[{"data":1,"prerenderedAt":1625},["ShallowReactive",2],{"library-1972-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":89,"library-sidebar-dao":1091,"library-sidebar-models":1393},{"id":4,"title":5,"body":6,"category":75,"date":76,"description":77,"extension":78,"meta":79,"navigation":80,"order":81,"path":82,"seo":83,"seoDescription":77,"seoTitle":84,"slug":85,"stem":86,"__hash__":87,"_collection":88},"buffett\u002Fbuffett\u002Fberkshire\u002F1972-ba-fei-te-zhi-gu-dong-xin.md","1972 巴菲特致股东信",{"type":7,"value":8,"toc":71},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68],[10,11,5],"h1",{"id":12},"_1972-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司全体股东：",[14,18,19],{},"1972年伯克希尔·哈撒韦 (Berkshire Hathaway) 的经营收益令人振奋，达到年初股东权益的19.8%，成绩相当亮眼。我们所有主要业务都取得了显著进步，其中进步最为突出的是保险承保利润。由于多重有利因素罕见地同时出现——汽车事故频率下降、事故严重程度趋缓，以及全年未发生重大灾难——承保利润率远超以往平均水平，也远超我们对未来的预期。",[14,21,22],{},"虽然我们预计1973年经营收益会略有回落，但可以肯定的是，近年来的多元化布局已为公司奠定了明显更高的正常盈利基础。现任管理层于1965年5月接手公司。八年后，1972年的经营收益达到11,116,256美元，比我们若将资本全部投入纺织业务所能产生的回报高出许多倍。1964财年末，伯克希尔的股东权益合计22,138,753美元。自那以后，我们没有向外部引入任何新增股权资本，无论是现金增发还是通过并购。恰恰相反，我们还回购了一部分股票，使流通股数减少了14%。每股账面价值从1964财年末的19.46美元增长至1972年末的69.72美元，年复合增长率约为16.5%。",[14,24,25],{},"近年来我们完成的三项主要收购，无论从财务还是人的角度来看，结果都堪称出色。三笔交易里，创始人均为主要卖家，以现金形式套现了可观的资金——而且三位同样的人，杰克·林沃特 (Jack Ringwalt)、吉恩·阿贝格 (Gene Abegg) 和维克·罗伯 (Vic Raab)，都继续以饱满的精力和创造力经营着各自的业务，在此前已经相当优秀的记录上继续精益求精。",[14,27,28],{},"我们将继续寻找与现有业务合乎逻辑的延伸方向，同时也积极物色新的业务机会，确保资本得到有效运用。",[10,30,31],{"id":31},"保险承保业务",[14,33,34],{},"1972年，国民保险公司 (National Indemnity Company) 在我们传统保险业务的核心领域创下了出色的承保利润，但这里面有一个值得深思的悖论。这份利润大幅拉高了1972年的整体公司盈利，然而正是产生这种利润的市场环境，吸引了大量新竞争者以我们认为难以为继的费率水平蜂拥入市。从长远来看，如果今年的利润没有这样大幅飙升，我们未来五年的前景反而可能更好。",[14,36,37],{},"去年年报中我们已经预告了竞争加剧的趋势，1972年保费量确实如预期般有所下滑。我们认为，行业承保利润率将在1973年或1974年大幅收窄，但这最终可能会形成一种新格局，让我们过去的那种历史性增长得以重现。遗憾的是，承保业绩恶化与竞争趋缓之间存在一段时滞。在这段时间里，我们预计传统业务的保费量仍将继续萎缩。以杰克·林沃特 (Jack Ringwalt) 和菲尔·利舍 (Phil Liesche) 为首的经验丰富的管理团队，将坚守承保盈利的底线——虽然利润水平无法重现1972年的高峰——我们的定价依据是长期预期而非短期憧憬。这一做法在过去曾导致保单量时有起伏，但长期而言已经产生了极为出色的业绩。",[14,39,40],{},"再保险业务也和去年年报的预判一样，在1972年遭遇了许多同样的竞争压力。大量新机构涌入这个历来规模不大的市场，费率往往被大幅压低，我们认为这是不理性的，在巨灾领域尤为如此。好在过去这一年巨灾发生极少，我们的承保业绩表现不错。",[14,42,43],{},"乔治·杨 (George Young) 仅用几年时间便建立起一项规模可观、盈利稳健的再保险业务。从长远看，我们计划在再保险领域成为举足轻重的重要力量。但在费率持续恶化的背景下，贸然扩大规模并不明智。在我们看来，目前的承保风险敞口比以往任何时候都大。一旦这些潜在损失成为现实，市场将重新定价，到那时才是我们大举扩张的好时机。",[14,45,46],{},"\"本土化\"业务方面，我们历史最悠久、规模最大的内布拉斯加州居民意外险公司 (Cornhusker Casualty Company) 仅在内布拉斯加州开展业务，取得了良好的承保业绩。这项业务进入第二个完整年度，其市场竞争力已经得到验证——承保量已相当于在该州深耕数十年的\"老牌\"巨头的三分之一左右。",[14,48,49],{},"我们在明尼苏达州和得克萨斯州的两家规模较小的公司，在极小的保费量上却产生了令人不满意的损失赔付比率。这些本土化公司的管理层清楚地知道：承保盈利是衡量成功的唯一标尺，只有在承保业务真正做对了的前提下，才能谈得上大规模扩张。新公司的费用比率偏高，这在发展初期是可以理解的。",[14,51,52],{},"约翰·林沃特 (John Ringwalt) 在启动这项业务方面做得非常出色，并计划在1973年将业务至少扩展到另外一个州。眼下还有许多工作要做，但本土化保险业务的长期潜力相当可观。",[14,54,55],{},"去年报告中提到，我们收购了位于芝加哥的家庭和汽车保险公司 (Home and Automobile Insurance Company)。当时我们就对这笔收购感觉良好，现在感觉更好。由维克·罗伯 (Vic Raab) 领导，该公司在1972年继续保持了出色的业绩记录。1973年，我们计划进入佛罗里达州戴德县 (Dade County) 和加州洛杉矶 (Los Angeles) 市场，提供那套在库克县 (Cook County) 已成功实践的专业城市汽车险业务。维克拥有掌管更大规模公司的管理能力。我们预期，家庭和汽车保险公司将在未来几年实现大幅扩张。",[10,57,58],{"id":58},"银行业务",[14,60,61],{},"我们的银行子公司——伊利诺伊州银行及信托公司 (The Illinois Bank and Trust Co.) 罗克福德 (Rockford) 分行，在盈利水平上继续保持行业领先地位。1972年，税后收益占平均存款的2.2%，结合以下几个制约因素来看，这一数字更显难能可贵：(1) 定期存款组合中有50%的比重集中于消费者储蓄工具，全部按照法定最高利率支付；(2) 始终保持强劲的流动性头寸，不依赖货币市场借款；(3) 贷款政策极为审慎，过去两年的净坏账冲销率仅相当于普通商业银行平均水平的5%左右。这份成绩，是对吉恩·阿贝格 (Gene Abegg) 和鲍勃·克莱因 (Bob Kline) 领导力的最好褒奖——在他们掌舵的这家银行，股东和储户都能吃得好、睡得好。",[14,63,64],{},"1972年，我们向储户支付的利息是1969年的两倍。我们积极争取消费者定期存款，但没有刻意追逐大额\"货币市场\"存单——尽管过去几年这类存单往往是成本更低的定期资金来源。",[14,66,67],{},"过去一年，客户贷款规模扩大了约38%。这一增幅比附上的资产负债表所呈现的数字要显著得多——因为1971年贷款总额中包含了1090万美元的短期商业票据，而1972年末则没有任何此类票据。",[14,69,70],{},"1972年，我们\"罗克福德领先银行\"的地位进一步巩固。然而，目前的利率结构、美联储新的资金清算程序导致可投资资金减少，以及本已可观的非联邦税可能进一步增加，都使得伊利诺伊州银行在1973年提升盈利变得相当困难。",{"title":72,"searchDepth":73,"depth":73,"links":74},"",2,[],"致股东信",null,"1972年巴菲特致股东信，汇报经营收益创新高、保险承保利润大幅增长及喜诗糖果表现","md",{},true,43,"\u002Fbuffett\u002Fberkshire\u002F1972-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":77},"1972 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有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":95,"slug":96,"category":97,"order":93},"巴菲特：1951年最看好的股票：GEICO 保险","ba-fei-te-1951nian-zui-kan-hao-de-gu-piao-geico-bao-xian","访谈与文章",{"title":99,"slug":100,"category":101,"order":93},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":103,"slug":104,"category":75,"order":73},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":106,"slug":107,"category":97,"order":73},"巴菲特：1953年我最看好的股票：西部保险","ba-fei-te-1953nian-wo-zui-kan-hao-de-gu-piao-xi-bu-bao-xian",{"title":109,"slug":110,"category":101,"order":73},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":112,"slug":113,"category":75,"order":114},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":116,"slug":117,"category":97,"order":114},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":119,"slug":120,"category":101,"order":114},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":122,"slug":123,"category":75,"order":124},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":126,"slug":127,"category":97,"order":124},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":129,"slug":130,"category":101,"order":124},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":132,"slug":133,"category":75,"order":134},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":136,"slug":137,"category":97,"order":134},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":139,"slug":140,"category":101,"order":134},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":142,"slug":143,"category":75,"order":144},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":146,"slug":147,"category":97,"order":144},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":149,"slug":150,"category":101,"order":144},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":152,"slug":153,"category":75,"order":154},"1961年中 巴菲特致合伙人信","1961nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",7,{"title":156,"slug":157,"category":97,"order":154},"巴菲特：1976年巴菲特谈GEICO","ba-fei-te-1976nian-ba-fei-te-tan-geico",{"title":159,"slug":160,"category":101,"order":154},"2000年伯克希尔股东大会","2000nian-bo-ke-xi-er-gu-dong-da-hui",{"title":162,"slug":163,"category":75,"order":164},"1962 巴菲特致合伙人信","1962-ba-fei-te-zhi-he-huo-ren-xin",8,{"title":166,"slug":167,"category":97,"order":164},"巴菲特：1976年怀念恩师格雷厄姆","ba-fei-te-1976nian-huai-nian-en-shi-ge-lei-e-mu",{"title":169,"slug":170,"category":101,"order":164},"2001年伯克希尔股东大会","2001nian-bo-ke-xi-er-gu-dong-da-hui",{"title":172,"slug":173,"category":75,"order":174},"1962年11月 巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":176,"slug":177,"category":97,"order":174},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":179,"slug":180,"category":101,"order":174},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":182,"slug":183,"category":75,"order":184},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":186,"slug":187,"category":97,"order":184},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":189,"slug":190,"category":101,"order":184},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":192,"slug":193,"category":75,"order":194},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":196,"slug":197,"category":97,"order":194},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":199,"slug":200,"category":101,"order":194},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":202,"slug":203,"category":75,"order":204},"1963 巴菲特致合伙人信","1963-ba-fei-te-zhi-he-huo-ren-xin",12,{"title":206,"slug":207,"category":97,"order":204},"巴菲特：1983年写给Louie Blumkin的信（内布拉斯加州家具百货","ba-fei-te-1983nian-xie-gei-louie-blumkinde-xin-nei-bu-la-si-jia-zhou-jia-ju-bai-huo",{"title":209,"slug":210,"category":101,"order":204},"2005年伯克希尔股东大会","2005nian-bo-ke-xi-er-gu-dong-da-hui",{"title":212,"slug":213,"category":75,"order":214},"1963年11月 巴菲特致合伙人信","1963nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",13,{"title":216,"slug":217,"category":97,"order":214},"巴菲特：1983年向Rose Blumkin 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巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":626,"slug":627,"category":97,"order":624},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":629,"slug":630,"category":75,"order":631},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":633,"slug":634,"category":97,"order":631},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":636,"slug":637,"category":75,"order":638},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":640,"slug":641,"category":97,"order":638},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":643,"slug":644,"category":75,"order":645},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":647,"slug":648,"category":97,"order":645},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":650,"slug":651,"category":75,"order":652},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":654,"slug":655,"category":97,"order":652},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":657,"slug":658,"category":75,"order":659},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":661,"slug":662,"category":97,"order":659},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":664,"slug":665,"category":75,"order":666},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":668,"slug":669,"category":97,"order":666},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":671,"slug":672,"category":75,"order":673},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":675,"slug":676,"category":97,"order":673},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":678,"slug":679,"category":75,"order":680},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":682,"slug":683,"category":97,"order":680},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":685,"slug":686,"category":75,"order":687},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":689,"slug":690,"category":97,"order":687},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":692,"slug":693,"category":75,"order":694},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":696,"slug":697,"category":97,"order":694},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":699,"slug":700,"category":75,"order":701},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":703,"slug":704,"category":97,"order":701},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":706,"slug":707,"category":75,"order":708},"2004 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