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1、XX年巴菲特给股东的信(英文原版) 1980年巴菲特给股东的信（英文原版）berkshirehathawayinc.totheshareholdersofberkshirehathawayinc.：operatingearningsimprovedto$41.9millionin1980from$36.0millionin1979，butreturnonbeginningequitycapital（withsecuritiesvaluedatcost）fellto17.8%from18.6%.webelievethelatteryardsticktobethemostappropriateme
2、asureofsingle-yearmanagerialeconomicperformance.informeduseofthatyardstick，however，requiresanunderstandingofmanyfactors，includingaccountingpolicies，historicalcarryingvaluesofassets，financialleverage，andindustryconditions.inyourevaluationofoureconomicperformance，wesuggestthattwofactorsshouldreceiveyo
3、urspecialattentionforexample，wescofinancial，controlledbyberkshirebutonly48%ownedandover-simplifiedbutdidelecttojoinevenifwearethatmanagement.（wecantresistpausinghereforashortcommercial.oneusageofretainedearningsweoftengreetwithspecialenthusiasmwhenpracticedbycompaniesinwhichwehaveaninvestmentinteres
4、tisrepurchaseoftheirownshares.thereasoningissimple：ifafinebusinessissellinginthemarketplaceforfarlessthanintrinsicvalue，whatmorecertainormoreprofitableutilizationofcapitalcantherebethansignificantenlargementoftheinterestsofallownersatthatbargainprice。thecompetitivenatureofcorporateacquisitionactivit
5、yalmostguaranteesthepaymentofafullatleastifmeasuredbythecriterionofapositiverealinvestmentreturntoowners.this“hurdleratethereturnonequitythatmustbeachievedbyacorporationinordertoproduceanyrealreturnforitsindividualownerseventhoughtheyhavenotspentapennyoftheir“earnings）.theinvestorsinthisbracketwould
6、actuallybebetteroffwithacombinationofstablepricesandcorporateearningsonequitycapitalofonlyafewpercent.explicitincometaxesalone，unaccompaniedbyanyimplicitinflationtax，nevercanturnapositivecorporatereturnintoanegativeownerreturn.（eveniftherewere90%personalincometaxratesonbothdividendsandcapitalgains，s
7、omerealincomewouldbeleftfortheowneratazeroinflationrate.）buttheinflationtaxisnotlimitedbyreportedincome.inflationratesnotfarfromthoserecentlyexperiencedcanturnthelevelofpositivereturnsachievedbyamajorityofcorporationsintonegativereturnsforallowners，includingthosenotrequiredtopayexplicittaxes.（forexa
8、mple，ifinflationreached16%，ownersofthe60%plusofcorporateamericaearninglessthanthisrateofreturnwouldberealizinganegativerealreturnifhewerewillingtotakeonlyhalfofhispaycheckincash（hiswage“dividend）andconsistentlyaddtheotherhalf（his“retainedearnings）toasavingsaccount.neitherthishigh-savingwageearnernor
9、thestockholderinahigh-savingcorporationwhoseannualdividendrateincreaseswhileitsrateofreturnonequityremainsflatistrulyindexed. forcapitaltobetrulyindexed，returnonequitymustrise，i.e.，businessearningsconsistentlymustincreaseinproportiontotheincreaseinthepricelevelwithoutanyneedforthebusinesstoaddtocapi
10、talemployed.（increasedearningsproducedbyincreasedinvestmentdontcount.）onlyafewbusinessescomeclosetoexhibitingthisability.andberkshirehathawayisntoneofthem.we，ofcourse，haveacorporatepolicyofreinvestingearningsforgrowth，diversityandstrength，whichhastheincidentaleffectofminimizingthecurrentimpositionof
11、explicittaxesonourowners.however，onaday-by-daybasis，youwillbesubjectedtotheimplicitinflationtax，andwhenyouwishtotransferyourinvestmentinberkshireintoanotherformofinvestment，orintoconsumption，youalsowillfaceexplicittaxes.sourcesofearningsthetablebelowshowsthesourcesofberkshiresreportedearnings.berksh
12、ireownsabout60%ofbluechipstamps，whichinturnowns80%ofwescofinancialcorporation.thetableshowsaggregateearningsofthevariousbusinessentities，aswellasberkshiresshareofthoseearnings.allofthesignificantcapitalgainsandlossesattributabletoanyofthebusinessentitiesareaggregatedintherealizedsecuritiesgainsfigur
13、eatthebottomofthetable，andarenotincludedinoperatingearnings.ourcalculationofoperatingearningsalsoexcludesthegainfromsaleofmutualsbranchoffices.inthisrespectitdiffersfromthepresentationinourauditedfinancialstatementsthatincludesthisiteminthecalculationof“earningsbeforerealizedinvestmentgain.bluechips
14、tampsandwescoarepubliccompanieswithreportingrequirementsoftheirown.onpages40to53ofthisreportwehavereproducedthenarrativereportsoftheprincipalexecutivesofbothcompanies，inwhichtheydescribe1980operations.werecommendacarefulreading，andsuggestthatyouparticularlynotethesuperbjobdonebylouievincentiandcharl
15、iemungerinrepositioningmutualsavingsandloan.acopyofthefullannualreportofeithercompanywillbemailedtoanyberkshireshareholderuponrequesttomr.roberth.birdforbluechipstamps，5801southeasternavenue，losangeles，california90040，ortomrs.bettedeckardforwescofinancialcorporation，315eastcoloradoboulevard，pasadena
16、，california9112023.asindicatedearlier，undistributedearningsincompanieswedonotcontrolarenowfullyasimportantasthereportedoperatingearningsdetailedintheprecedingtable.thedistributedportion，ofcourse，findsitswayintothetableprimarilythroughthenetinvestmentincomesectionofinsurancegroupearnings.weshowbelowberkshiresproportionalholdingsinthosenon-controlledbusinessesforwhichonlydistributedearnings（dividends）areincludedinourownearnings. （a）allownedbyberkshireoritsinsurancesu
