1972年巴菲特致股东的信

翻译：Rick http://blog.sina.com.cn/s/blog_a3453d2201015pcu.html

To the Stockholders of Berkshire Hathaway Inc.:

Operating earnings of Berkshire Hathaway during 1972 amounted to a highly satisfactory 19.8% of beginning shareholders’ equity. Significant improvement was recorded in all of our major lines of business, but the most dramatic gains were in insurance underwriting profit. Due to an unusual convergence of favorable factors—diminishing auto accident frequency, moderating accident severity, and an absence of major catastrophes—underwriting profit margins achieved a level far above averages of the past or expectations of the future.

致伯克希尔股东：

1972年的经营利润达到了年初股东权益的19.8%，这实在是令人满意。我们主要业务部门（根据去年的年报，应该指的是纺织、保险和银行三个部门，rick）的经营情况都有明显的改善与提高，但是我们获利最多的还是承保业务。1972年几个并不常见的有利因素同时出现：汽车事故频率下降、发生的汽车事故比较温和（平均来说不严重，rick）以及未出现巨大破坏力的大灾难。因为上述几个原因，1972年我们承保业务的利润率远高于过去的平均水平，我们相信，也远高于未来预期的平均水平。

While we anticipate a modest decrease in operating earnings during 1973, it seems clear that our diversification moves of recent years have established a significantly higher base of normal earning power. Your present management assumed policy control of the company in May, 1965. Eight years later, our 1972 operating earnings

of $11,116,256 represent a return many-fold higher than would have been produced had we continued to devote our resources entirely to the textile business.

虽然我们预期1973年的营业利润率会出现温和的下降，但是我们过去几年分散化经营的决策（指将资本从纺织业务抽出来，投资于保险业务和银行,rick）似乎已经取得成效，我们在正常情况下的盈利能力已经得到显著的提升。目前的管理团队于1965年5月取得公司的控制权。8年之后（巴菲特写信的时候是1973年,rick），我们于1972年取得的经营利润是1112万美金，如果我们当初没有将纺织业务的资源投到保险业务和银行业，我们1972年的经营利润将只有现在的几分之一。

At the end of the 19 fisc al year, shareholders’ equity totaled $22,138,753. Since that time, no additional equity capital has been introduced into the business, either through cash sale or through merger. On the contrary, some stock has been reacquired, reducing outstanding shares by 14%. The increase in book value per share from$19.46 at fiscal year-end 19 to $69.72 at 1972 year-end amounts to about 16.5% compounded annually.

在19年财政年度结束的时候，我们的股东权益共计2214万美元。自那以后，没有任何外部的资本投入到伯克希尔里，既没有增发，也没有并购。相反，我们回购了一些股票，流通股的股本减少了14%。19年年末，我们的每股账面净资产是19.46美元；而到了1972年年末，我们的每股账面净资产是69.72美元，年均复合增长率为16.5%。

Our three major acquisitions of recent years have all worked out exceptionally well—from both the financial and human standpoints. In all three cases, the founders were major sellers and received significant proceeds in cash—and, in all three cases, the same individuals, Jack Ringwalt, Gene Abegg and Vic Raab, have continued to run the businesses with undiminished energy and imagination which have resulted in further improvement of the fine records previously established.

我们在最近几年的3个重大的收购，在1972年都表现得非常优秀，无论是从财务上看，还是从管理层上看。在所有的3个收购里，创始人都是主要的股权出售者，他们拿到了大量的现金，同时他们继续以毫不减少的热情和想象力来经营企业，这会让我们已经取得的优秀成绩更上一层楼。他们是：国民赔偿保险公司的Jack，伊利诺伊国民银行的Gene和家庭汽车保险公司的Vic。

We will continue to search for logical extensions of our present operations, and also for new operations which will allow us to continue to employ our capital effectively.

在我们现有的几块业务上，我们将寻求理性的扩张；同时我们也会寻找一些新的业务机会（这里指收购其他公司,rick），来继续有效地配置我们的资本。

Textile Operations

As predicted in last year’s annual report, the textile industry experienced a pickup in 1972. In recent years, Ken Chace and Ralph Rigby have developed an outstanding sales organization enjoying a growing reputation for service and reliability. Manufacturing capabilities have been restructured to complement our sales strengths.纺织业务

就像我们在去年年报里预测的那样，纺织业务在1972年有所复苏。在最近几年里，Ken和Ralph建立起了一个优秀的销售组织，他们在服务水准和可靠性上逐渐建立起了声誉。纺织业务的生产能力也进行了调整，以满足销售的需求。

Helped by the industry recovery, we experienced some payoff from these efforts in 1972. Inventories were controlled, minimizing close-out losses in addition to minimizing capital requirements; product mix was greatly improved. While the general level of profitability of the industry will always be the primary factor in determining the level of our textile earnings, we believe that our relative position within the industry has noticeably improved. The outlook for 1973 is good.

由于行业的复苏，我们在纺织业务上的努力得到了回报。存货得到了控制，关闭产能的损失也降到了最低，同时也将纺织业务对资本的需求也降到了最低（也就是尽量不再对纺织业务进行再投资，rick），而纺织产品的结构得到了改善。虽然我们在纺织业务上的盈利水平主要取决于行业的整体盈利水平（也就是说纺织业务很难取得竞争优势，rick），我们相信我们在业内的地位还是有显著的提升。1973年的前景看起来还不错。

Insurance Underwriting

Our exceptional underwriting profits during 1972 in the large traditional area of our insurance business at National Indemnity present a paradox. They served to swell substantially total corporate profits for 1972, but the factors which produced such profits induced exceptional amounts of new competition at what we believe to be a non-compensatory level of rates. Overall, we probably would have retained better prospects for the next five years if profits had not risen so dramatically this year.

承保业务

国民赔偿保险公司在1972年取得了非常优异的承保利润，这样的业绩有些难以令人相信。1972年，公司尽力扩大自己的利润，但是高额的利润会吸引大量的新的竞争者进入这个行业（利润率越高，进入的资本越多，rick）。总之，如果今年的利润没有这么好的话，我们对未来5年的利润率水平的期望可能会高些。(1972年承保业务的利润太高了，巴菲特估计将有无数资金涌入这个行业。所以他预计未来几年将不太好过。rick)

Substantial new competition was forecast in our annual report for last year and we experienced in 1972 the decline in premium volume that we stated such competition implied. Our belief is that industry underwriting profit margins will narrow substantially in 1973 or 1974 and, in time, this may produce an environment in which our historical growth can be resumed. Unfortunately, there is a lag between deterioration of underwriting results and tempering of competition.

在去年的年报里，我们预计大量新的竞争对手会出现，果不其然，1972年的情况确实如此。1972年，我们的保费收入出现了下降，这是大量竞争对手涌入这个行业的结果。我们相信，1973年和1974年的承保业务利润率降大幅下降。之后（大量保险公司因为亏损推出市场），将又迎来我们高增长的时代。不幸的是，承保业务的利润恶化在时间上晚于竞争的激烈程度。

During this period we expect to continue to have negative volume comparisons in our traditional operation. Our seasoned management, headed by Jack Ringwalt and Phil Liesche, will continue to underwrite to produce a profit, although not at the level of 1972, and base our rates on long term expectations rather than short-term hopes. Although this approach has meant dips in volume from time to time in the past, it has produced excellent long-term results.

在未来的时间里，我们的承保业务量同比将出现下降。但是，我们经验丰富的管理团队，在Jack和Phil的带领下，将继续努力使得承保业务产生盈利，尽管盈利水平不会像1972年那样高。我们保费费率的设定是基于长期的盈利预期，而不是短期的期望。在过去，这种设定费率的方法时不时地让我们的承保业务量出现下降，但是它产生了优异的长期利润。

Also as predicted in last year’s report, our reinsurance division experienced many of the same competitive factors in 1972. A multitude of new organizations entered what has historically been a rather small field, and rates were often cut substantially, and we believe unsoundly, particularly in the catastrophe area. The past year turned out to be unusually free of catastrophes and our underwriting experience was good.

正如我们在去年的年报里预测的那样，我们的再保险业务部门也经历了同样的竞争。许多新的公司进入了这个在传统上是一个小领域的行业，保费费率大幅下降（我们相信这种下降是不健康的），特别是在大灾难再保险这个领域。过去的一年，大灾难出乎寻常的少，我们的承保业务表现得不错。

George Young has built a substantial and profitable reinsurance operation in just a few years. In the longer term we plan to be a very major factor in the reinsurance field, but an immediate expansion of volume is not sensible against a background of deteriorating rates. In our view, underwriting exposures are greater than ever. When the loss potential inherent in such exposures becomes an actuality, repricing will take place which should give us a chance to expand significantly.

在几年的时间里，George Young就建立起了一个庞大且盈利的再保险业务部门。我们的长期目标是成为再保险领域的一个重要的承保商，但是在目前保费费率大幅恶化的环境下，我们的承保业务不会马上进行扩展。在我们看来，目前再保险的承保业务面临比以前更大的风险。当这种风险所揭示的承保损失真正出现的时候，保费费率会重新定价。到那时将是我们大举扩展的良机。

In the “home state” operation, our oldest and largest such company, Cornhusker Casualty Company, operating in Nebraska only, achieved good underwriting results. In the second full year, the home state marketing appeal has been proven with theattainment of volume on the order of one-third of that achieved by “old line” giants who have operated in the state for many decades.

在我们的家乡（内布拉斯加州），我们自己的保险公司Cornhusker Casualty Company（只在内布拉斯加州经营）也取得了很好的承保业务利润。在其第二个完整经营年度（该公司1970年成立，1972年为第二个完整经营年度，rick），他们营销部门试图取得在该州经营多年的老牌保险巨头承保业务量的1/3，他们做到了。

Our two smaller companies, in Minnesota and Texas, had unsatisfactory loss ratios on very small volume. The home state managements understand that underwriting profitably is the yardstick of success and that operations can only be expanded significantly when it is clear that we are doing the right job in the underwriting area. Expense ratios at the new companies are also high, but that is to be expected when they are in the development stage.

我们另外两个较小的保险公司，分别位于明尼苏达州和德州，承保业务量较小，在1972年产生了亏损，我们对此并不满意。管理层相信承保业务盈利是我们业务成功的基石，只有在我们认为自己在承保业务领域做正确的事情的时候，我们才会去大举扩张。这两个新公司的费用率较高，但是他们处在扩张初期，这在我们的预期之内。

John Ringwalt has done an excellent job of launching this operation, and plans to expand into at least one additional state during 1973. While there is much work yet to be done, the home state operation appears to have major long-range potential.

John开创了我们自己经营的保险公司（上面提到的这三家,rick），他做得不错。1973年，我们计划再扩张到至少一个州。虽然（向外扩张）还有很多工作要做，我们在内布拉斯加州的保险业务是有长期的扩张潜力的。

Last year it was reported that we had acquired Home and Automobile Insurance Company of Chicago. We felt good about the acquisition at the time, and we feel even better now. Led by Vic Raab, this company continued its excellent record in 1972. During 1973 we expect to enter the Florida (Dade County) and California (Los Angeles) markets with the same sort of specialized urban auto coverage which Home and Auto has practiced so successfully in Cook County. Vic has the managerial capacity to run a much larger operation. Our expectation is that Home and Auto will expand significantly within a few years.去年的年报里，我们提到我们收购了位于芝加哥的家庭汽车保险公司。在收购时，我们觉得这个公司很好，现在我们觉得更好了。这个公司由Vic领导，在1972年取得了很不错的经营业绩。在1973年，公司计划进入佛罗里达州（Dade县）和加州（洛杉矶地区）。

Insurance Investment Results

We were most fortunate to experience dramatic gains in premium volume from 1969 to 1971 coincidental with virtually record-high interest rates. Large amounts of investable funds were thus received at a time when they could be put to highly advantageous use. Most of these funds were placed in tax-exempt bonds and our investment income, which has increased from $2,025,201 in 1969 to $6,755,242 in 1972, is subject to a low effective tax rate.

保险浮存金投资结果

在1969年到1971年之间，利率创下了历史新高，而我们的保费收入也在此期间出现了大幅增长，真是幸运。这些大量的可投资资金得到了很好的利用。大部分投资于免税的债券；我们的投资收益，从1969年的203万美元增长到1972年的676万美元。实际有效税率也很低。

Our bond portfolio possesses unusually good call protection, and we will benefit for many years to come from the high average yield of the present portfolio. The lack of current premium growth, however, will moderate substantially the growth in investment income during the next several years.

我们投资的债券拥有很好的、不同寻常的赎回保障条款，在未来的很多年里，我们都将受益于目前债券组合的高回报率。目前保费收入的增长乏力，在未来几年里将大幅降低我们投资收益的增长率。

Banking Operations

Our banking subsidiary, The Illinois Bank and Trust Co. of Rockford, maintained its position of industry leadership in profitability. After-tax earnings of 2.2% on average deposits in 1972 are the more remarkable when evaluated against such moderating factors as:

(1) a mix of 50% time deposits heavily weighted toward consumer savings instruments, all paying the maximum rates permitted by law;

(2) an unvaryingly strong liquid position and avoidance of money-market borrowings;

(3) a loan policy which has produced a net charge-off ratio in the last two years of about 5% of that of the average commercial bank.

This record is a direct tribute to the leadership of Gene Abegg and Bob Kline who run a bank where the owners and the depositors can both eat well and sleep well.

银行业务

我们的银行子公司：伊利诺伊国民银行在盈利能力上继续保持了行业内的领先地位。1972年平均存款的税后盈利为2.2%，在下列情况下取得上述成绩实属难得：

(1)50%的存款为定期存款，支付法律允许的最高利息，

(2)维持很强的流动性，避免从货币市场借入资金，

(3)在过去2年，贷款要求商业银行提取5%的净核销比率

国民银行取得如此优秀的成绩得益于Gene Abegg and Bob Kline的英明领导，在这两人的领导下，银行的股东和存款人都能吃得好、睡得着。

During 1972, interest paid to depositors was double the amount paid in 1969. We have aggressively sought consumer time deposits, but have not pushed for large “money market” certificates of deposit although, during the past several years, they have generally been a less costly source of time funds.

在1972年，支付给存款者的利息比1969年翻了一番。我们大力争取消费者的定期存款，但是我们并不热心于货币市场的定期存单，虽然在过去的几年里，货币市场的定期存单的成本率有所下降。（看来不仅存款的成本率重要，存款的稳定性也很重要。居民存款的稳定性要好于货币市场的存单。rick）

During the past year, loans to our customers expanded approximately 38%. This is considerably more than indicated by the enclosed balance sheet which includes $10.9 million in short-term commercial paper in the 1971 loan total, but which has no such paper included at the end of 1972.

在过去的一年里，我们的贷款总额增长了38%。这个增长率比资产负债表里的数据算出来的要多一些，是因为在资产负债表里，1971年的贷款总额包括1090万美元的短期商业票据，而1972年的贷款总额并不含商业票据。

Our position as “Rockford’s Leading Bank” was enhanced during 1972. Present rate structures, a decrease in investable funds due to new Federal Reserve collection procedures, and a probable increase in already substantial non-federal taxes make it unlikely that Illinois National will be able to increase its earnings during 1973.

1972年，我们在Rockford银行业的领导地位有所加强。但是，目前的利率结构、美联储提取准备金程序的改变使得我们的可投资资金出现了下降，以及已经足够高的非联邦税率可能会上升等等因素使得国民银行的净利润在1973年很难出现增长。

Financial

On March 15, 1973, Berkshire Hathaway borrowed $20 million at 8% from twenty institutional lenders. This loan is due March 1, 1993, with principal repayments beginning March 1, 1979. From the proceeds, $9 million was used to repay our bank loan and the balance is being invested in insurance subsidiaries. Periodically, we expect that there will be opportunities to achieve significant expansion in our insurance business and we intend to have the financial resources available to maximize such opportunities.

1973年3月15日，伯克希尔以8%的利率向20家机构借款2000万美金。贷款

期限20年，1979年3月1日开始偿还本金。所借款项中，900万美金用于偿还我们在银行的贷款，剩余的1100万美金将被用于投资我们的保险子公司。我们的保险业务将定期地迎来大举扩张的机会，我们希望在这些机会来临的时候，我们有足够的财务资源支持他们的扩张。（在机会来临之前就借钱，而不是等机会来了之后再借，到时可能就晚了，或者借不到了。Rick）

Our subsidiaries in banking and insurance have major fiduciary responsibilities to

their customers. In these operations we maintain capital strength far above industry norms, but still achieve a good level of profitability on such capital. We will continue

to adhere to the former objective and make every effort to continue to maintain the latter.

我们的保险子公司和银行子公司与客户之间存在信托关系。在这些公司的运营中，我们将我们的流动性维持在行业平均水平之上，但是同时我们也取得了很好的回报率。我们将继续坚持前面这个原则（高于平均水平的流动性），同时尽力维持一个良好的回报率。

Warren E. Buffett

Chairman of the Board

March 16, 1973