e8东的信 _作者: 美 沃伦·巴菲特-第33章
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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 to have Ralph on their side。
Ralph个人的工作效率真是惊人，除了同时经营19项事业之外，他还投入相当的时间在克里夫兰医院、Ohio大学等单位，另外还负责一个创投，创设了16家位于Ohio的新公司，他可以称的上是Ohio与Berkshire之宝。
Borsheim
波仙珠宝
It was in 1983 that Berkshire purchased an 80％ interest in The Nebraska Furniture Mart。 Your Chairman blundered then by neglecting to ask Mrs。 B a question any schoolboy would have thought of： are there any more at home like you？？Last month I corrected the error： We are now 80％ partners with another branch of the family。
Berkshire是在1983年买下内布拉斯加家具店80％的股权，当时我忘了问B太太一个连小学生都会想到的问题，你还有没有其它兄弟姊妹，上个月我补救了这个错误，现在我们又成为另一个家族分支80％的股东。
After Mrs。 B came over from Russia in 1917； her parents and five siblings followed。 （Her two other siblings had preceded her。） Among the sisters was Rebecca Friedman who； with her husband； Louis； escaped in 1922 to the west through Latvia in a journey as perilous as Mrs。 B earlier odyssey to the east through Manchuria。 When the family members reunited in Omaha they had no tangible assets。 However； they came equipped with an extraordinary bination of brains； integrity； and enthusiasm for work … and that all they needed。 They have since proved themselves invincible。
当B太太1917年从苏俄往东经满州一路逃到美国之后，她的双亲与五位兄弟姊妹也陆续来到美国，其中她有一个姊妹Rebecca在1922年跟着丈夫Friedman冒着生命危险往西途经拉脱维亚，当家族在奥玛哈重新团聚时大家一无所有且身无分文，然而只要身具智能、品格与热情一切就已足够，后来证明他们所向无敌。
In 1948 Mr。 Friedman purchased Borsheim； a small Omaha jewelry store。 He was joined in the business by his son； Ike； in 1950 and； as the years went by； Ike son； Alan； and his sons…in…law； Marvin Cohn and Donald Yale； came in also。
1948年Friedman先生买下奥玛哈地区一家叫波仙的小珠宝店，后来他的儿子与女婿陆续加入。
You won’t be surprised to learn that this family brings to the jewelry business precisely the same approach that the Blumkins bring to the furniture business。 The cornerstone for both enterprises is Mrs。 B creed： sell cheap and tell the truth。？Other fundamentals at both businesses are： （1） single store operations featuring huge inventories that provide customers with an enormous selection across all price ranges； （2） daily attention to detail by top management； （3） rapid turnover； （4） shrewd buying； and （5） incredibly low expenses。 The bination of the last three factors lets both stores offer everyday prices that no one in the country es close to matching。
你应该不难预料，这个家族为当地珠宝业所带来的影响与B太太的情况相近，两家店共同的特色就是东西实在又价美物廉，另外共通的特色还有（1）单店经营，但货品样式价格种类齐全，满足消费者各式需求（2）老板每天专心经营（3）货品周转快速（4）精明的采购（5）费用开销难以想象地低。后面三项特点让店内产品的售价，全美其它地方都得比。
Most people； no matter how sophisticated they are in other matters； feel like babes in the woods when purchasing jewelry。 They can judge n
