英文早读第236篇，选自巴菲特年度信，友才翻译。
1980 Letter
BERKSHIRE HATHAWAY INC.
1980年度信
伯克希尔哈撒韦公司
To the Shareholders of Berkshire Hathaway Inc.:
至伯克希尔哈撒伟公司股东：
Operating earnings improved to 41.9 million in 1980 from 36.0 million in 1979, but return on beginning equity capital (with securities valued at cost) fell to 17.8% from 18.6%. We believe the latter yardstick to be the most appropriate measure of single-year managerial economic performance. Informed use of that yardstick, however, requires an understanding of many factors, including accounting policies, historical carrying values of assets, financial leverage, and industry conditions.
运营利润从1979年的3600万美金增长到了1980年的4190万美金，但是按期初公司资本（股票按成本价值计算）回报率计算从18.6%下跌到了17.8%。我们相信后面的标准是衡量单一年份管理经济业绩的最合适标准。然而熟练运用这个标准需要理解很多指标，包括会计准则、资产的历史账面价值、财务杠杆和行业情况。
In your evaluation of our economic performance, we suggest that two factors should receive your special attention - one of a positive nature peculiar, to a large extent, to our own operation, and one of a negative nature applicable to corporate performance generally. Let's look at the bright side first.
在你评估经济业绩时，我们建议两个因素应该引起格外关注，一个是我们自身运营所特有的积极属性，一个是消极的属性，适用于一般公司业绩。让我们先看好的一面。
Non-Controlled Ownership Earnings
非控股股份利润
When one company owns part of another company, appropriate accounting procedures pertaining to that ownership interest must be selected from one of three major categories. The percentage of voting stock that is owned, in large part, determines which category of accounting principles should be utilized.
当一个公司持有另一家公司部分股权时，针对持股利润合适的会计流程必须从3个主要的范畴中选择。很大程度上，持有的投票股份比例决定了哪个会计准则应该被应用。
Generally accepted accounting principles require (subject to exceptions, naturally, as with our former bank subsidiary) full consolidation of sales, expenses, taxes, and earnings of business holdings more than 50% owned. Blue Chip Stamps, 60% owned by Berkshire Hathaway Inc., falls into this category. Therefore, all Blue Chip income and expense items are included in full in Berkshire's Consolidated Statement of Earnings, with the 40% ownership interest of others in Blue Chip's net earnings reflected in the Statement as a deduction for "minority interest".
一般来讲，采取的会计准则要求（自然除了一些特殊情况，如我们之前的银行子公司）对持股超过50%的业务包含全部的销售收入、成本、税款和利润。伯克希尔哈撒韦公司持有蓝芯票证的60%股份，就落在这个范畴中。因此，所有蓝芯票证的收入和成本项都要包含在完整的伯克希尔利润报表中，将在蓝芯公司净利润中由他人持有的40%利润反映在作为对“少数利润”扣除的报表中。
1.peculiar：专有财产；专有特权
2.pertain：适用；存在
3.deduction：扣除
4.minority：少数的
