net
income has tripled and trust department income has more than doubled,
while costs have been closely controlled.

我們是在1969年買下伊利諾國家銀行的，當時該公司的營運就屬一流，這項傳統打
從1931年Gene Abegg創立時便一直維持到現在，自從1968年以來，銀行定期存
款金額成長四倍、淨收入增加三倍而信託部門的收入也增加二倍，另外成本控制也相
當得宜。

Our experience has been that the manager of an already high-cost
operation frequently is uncommonly resourceful in finding new ways to add
to overhead, while the manager of a tightly-run operation usually continues
to find additional methods to curtail costs, even when his costs are already
well below those of his competitors. No one has demonstrated this latter
ability better than Gene Abegg.

依我們過去的經驗顯示，一家費用成本高公司的經營者，永遠找得到增加公司開支的
藉口;而相對的，一家費用成本低的經營者，永遠找得到為公司節省開支的方法，即使
後者的成本早已遠低於前者，這點我們在Gene Abegg得到充分的驗證。

We are required to divest our bank by December 31, 1980. The most
likely approach is to spin it off to Berkshire shareholders some time in the
second half of 1980.

我們被要求必須在1980年12月31日以前出脫銀行事業，最有可能的方式是在1980
年中將銀行股份依持股比例分配給Berkshire的股東。

Retailing

零售業

Upon merging with Diversified, we acquired 100% ownership of
Associated Retail Stores, Inc., a chain of about 75 popular priced women’s
apparel stores. Associated was launched in Chicago on March 7, 1931 with
one store, $3200, and two extraordinary partners, Ben Rosner and Leo
Simon. After Mr. Simon’s death, the business was offered to Diversified for
cash in 1967. Ben was to continue running the business - and run it, he has.

在與多元零售公司合併之後，我們取得聯合零售商店100%的股權，這是一家擁有75
家女性流行服飾店的公司，聯合公司是在1931年在芝加哥由兩位創辦人Ben Rosner
及Leo Simon以3,200美元開立第一家店面，在Simon先生死後，由多元零售公司
在1967年以現金買下，並由Ben照原來方式繼續經營這家公司。

Associated’s business has not grown, and it consistently has faced
adverse demographic and retailing trends. But Ben’s combination of
merchandising, real estate and cost-containment skills has produced an
outstanding record of profitability, with returns on capital necessarily
employed in the business often in the 20% after-tax area.

雖然聯合商店的業務因為面臨地區以及零售趨勢的困境而停滯不前，但Ben在商品販
售、不動產以及成本控制的能力依舊讓公司創造出優異的獲利成績，使得資金運用的
報酬率達到20%股東權益稅後報酬率之譜。

Ben is now 75 and, like Gene Abegg, 81, at Illinois National and Louie
Vincenti, 73, at Wesco, continues daily to bring an almost passionately
proprietary attitude to the business. This group of top managers must
appear to an outsider to be an overreaction on our part to an OEO bulletin on
age discrimination. While unorthodox, these relationships have been
exceptionally rewarding, both financially and personally. It is a real pleasure
to work with managers who enjoy coming to work each morning and, once
there, instinctively and unerringly think like owners. We are associated with
some of the very best.

Ben今年75歲，但與伊利諾國家銀行81歲的Gene Abegg以及Wesco 73歲的Louie
Vincenti一樣，每天依舊為所領導的企業灌注無比的熱情與活力，外界不知情的人還
以為我們對於這群傑出的經理人有年齡上的特殊偏好，雖然極不尋常，但這樣的關係
實在是讓我們受益良多，無論是在財務上或精神上都是如此，與這群「樂在其中」並
以像老板一樣心態每天認真經營公司的專業經理人在一起工作實在是一種享受。

Warren E. Buffett, Chairman

March 26, 1979

　

華倫．巴菲特

董事會主席

1979年3月26日