英文早读第205篇，选自巴菲特年度信，友才翻译。
1978 Letter
1978年股东信
BERKSHIRE HATHAWAY INC.
伯克希尔哈撒伟公司
To the Shareholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦公司股东：
First, a few words about accounting. The merger with Diversified Retailing Company, Inc. at yearend adds two new complications in the presentation of our financial results. After the merger, our ownership of Blue Chip Stamps increased to approximately 58% and, therefore, the accounts of that company must be fully consolidated in the Balance Sheet and Statement of Earnings presentation of Berkshire. In previous reports, our share of the net earnings only of Blue Chip had been included as a single item on Berkshire's Statement of Earnings, and there had been a similar one-line inclusion on our Balance Sheet of our share of their net assets.
首先，说一些关于财务的事。在年末对百货公司的合并带来了我们财务报告2个新的复杂度。在合并后，我们对蓝芯票证公司的持股增加到了大约58%，因此，公司的财务必须全部合并到伯克希尔的资产负债表和利润报告中。在之前的报告中，我们在蓝芯公司利润的持股只是在伯克希尔利润报告中的一项，并且在资产负债表中包括相似的一行净资产内容。
This full consolidation of sales, expenses, receivables, inventories, debt, etc. produces an aggregation of figures from many diverse businesses - textiles, insurance, candy, newspapers, trading stamps - with dramatically different economic characteristics. In some of these your ownership is 100% but, in those businesses which are owned by Blue Chip but fully consolidated, your ownership as a Berkshire shareholder is only 58%. (Ownership by others of the balance of these businesses is accounted for by the large minority interest item on the liability side of the Balance Sheet.) Such a grouping of Balance Sheet and Earnings items - some wholly owned, some partly owned - tends to obscure economic reality more than illuminate it. In fact, it represents a form of presentation that we never prepare for internal use during the year and which is of no value to us in any management activities.
销售、费用、应收款、库存、债务等等的全部合并由很多不同的业务概括而来，包括纺织、保险、糖果、报纸、贸易票证等，有这很大的经济特性差异。这其中一些你的持股是100%，但是在那些由蓝芯票证拥有但被全部合并的业务，你作为伯克希尔股东拥有权只有58%。（这些业务其他大量小股份持有者在资产负债表中是在负债方。）这些资产负债和利润项的组合，一些全部持有，一些部分持有，倾向于模糊经济真实情况，而不是阐释他。事实上，他代表一种我们这一年从来不准备内部使用的呈现形式，对我们而言在任何管理活动中都毫无价值。
For that reason, throughout the report we provide much separate financial information and commentary on the various segments of the business to help you evaluate Berkshire's performance and prospects. Much of this segmented information is mandated by SEC disclosure rules and covered in "Management's Discussion" on pages 29 to 34. And in this letter we try to present to you a view of our various operating entities from the same perspective that we view them managerially.
由于此原因，通过这个报告我们提供了大量各个业务板块的财务信息和评论来帮助你评估伯克希尔的业绩和前景。很多细分的信息是被SEC披露规则要求的，在29到34页被附以“管理层讨论”部分有涉及。在这封信中我们尽量从管理视角出发，给你呈现对不同业务公司的看法。
1.complication：并发症；使更复杂化的事物
2.consolidate：巩固；结成一体；合并；使加强
3.similar：相似的；类似的；相像的
4.inclusion：包括；包含；被包括的人
5.receivables：应收款项
6.obscure：使模糊；使隐晦；使费解；模糊的；莫名的；费解的
7.internal：里面的；本身的；内政的；体内的
8.commentary：评论；评注；解释；注释
9.mandate：授权；任期；委托
10.disclosure：披露；公开；透露；揭露
