原文信息：
- 标题：1969 December Letter to Partners (1)
- 作者：Warren Buffett
- 发表时间：1969-12-05
- 链接：Buffett Partnership Letters 1957-1970
- 中文翻译参考：RanRan
- 整理：孙萧萧
- 校译：
BUFFETT PARTNERSHIP. LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
December 5th , 1969
1969 年 12 月 5 日
To My Partners:
致各位合伙人：
This letter is to supply you with some published information relating to our two controlled companies (and their four principal operating components), as well as to give you my general views regarding their operations. My comments are not designed to give you loads of detailed information prospectus-style, but only my general "slant" as I see the businesses at this time.
随信附上了我们两家控股公司（及其四家子公司）的一些公开信息。在本信中，我将向各位简单介绍一下这几家公司的经营情况。我的简单介绍不会像招股书那样提供面面俱到的信息，只是大概谈一下我个人对这些公司的“偏见”。
At yearend, BPL will own 800,000 of 1,000,000 shares outstanding of Diversified Retailing Company. First Manhattan Company and Wheeler, Munger & Company will each own 100,000 shares. DRC previously owned 100% of Hochschild, Kohn & Company of Baltimore, and currently owns 100% of Associated Retail Stores (formerly named Associated Cotton Shops). On December 1st, DRC sold its entire interest in H-K to Supermarkets General Corp. for $5,045,205 of cash plus non-interest bearing SGC notes for $2 million due 2-1- 70, and $4,540,000 due 2-1-71. The present value of these notes approximates $6.0 million so, effectively, DRC received about $11 million on the sale. Various warranties were made by DRC in connection with the sale, and, while we expect no claims pursuant to the contract, a remote contingent liability always exists while warranties are in force.
年末，在多元零售公司 1,000,000 股流通股中，巴菲特合伙基金将持有 800,000 股，第一曼哈顿公司 (First Manhattan Company) 和惠勒·芒格合伙公司 (Wheeler, Munger & Company) 将分别持有 100,000 股。多元零售公司曾拥有巴尔地摩的霍赫希尔德·科恩公司 (Hochschild, Kohn & Co.) 100% 的股份，目前拥有联合零售商店（Associated Retail Stores，原名联合棉布商店）100% 的股份。12 月 1 日，多元零售公司将其在霍赫希尔德·科恩公司的全部权益出售给了超级市场控股公司 (Supermarkets General Corp.)，获得了 5,045,205 美元的现金以及超级市场控股公司 70 年 2 月 1 日到期的 200 万美元无息票据、71 年 2 月 1 日到期的 4,540,000 美元无息票据。上述票据的现值约为 600 万美元，多元零售公司出售科恩公司获得的现金相当于 1100 万美元左右。在这笔交易的合同中，多元零售公司需要遵守若干保证条款。我们估计不会因此而承担责任，但既然是有约束力的保证条款，或多或少总是有承担相关责任的可能性。
Associated Retail Stores has a net worth of about $7.5 million. It is an excellent business with a strong financial position, good operating margins and a record of increasing sales and earnings in recent years. Last year, sales were about $37.5 million and net income about $1 million. This year should see new records in sales and earnings, with my guess on the latter to be in the area of $1.1 million after full taxes.
联合零售商店的净资产价值是 750 万美元左右。这家公司的生意很好，财务状况稳健，利润率高，近年来销售额和盈利节节攀升。去年，销售额大约是 3750 万美元，净利润大约是 100 万美元。今年，它的销售额和盈利应该再创新高，扣除所有税收后，净利润可能在 110 万美元左右。
DRC has $6.6 million in debentures outstanding (prospectus with full description of the business as of December 18th, 1967 and the debenture terms will be sent you upon request) which have one unusual feature in that if I, or an entity controlled by me, is not the largest shareholder of DRC, the debentureholders have the right to present their debentures for payment by the company at par.
多元零售公司发行了 660 万美元的公司债（如有需要，请向我们索取债券募集说明书，其中包含截止 1967 年 12 月 18 日的公司业务介绍以及债券条款）。该债券存在一个特别条款，规定如果我或我控制的实体不再是多元零售公司的最大股东，债券持有人有权要求公司按面值偿付债券。
Thus, DRC has tangible net assets of about $11.50 - $12.00 per share, an excellent operating business and substantial funds available for reinvestment in other operating businesses. On an interim basis, such funds will be employed in marketable securities.
目前，多元零售公司的有形资产净值是每股 11.50 - 12.00 美元，它的生意非常好，而且有大量资金可以用于投资其他业务。该公司的闲置资金将暂时用于投资有价证券。
Berkshire Hathaway Inc. has 983,582 shares outstanding, of which 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 (Berkshire Hathaway Inc.) 拥有 983,582 股的流动股，其中巴菲特合伙基金持有 691,441 股。伯克希尔·哈撒韦主要有三项业务：纺织业务、保险业务（国民赔偿公司和国民火灾与海事保险公司，统称为保险公司）、伊利诺伊国民银行以及罗克福德信托公司。伯克希尔还拥有太阳报业 (Sun Newspapers Inc)、布莱克尔印刷公司 (Blacker Printing Company ) 以及捷威保险公司 (Gateway Underwriters) 70% 的股份，但是这几个业务所占比重相对较小。
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.
目前，在每股投入的资金中，纺织业务占了 16 美元。虽说与整个纺织行业相比，伯克希尔的纺织业务稍微领先，但这项业务算不上好生意。我们在纺织业务中投入了不少资产，但是它的资本回报率却很低，将来更不可能实现足够高的回报率。四年半以前，我们买入了伯克希尔，当时在这家公司的各项业务里，纺织业务是最好的。我们将伯克希尔其他业务的资金都成功地进行了重新分配，开始是暂时投资到有价证券上，现在是长期投资到保险公司和银行。我敬佩纺织业务的员工，尽管环境艰难，但他们一直在努力，希望能做得更好。虽然纺织业务的投资回报率如此之差，只要它能维持当前的水平，我们打算继续经营下去。
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 subtracting 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（伯克希尔拥有旗下保险公司 100% 的股份）和银行（伯克希尔拥有 97.7% 的股份）就好多了。这两个都是一流的好生意，资本回报率高，营业数据无论怎么分析，不管是绝对的，还是相对的，都非常好。在伯克希尔哈撒韦的每股有形净资产中，银行占大约 17 美元，保险公司占大约 15 美元。在有形净资产中，银行和保险合计占 32 美元，我估计它们当前的正常盈利能力是每股 4 美元（可以对比一下，1968 年，我估算它们的盈利是 3.40 美元），而且它们将来的成长前景非常好。加上纺织业务和其他业务的资产，减去母公司 700 万美元的银行贷款，伯克希尔哈撒韦的每股有形净资产是 43 美元，再加上收购银行时支付的高于有形资产的溢价，伯克希尔哈撒韦的账面净资产是每股 45 美元。
One caveat - when I talk above 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.
有一点需要注意，保险公司和银行持有 7500 万美元的债券，对这些债券估值时，我是用已摊销成本计算的，然后得出的有形净资产。这符合行业内常规会计准则，也符合银行和保险行业的实际情况，债券不可能在没到期之前卖出。但是，现在的债券价格处于历史低位，我们持有的债券的市场价值远远低于账面价值，其账面价值大约是每股 10 美元。
Between DRC and B-H, we have four main operating businesses with three of them in my opinion, definitely first class by any of the usual standards of evaluation. The three excellent businesses are all run by men over sixty who are largely responsible for building each operation from scratch. These men are hard working, wealthy, and good – extraordinarily good. Their age is a negative, but it is the only negative applicable to them. One of the reasons I am happy to have a large segment of my capital in B-H and DRC is because we have such excellent men in charge of the operating businesses.
在多元零售公司和伯克希尔哈撒韦旗下，我们有四大主要业务，按照一般的标准，不管怎么评估，其中三项业务都绝对是一流的。这三项业务的经理人都超过了 60 岁，这些业务基本上是他们白手起家营造的。他们工作努力、生活富足，而且人品很好，无可挑剔。他们的年龄是大了些，但他们只有这么一个小缺点。我之所以愿意把我的大部分资金投入到伯克希尔哈撒韦和多元零售公司，其中很重要的一个原因就是，有这么优秀的人经营这两家公司。
We have various annual reports, audits, interim reports, proxy materials prospectuses, etc... applicable to our control holdings and we will be glad to supply you with any item you request. I also solicit your written questions and will send to all partners the questions and answers shortly before yearend. Don't hesitate to ask any question at all that comes to mind - if it isn't clear to you, it probably isn't clear to others - and there is no reason for any of you to be wondering about something that I might clear up.
我们有关于控股公司的各种年报、审计报告、中期报告、委托书材料、招股书等等。如果需要任何文件，请随时联系我们。同时，我在此向各位征集关于控股公司的问题，请把问题写信寄给我，我会在年末之前给所有合伙人写一封信进行解答。想到了什么问题，就尽管问。要是你不清楚，别人可能也不清楚。只要是我能解答的，各位就没必要自己琢磨。
DRC and B-H presently pay no dividends and will probably pay either no dividends or very modest dividends for some years to come. There are a number of reasons for this. Both parent companies have borrowed money - we want to maintain a good level of protection for depositors at the bank and policyholders at the insurance company - some of the operating companies have very satisfactory ways to utilize additional capital - and we are hopeful of finding new businesses to both diversify and augment our earning power.
多元零售公司和伯克希尔哈撒韦公司目前都不发放股息，将来几年，可能仍然不发放股息，或者只发放很低的股息。原因有很多：这两家公司都有负债，我们希望能为银行的储户和保险公司的投保人提供良好的保护，我们的一些公司通过追加投资可以获得非常令人满意的回报，而且我们希望通过寻找新生意来扩展和提升盈利能力。
My personal opinion is that the intrinsic value of DRC and B-H will grow substantially over the years. While no one knows the future, I would be disappointed if such growth wasn't at a rate of approximately 10% per annum. Market prices for stocks fluctuate at great amplitudes around intrinsic value but, over the long term, intrinsic value is virtually always reflected at some point in market price. Thus, I think both securities should be very decent long-term holdings and I am happy to have a substantial portion of my net worth invested in them. You should be unconcerned about short-term price action when you own the securities directly, just as you were unconcerned when you owned them indirectly through BPL. I think about them as businesses, not “stocks”, and if the business does all right over the long term, so will the stock.
我的个人看法是，多年以后，多元零售公司和伯克希尔哈撒韦公司的内在价值会实现巨大增长。谁都不知道未来会怎样，但如果它们的增长率达不到每年 10%，我会很失望。股票的市场价格围绕内在价值剧烈波动，但是，长期来看，市场价格总有反映内在价值的时候。综上所述，我认为这两家公司都值得长期持有，我把自己的大部分净资产投入到这两家公司中，很放心。在通过巴菲特合伙基金间接持有这两家公司的股票时，你不在意它们的短期价格波动。当各位直接持有这两家公司的股票时，也不应该在意。在我眼里，它们是公司，不是“股票”。只要公司长期经营得好，股价也没问题。
I want to stress that I will not be in a managerial or partnership status with you regarding your future holdings of such securities. You will be free to do what you wish with your stock in the future and so, of course, will I. I think that there is a very high probability that I will maintain my investment in DRC and B-H for a very long period, but I want no implied moral commitment to do so nor do so nor do I wish to advise others over an indefinite future period regarding their holdings. The companies, of course, will keep all shareholders advised of their activities and you will receive reports as issued by them, probably on a semi-annual basis. Should I continue to hold the securities, as I fully expect to do, my degree of involvement in their activities may vary depending upon my other interests. The odds are that I will take an important position on matters of policy, but I want no moral obligation to be other than a passive shareholder, should my interests develop elsewhere.
我想强调一下，将来各位持有这两家公司的股票后，我和各位不存在管理或合伙关系。将来各位可以自由处理自己手里的股票，我也一样。我觉得，在很长的时间里，我会持有我对多元零售和伯克希尔的投资，我这么做的概率很大。但是我不想就此做出任何道义上的承诺，也不想在将来无限期的时间内，始终向别人提供关于这些股票的建议。这两家公司肯定会向所有股东报告经营情况，各位可以收到它们的报告，可能是每半年收到一次。如果我一直持有这些股票的话，我现在就这么打算的，我还有其他事要做，不一定会在多大程度上参与这家公司的活动。我很可能会参与重大决策的制定，但是我不做任何承诺。如果我有别的兴趣了，我可能就想当一个被动的股东。
We presently plan to make the initial BPL cash distribution on January 5th, which will now come to at least 64% of January 1, 1969 capital less any distributions (including monthly payments) you have received from us since January 1, 1969. There is now pending a public offering, headed by Merrill, Lynch, Pierce, Fenner & Smith, of our Blue Chip Stamps holdings which, if completed this month as expected, should bring the figure to at least 70%.
我们现在的计划是 1 月 5 日进行巴菲特合伙基金的现金分配，从现在的情况看，扣除 1969 年 1 月 1 日各位收到的所有分配金额（包括每月的利息），现金分配比例占 1969 年 1 月 1 日资本的 64% 以上。我们持有的蓝筹印花公司 (Blue Chip Stamps) 正在筹划上市，承销人是美林证券。如果蓝筹印花本月如期上市，则我们的现金分配比例将达到 70% 以上。
If you wish Bill and me to give you our ideas regarding bonds in March, you should purchase U.S. Treasury Bills maturing in late March with the applicable portion of the January 5th distribution. Then advise us in the last week of February of the amount you wish to invest in bonds and we will let you know our thoughts.
有需要在三月份向比尔和我咨询购买债券事宜的合伙人，请从 1 月 5 日收到的现金中拿出一部分购买三月末到期的美国国债，然后，在二月份的最后一周告诉我们，你希望投入多少资金购买债券，我们会相应地给出建议。
About the middle of January (as soon as the exact amounts are figured and shares are received from the Transfer Agent after having been registered in your name) we will distribute the DRC and B-H stock applicable to your partnership interest and subsequently advise you of your tax basis and acquisition date attributable to the stock. Such shares will be "legended" as described in the enclosed letter from Monen, Seidler & Ryan. These stock certificates are valuable and should be kept in a safe place.
在股票注册到各位名下，我们从过户代理人处了解到具体金额和股份数后，1 月中旬，我们会根据各位在合伙基金的权益将多元零售和伯克希尔的股票分配给各位，并随后告知各位的纳税基数以及股票购买日。随信附上一封 Monen, Seidler & Ryan 律师事务所的函件。如函件所述，这些股票存在交易限制。这些股票凭证很值钱，请妥善保管。
In past letters I had expressed the hope that BPL could supply a mechanism whereby you could, if you wished, automatically convert your DRC and B-H to cash. I have had two law firms consider extensively the status of these shares in your hands following the liquidation and the accompanying letters (which should be saved and kept with the shares) give their conclusions. As you can see, it is not an area that produces simple, clear-cut guidelines. I see no prudent way to implement the alternatives I had previously been considering. Therefore, you must follow the guidelines they set forth if you wish to dispose of your shares. As you probably realize, the restrictions on subsequent sale apply more severely to Susie and me (because of my continued "insider" position) than they probably do to you. Substantial quantities of securities often are sold via the "private sale" option described in paragraph (3) of the opinion. If the rules become clearer or more simplified in the future, I will be sure to let you know.
我在之前的信中说了，希望巴菲特合伙基金能找到一种方式，允许有需要的合伙人自动将多元零售和伯克希尔的股份变成现金。我找了两家律师事务所，请它们研究合伙基金清算后各位所持有股份的性质，随附的函件中有它们给出的结论（函件应当和股票一样妥善保管）。从函件中可以看出，这个问题没那么简单。虽然我想让合伙人能自动将控股公司的股份变现，但我找不到谨慎的方法把这个想法变成现实。所以说，如果各位要出售自己分配到的股票，请务必遵循律师给出的指导意见。各位应当知道，关于这些股票的后续出售，各位受到一定的限制，但我和苏茜受到的限制更严格（因为我始终是“内部人士”）。如律师意见的第三段所述，大量股票的出售往往是通过转让完成的。要是将来有了更清晰或更简单的规则，我肯定会告诉各位。
At the time of distribution of DRC and B-H, I will advise you of the values applied to such shares at 1969 yearend. You will receive our audit and tax letter about the end of January. It presently appears that sale of our Blue Chip shares and a substantial increase in value of DRC and B- H will bring our overall gain for the year to slightly over 6%.
在分配多元零售和伯克希尔的股份时，我会给出 1969 年年末两家公司股票的估值。1 月末，各位会收到审计报告和税务数据。从目前的情况来看，通过出售蓝筹印花股份，再加上多元零售和伯克希尔价值的大幅提升，我们今年的整体收益率应该是略高于 6%。
My next letter will be in late December, summarizing the questions and answers regarding DRC and B-H. and also supplying a final estimate on the January 5th cash distribution.
各位将在 12 月末收到下一封信。在下一封信中，我将回答关于多元零售和伯克希尔的问题，并给出 1 月 5 日现金分配的最终估算。
Warren E. Buffett
沃伦 E. 巴菲特
Enclosures:
随信附上：
Legal opinion. Monen, Seidler & Ryan
法律意见书，Monen, Seidler & Ryan 律师事务所。
Concurring opinion, Munger, Tolles. Hills & Rickershauser 1968 Annual Report. Berkshire Hathaway. Inc. 1969 Semi-Annual Report. Berkshire Hathaway. Inc.
协同意见书，Munger, Tolles. Hills & Rickershauser 律师事务所。伯克希尔哈撒韦公司 1968 年年报。伯克希尔哈撒韦公司 1969 年半年报。
April 3. 1969 letter to Shareholders. Berkshire Hathaway. Inc. 1968 Annual Report. Diversified Retailing Company. Inc.
伯克希尔哈撒韦公司 1969 年 4 月 3 日致股东信。多元零售公司 1968 年年报。
Financial information regarding Associated Retail Stores. Inc. Financial information regarding Illinois National Bank & Trust Co. 1969 Best's Report. National Indemnity Company.1969 Best's Report. National Fire & Marine Insurance Company
关于联合零售商店的财务信息。关于伊利诺伊国民银行和信托公司的财务信息。 国民赔偿公司和国民火灾与海事保险公司贝氏 (Best) 评级报告