e8东的信 _作者: 美 沃伦·巴菲特-第54章
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I believe the best way to think about our earnings is in terms of 〃look…through〃 results； calculated as follows： Take 250 million； which is roughly our share of the 1990 operating earnings retained by our investees； subtract 30 million； for the incremental taxes we would have owed had that 250 million been paid to us in dividends； and add the remainder； 220 million； to our reported operating earnings of 371 million。 Thus our 1990 〃look…through earnings〃 were about 590 million。
我个人相信最好的方式是利用透视的方法来衡量Berkshire的盈余，2亿5；000万美元大概是我们在1990年可以从被投资公司那边未分配到的营业利润，扣除3；000万的额外股利所得税，再将剩下的2亿2；000万美元加到本来的帐列盈余3亿7；100万，所得的5亿9；000万大概就是我们经过透视的真正盈余。
As I mentioned last year； we hope to have look…through earnings grow about 15％ annually。 In 1990 we substantially exceeded that rate but in 1991 we will fall far short of it。 Our Gillette preferred has been called and we will convert it into mon stock on April 1。 This will reduce reported earnings by about 35 million annually and look…through earnings by a much smaller； but still significant； amount。 Additionally； our media earnings … both direct and look…through … appear sure to decline。 Whatever the results； we will post you annually on how we are doing on a look…through basis。
就像我去年曾经提到的，我希望我们的透视盈余每年都能够成长15％，在1990年我们确实大幅超越这个比率，但1991年结果却差很多，我们在吉列的可转换特别股投资已经被赎回，我们将在4月1日把它们转为普通股投资，虽然这将会使得我们每年的帐面盈余减少3；500万，透视盈余也会跟着减少，另外我们在媒体事业的直接与透视盈余也可能下滑，但不论如何，我们每年还是会向大家报告透视盈余的计算结果。
Non…Insurance Operations非保险营运
Take another look at the figures on page 51； which aggregate the earnings and balance sheets of our non…insurance operations。 After…tax earnings on average equity in 1990 were 51％； a result that would have placed the group about 20th on the 1989 Fortune 500。
看看52页的那些数字，亦即我们非保险事业的盈余与资产负债加总，1990年的平均股东权益报酬率是51％，这个获利能力在1989年的财星五百大可以排在前20名。
Two factors make this return even more remarkable。 First； leverage did not produce it： Almost all our major facilities are owned； not leased； and such small debt as these operations have is basically offset by cash they hold。 In fact； if the measurement was return on assets … a calculation that eliminates the effect of debt upon returns …our group would rank in Fortune's top ten。
还有两项因素使得这样的成绩显得更为出色，第一它们完全不靠融资杠杆，几乎所有的主要设备都是自有而不是向外面租的，仅有的负债可以由自有的现金完全抵销，事实上若讲到资产报酬率，亦即扣除负债对于盈余的影响，我们非保险事业甚至可以排在前10名。
Equally important； our return was not earned from industries； such as cigarettes or network television stations； possessing spectacular economics for all participating in them。 Instead it came from a group of businesses operating in such prosaic fields as furniture retailing； candy； vacuum cleaners； and even steel warehousing。 The explanation is clear： Our extraordinary returns flow from outstanding operating managers； not fortuitous industry economics。
同样重要的是我们的获利并不是来自于像香烟或是电视台这些拥有特殊经济型态的产业，相反地它们是来自于一些再平凡不过的产业，诸如家具零售、糖果、吸尘器甚至是钢铁仓储等，这样的解释很明白，我们得来不易的报酬主要是靠优秀杰出的经理人后天的努力而非先天的产业环境优势。
Let's look at the larger operations：让我们来看看其中比较大的营运
It was a poor year for retailing … particularly for big…ticket items … but someone forgot to tell Ike Friedman at Borsheim's。 Sales were up 18％。 That's both a same…stores and all…stores percentage； since Borsheim's operates but one establishment。
去年对零售业来说算是相当惨淡的一年，尤其是单价高的东西，不过大家可能是忘了提醒在波仙珠宝店Ike Friedman这项事实，导致他店里的业绩逆势成长了18％，这是单店也是全店的数字，自从波仙仅此一家别无分号的老店开幕以来就是如此。
But； oh； what an establishment！ We can't be sure about the fact （because most fine…jewelry retailers are privately owned） but we believe that this jewelry store does more volume than any other in the U。S。； except for Tiffany's New York store。
喔！超厉害的一家店，我们实在不太敢相信这是事实，（因为大部分最高级的珠宝店多是私人拥有），但我们却相信这家店除了纽约的Tiffany之外，全美其它所有的珠宝店没有一家比得上它。
Borsheim's could not do nearly that well if our customers came only from the Omaha metropolitan area； whose population is about 600；000。 We have long had a huge percentage of greater Omaha's jewelry business； so growth in that market is necessarily limited。 But every year business from non…Midwest customers grows dramatically。 Many visit the store in person。 A large number of others； however； buy through the mail in a manner you will find interesting。
波仙的客户群若只有大奥玛哈都会区600万人口的话，生意可能没有办法做的那么大，长久以来我们在奥玛哈地区的占有率一直就很高，不过这部份的成长潜力实在是有限，所幸每年来自非中西部地区的生意都大幅成长，很多都是客户自己慕名而来单独上门，但还有一大部分是透过相当有趣的邮购方式购买我们的产品。
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�
