[{"data":1,"prerenderedAt":1635},["ShallowReactive",2],{"library-1973-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":99,"library-sidebar-dao":1101,"library-sidebar-models":1403},{"id":4,"title":5,"body":6,"category":85,"date":86,"description":87,"extension":88,"meta":89,"navigation":90,"order":91,"path":92,"seo":93,"seoDescription":87,"seoTitle":94,"slug":95,"stem":96,"__hash__":97,"_collection":98},"buffett\u002Fbuffett\u002Fberkshire\u002F1973-ba-fei-te-zhi-gu-dong-xin.md","1973 巴菲特致股东信",{"type":7,"value":8,"toc":78},"minimark",[9,13,17,20,23,26,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75],[10,11,5],"h1",{"id":12},"_1973-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],{},"1973年，我们的财务成绩还算令人满意——经营收益为11,930,592美元，期初股东权益回报率达到17.4%。每股收益从11.43美元上升至12.18美元，但相比1972年19.8%的权益回报率，今年还是有所下滑。原因在于盈利增幅跟不上股东资本的增速。去年的年报里我们已经预告过这种情况可能发生。遗憾的是，我们的预测成真了。",[14,21,22],{},"纺织、银行以及大多数保险业务的表现都不错，但保险业务中的某些板块结果欠佳。总体而言，保险仍然是我们配置资本的最佳领域之一。",[14,24,25],{},"管理层的目标是：在坚持稳健会计政策与债务政策的同时，长期资本回报率平均水平略高于美国行业整体水准。过去几年我们实现了这一目标，也在努力采取各种措施，确保这种表现能够持续下去。展望1974年，在资本规模扩大的背景下，回报率可能还会进一步下降。",[27,28,29],"h2",{"id":29},"保险业务",[14,31,32],{},"1973年，杰克·林沃特 (Jack Ringwalt) 从国民保险公司 (National Indemnity Company) 总裁职位上退休。自1940年创立这家公司以来，他留下了一份极为出色的经营记录。接替他的是菲尔·利舍 (Phil Liesche)——幸运的是，Phil秉承了与杰克一脉相承的承保和管理哲学，而那套哲学已被充分证明行之有效。",[14,34,35],{},"我们的传统主业——由国民保险公司和国民火灾与海事保险公司 (National Fire and Marine Insurance Company) 经营的专业汽车险和一般责任险——在1973年的承保表现格外出色。但我们的业务量再度下滑。竞争激烈，而我们没有跟随那些更为乐观的同业去打价格战、压低费率。目前隐约有迹象表明，其中一些竞争对手已经开始意识到自己费率的不足（以及损失准备金的捉襟见肘），随着今年局势的发展，市场压力或许会有所缓和。如果真是这样，我们有望再次看到业务量回升。",[14,37,38],{},"再保险业务也经历了大致相似的一年——承保表现不错，但要维持之前的业务量水平颇为困难。这一部门由乔治·扬 (George Young) 不懈地用心打理，自1969年成立以来一直是公司主要的盈利来源。",[14,40,41],{},"我们的\"本州\"保险公司 (home state companies) 在内布拉斯加州和明尼苏达州取得了相当不错的进展，业务量有良好增长，赔付率也在可接受范围内。年底前，爱荷华州的业务也已正式开展。迄今为止，最大的难题出在德克萨斯州。由于最初选定的管理层被证明无法成功经营承保业务，我们不得不在1973年几乎从头再来。德克萨斯的经历代价高昂，我们在那里还有大量艰苦工作要做。但从整体来看，本州保险业务依然前景可期。",[14,43,44],{},"我们专营城市汽车险的运营商——家庭和汽车保险公司 (Home and Automobile Insurance Company)——1973年在芝加哥的承保状况非常糟糕。看起来在我们主要营销区域库克县，现行费率是不够充分的，而当前的能源形势又让局面更加扑朔迷离。核心问题在于：人们因减少驾车而可能带来的事故频率下降，能否足以抵消医疗和修车费用持续上涨以及陪审团判赔金额不断攀升的影响？我们认为，通货膨胀对我们的伤害，将超过出行减少对我们的帮助——但一些竞争对手似乎持相反看法。",[14,46,47],{},"家庭和汽车保险公司这一年将业务扩展到了佛罗里达州和加利福尼亚州，但现在评价这些举措的财务成效还为时过早。",[14,49,50],{},"1973年家庭和汽车保险公司业绩不理想，其中一个原因在于会计系统——它未能及时将信息反馈给管理层。这个问题目前正在整改。",[14,52,53],{},"保险投资方面，我们在1973年大幅增加了对普通股的投入。如财务报表所示，年底时我们持有的普通股出现了超过1200万美元的未实现浮亏。尽管如此，我们相信按成本计算的普通股投资组合，就企业内在价值而言物有所值。尽管年底账面浮亏不小，我们预期这一投资组合从较长时间维度来看，终将带来令人满意的回报。",[27,55,56],{"id":56},"与多元化零售公司的合并",[14,58,59],{},"董事会已批准将多元化零售公司 (Diversified Retailing Company, Inc.) 并入伯克希尔·哈撒韦公司 (Berkshire Hathaway Inc.)，交易条款为：以发行195,000股伯克希尔股票，换取多元化零售公司100万股已发行流通股。由于多元化零售公司及其子公司持有109,551股伯克希尔股份，本次交易完成后，伯克希尔流通股净增量将不超过85,449股。合并完成尚需取得各项监管批准，委托书材料将于今年晚些时候提交给各位股东，届时请各位就此进行表决。",[14,61,62],{},"多元化零售公司通过旗下子公司经营一连串平价女装连锁店，同时也涉足再保险业务。在管理层看来，该公司最重要的资产是持有蓝筹印花公司 (Blue Chip Stamps) 16%的股权。",[27,64,65],{"id":65},"太阳报业",[14,67,68],{},"在1969年的年度报告中，我们曾提到收购了太阳报业 (Sun Newspapers, Inc.)——一家在奥马哈大都会地区发行周报的媒体集团。此后，我们一直未在年报正文中专门谈及其运营情况，也未将其财务结果并入合并报表，原因在于涉及的投资规模较小，在财务上\"微不足道\"。",[14,70,71],{},"然而1973年，有件事清楚地表明：这种微不足道，绝不延伸到出版品质上。5月7日，太阳报业因其1972年3月30日发表的关于男孩镇 (Boys Town) 的特别报道，荣获普利策奖本地调查报道奖——这是历史上周刊首次在这一类别获此殊荣。那篇报道揭示了一个触目惊心的对比：自1948年弗拉纳根神父 (Father Flanagan) 去世以来，男孩镇不断萎缩的服务与与日俱增的财富之间，存在着多么惊人的落差。",[14,73,74],{},"除普利策奖外，这一系列报道还赢得了全国职业记者学会 Sigma Delta Chi 的公共服务奖，以及另外七项全国性奖项。",[14,76,77],{},"在此，我们要向编辑保罗·威廉姆斯 (Paul Williams)、出版人斯坦·利普西 (Stan Lipsey)，以及太阳报业全体编辑同仁致以诚挚的祝贺。他们的成就生动地证明了：在出版业，规模大小与重要与否，从来就不是一回事。",{"title":79,"searchDepth":80,"depth":80,"links":81},"",2,[82,83,84],{"id":29,"depth":80,"text":29},{"id":56,"depth":80,"text":56},{"id":65,"depth":80,"text":65},"致股东信",null,"1973年巴菲特致股东信，分析经营收益及股东权益回报率下滑原因","md",{},true,44,"\u002Fbuffett\u002Fberkshire\u002F1973-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":87},"1973 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":126,"slug":127,"category":107,"order":124},"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":129,"slug":130,"category":111,"order":124},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":132,"slug":133,"category":85,"order":134},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":136,"slug":137,"category":107,"order":134},"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":139,"slug":140,"category":111,"order":134},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":142,"slug":143,"category":85,"order":144},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":146,"slug":147,"category":107,"order":144},"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":149,"slug":150,"category":111,"order":144},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":152,"slug":153,"category":85,"order":154},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":156,"slug":157,"category":107,"order":154},"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":159,"slug":160,"category":111,"order":154},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":162,"slug":163,"category":85,"order":164},"1961年中 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巴菲特致合伙人信","1962nian-11yue-ba-fei-te-zhi-he-huo-ren-xin",9,{"title":186,"slug":187,"category":107,"order":184},"巴菲特：1977年谈通货膨胀","ba-fei-te-1977nian-tan-tong-huo-peng-zhang",{"title":189,"slug":190,"category":111,"order":184},"2002年伯克希尔股东大会","2002nian-bo-ke-xi-er-gu-dong-da-hui",{"title":192,"slug":193,"category":85,"order":194},"1962年12月 巴菲特致合伙人信","1962nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",10,{"title":196,"slug":197,"category":107,"order":194},"巴菲特：1979年谈股市","ba-fei-te-1979nian-tan-gu-shi",{"title":199,"slug":200,"category":111,"order":194},"2003年伯克希尔股东大会","2003nian-bo-ke-xi-er-gu-dong-da-hui",{"title":202,"slug":203,"category":85,"order":204},"1962年中 巴菲特致合伙人信","1962nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",11,{"title":206,"slug":207,"category":107,"order":204},"巴菲特：1982年谈指数期货","ba-fei-te-1982nian-tan-zhi-shu-qi-huo",{"title":209,"slug":210,"category":111,"order":204},"2004年伯克希尔股东大会","2004nian-bo-ke-xi-er-gu-dong-da-hui",{"title":212,"slug":213,"category":85,"order":214},"1963 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巴菲特致合伙人信","1963nian-12yue-ba-fei-te-zhi-he-huo-ren-xin",14,{"title":236,"slug":237,"category":107,"order":234},"巴菲特：1984年哥大商学院演讲","ba-fei-te-1984nian-ge-da-shang-xue-yuan-yan-jiang",{"title":239,"slug":240,"category":111,"order":234},"2007年伯克希尔股东大会","2007nian-bo-ke-xi-er-gu-dong-da-hui",{"title":242,"slug":243,"category":85,"order":244},"1963年中 巴菲特致合伙人信","1963nian-zhong-ba-fei-te-zhi-he-huo-ren-xin",15,{"title":246,"slug":247,"category":107,"order":244},"巴菲特：1985年谈投资","ba-fei-te-1985nian-tan-tou-zi",{"title":249,"slug":250,"category":111,"order":244},"2008年伯克希尔股东大会","2008nian-bo-ke-xi-er-gu-dong-da-hui",{"title":252,"slug":253,"category":85,"order":254},"1964 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巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":657,"slug":658,"category":107,"order":655},"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":660,"slug":661,"category":85,"order":662},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":664,"slug":665,"category":107,"order":662},"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":667,"slug":668,"category":85,"order":669},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":671,"slug":672,"category":107,"order":669},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":674,"slug":675,"category":85,"order":676},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":678,"slug":679,"category":107,"order":676},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":681,"slug":682,"category":85,"order":683},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":685,"slug":686,"category":107,"order":683},"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":688,"slug":689,"category":85,"order":690},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":692,"slug":693,"category":107,"order":690},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":695,"slug":696,"category":85,"order":697},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":699,"slug":700,"category":107,"order":697},"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":702,"slug":703,"category":85,"order":704},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":706,"slug":707,"category":107,"order":704},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":709,"slug":710,"category":85,"order":711},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":713,"slug":714,"category":107,"order":711},"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":716,"slug":717,"category":85,"order":718},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":720,"slug":721,"category":107,"order":718},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":723,"slug":724,"category":85,"order":725},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":727,"slug":728,"category":107,"order":725},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":730,"slug":731,"category":85,"order":732},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":734,"slug":735,"category":107,"order":732},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":737,"slug":738,"category":85,"order":739},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":741,"slug":742,"category":107,"order":739},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":744,"slug":745,"category":85,"order":746},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":748,"slug":749,"category":107,"order":746},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":751,"slug":752,"category":85,"order":753},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":755,"slug":756,"category":107,"order":753},"巴菲特：2008年财富杂志：沃伦之思","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":758,"slug":759,"category":85,"order":760},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":762,"slug":763,"category":107,"order":760},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":765,"slug":766,"category":85,"order":767},"2011 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巴菲特致股东信","2017-ba-fei-te-zhi-gu-dong-xin",90,{"title":825,"slug":826,"category":107,"order":823},"巴菲特：2010年与罗克国度创始人、福布斯主编对谈","ba-fei-te-2010nian-yu-luo-ke-guo-du-chuang-shi-ren-fu-bu-si-zhu-bian-dui-tan",{"title":828,"slug":829,"category":85,"order":830},"2018 巴菲特致股东信","2018-ba-fei-te-zhi-gu-dong-xin",91,{"title":832,"slug":833,"category":107,"order":830},"巴菲特：2010年央视财经采访","ba-fei-te-2010nian-yang-shi-cai-jing-cai-fang",{"title":835,"slug":836,"category":85,"order":837},"2019 巴菲特致股东信","2019-ba-fei-te-zhi-gu-dong-xin",92,{"title":839,"slug":840,"category":107,"order":837},"巴菲特：2010年对话IVEY 商学院学生","ba-fei-te-2010nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":842,"slug":843,"category":85,"order":844},"2020 巴菲特致股东信","2020-ba-fei-te-zhi-gu-dong-xin",93,{"title":846,"slug":847,"category":107,"order":844},"巴菲特：2010年慈善中国行","ba-fei-te-2010nian-ci-shan-zhong-guo-xing",{"title":849,"slug":850,"category":85,"order":851},"2021 巴菲特致股东信","2021-ba-fei-te-zhi-gu-dong-xin",94,{"title":853,"slug":854,"category":107,"order":851},"巴菲特：2010年给全体经理人备忘录","ba-fei-te-2010nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":856,"slug":857,"category":85,"order":858},"2022 巴菲特致股东信","2022-ba-fei-te-zhi-gu-dong-xin",95,{"title":860,"slug":861,"category":107,"order":858},"巴菲特：2010年金融危机调查委员会专访","ba-fei-te-2010nian-jin-rong-wei-ji-diao-cha-wei-yuan-hui-zhuan-fang",{"title":863,"slug":864,"category":85,"order":865},"2023 巴菲特致股东信","2023-ba-fei-te-zhi-gu-dong-xin",96,{"title":867,"slug":868,"category":107,"order":865},"巴菲特：2011年500 亿美元的决定","ba-fei-te-2011nian-500-yi-mei-yuan-de-jue-ding",{"title":870,"slug":871,"category":85,"order":872},"2024 巴菲特致股东信","2024-ba-fei-te-zhi-gu-dong-xin",97,{"title":874,"slug":875,"category":107,"order":872},"巴菲特：2011年CNBC 专访","ba-fei-te-2011nian-cnbc-zhuan-fang",{"title":877,"slug":878,"category":85,"order":879},"2025 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