巴菲特1969年十二月信(二)。2024-12-15

英文早读第152篇,选自巴菲特年度信,友才翻译。

Berkshire Hathaway Inc. has 983,582 shares outstanding, of BPL owns 691,441. B-H has three main operating businesses, the textile operation, the insurance operation (conducted by National Indemnity Company and National Fire & Marine Insurance Company, which will be collectively called the insurance company) and the Illinois National Bank and Trust Company of Rockford, Illinois. It also owns Sun Newspapers Inc, Blacker Printing Company and 70% of Gateway Underwriters, but these operations are not financially significant relative to the total.
伯克希尔哈撒韦有98万3582流通股,其中巴菲特合伙基金持有69万1441股。伯克希尔哈撒韦有三个主要的业务,纺织业务,保险业务(有国家保障公司和国家火灾与海洋保险公司实施,在一起被称作保险公司)和伊利诺伊国家银行和伊利诺伊罗克福德信托公司。他也拥有太阳报,布莱克印刷公司和门户核保公司的70%股票,但是这些业务相比于整体财务而言不重要。

The textile operation presently employs about 16 per share in capital and, while I think it has made some progress relative to the textile industry generally, cannot be judged a satisfactory business. Its return on capital has not been sufficient to support the assets employed in the business and, realistically, an adequate return has less than an even chance of being averaged in the future. It represents the best segments of the business that existed when we purchased control four and one-half years ago. Capital from the other segments has been successfully redeployed - first, on an interim basis into marketable securities and, now on a permanent basis into insurance and banking. I like the textile operating people - they have worked hard to improve the business under difficult conditions - and, despite the poor return, we expect to continue the textile operation as long as it produces near current levels.
纺织业务现在每股资金上使用大约16美金,尽管我认为他比纺织行业一般水平有进步,但是不能被认为是令人满意的业务。他的资金回报率不足以充分支撑在业务上占用的资产,并且,如实说,未来能取得足够回报率的机会不到一半。他代表我们在四年半前买入控制位置时存在的最好业务板块。其它板块的资金已经被成功再分配——首先,过渡期进入了市场化股市,现在永久进入了保险和银行业。我喜欢纺织业务运营团队——他们一直很努力工作来提高在困难条件下的业务,尽管较差的回报,我们希望只要他产生接近当前水平的利润都会继续这个纺织业务。

The insurance operation (of which B-H owns virtually 100%) and the bank (where B-H owns 97.7%) present a much happier picture. Both are first-class businesses, earning good returns on capital and stacking up well on any absolute or comparative analysis of operating statistics. The bank has about 17 per share of net tangible assets applicable to B-H, and the insurance company approximately 15. I would estimate their normal current earning power to be about 4 per share (compared to about 3.40 from operations pro-forma in 1968), with good prospects for future growth on the combined 32 of tangible net assets in the bank and insurance company. Adding in the textile business and miscellaneous assets, and substacting parent company bank debt of about 7 million, gives a tangible net asset value of about 43 per share for B-H, or about 45 stated book value, allowing for the premium over tangible assets paid for the bank.
保险业务(伯克希尔哈撒韦几乎持有100%)和银行业务(伯克希尔哈撒韦持有约97.7%)呈现一副更加快乐的画面。他们都是一流的业务,赚取不错的资金回报和很出色的的无论是绝对还是相对的运营数据分析。银行大约每股占伯克希尔哈撒韦17美金有形资产,保险公司大约15美金。我估计他们现在正常运营利润大约每股4美金(相比于1968年运营预期的3.4美金),并对未来增长有好的预期,基于银行和保险公司合计32美金有形净资产。加上纺织业务和其它资产,减去母公司大约700万美金银行债务,使伯克希尔哈撒韦持有每股有形净资产大约43美金,或者大约45美金规定账面价值,考虑到收购银行使支付的高于有形资产溢价。

One caveat - when I talk about of tangible net assets. I am valuing the 75 million of bonds held by the insurance company and bank at amortized cost. This is in accord with standard accounting procedures used in those industries and also in accord with the realities of their business operations where it is quite unlikely that bonds will have to be sold before maturity. At today's historically low bond prices, however, our bonds have a market value substantially below carrying value, probably on the order of 10 per share of B-H stock.
一个告诫——当我讨论有形净资产,我将保险公司持有的7500万美金债务按摊销成本计算。这是与这些行业标准会计流程一致的,也是和他们业务运作实际一致的,他们不太可能必须要在到期前卖掉。在今天的历史性债券低价位下,然而,我们的市值很低于持有价值,大约比伯克希尔哈撒韦持有的股票相差10美金。

11.realistically:实际地;切合实际地;栩栩如生地
12.even chance:胜负相等;一半一半
13.adequate:足够的;充足的;合格的
14.stack up:比较;比高低;站得住脚;符合预期
15.pro-forma:预计的;预期的
16.premium:保险费;额外费用;附加费;高昂的;优质的
17.caveat:警告;告诫
18.amortized:分期偿还的;已摊销的
19.maturity:(思想行为、作品)成熟;到期(应付款)

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