[{"data":1,"prerenderedAt":1651},["ShallowReactive",2],{"library-1975-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":115,"library-sidebar-dao":1117,"library-sidebar-models":1419},{"id":4,"title":5,"body":6,"category":101,"date":102,"description":103,"extension":104,"meta":105,"navigation":106,"order":107,"path":108,"seo":109,"seoDescription":103,"seoTitle":110,"slug":111,"stem":112,"__hash__":113,"_collection":114},"buffett\u002Fbuffett\u002Fberkshire\u002F1975-ba-fei-te-zhi-gu-dong-xin.md","1975 巴菲特致股东信",{"type":7,"value":8,"toc":93},"minimark",[9,13,17,20,23,27,30,33,36,39,42,45,48,51,54,57,60,63,66,69,72,75,78,81,84,87,90],[10,11,5],"h1",{"id":12},"_1975-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],{},"去年在谈到1975年的前景时，我们说过\"1975年的展望并不乐观\"。事实证明，这个预判准确得令人沮丧。1975年我们的经营收益为6,713,592美元，折合每股6.85美元，期初股东权益回报率为7.6%。这是自1967年以来最低的股本回报率。而且正如这封信后面所解释的，这些收益中有相当大一部分来自联邦所得税退款，这笔退款在1976年将无法再助推业绩。",[14,21,22],{},"不过从整体来看，目前的态势表明1976年会稍微好一些。各业务板块的运营情况和前景将在下文分行业详述。我们的预期是：纺织业业绩将显著改善，近期收购带来的新增收益，加上持股比例扩大后对蓝筹印花公司 (Blue Chip Stamps) 的权益收益增加，再加上保险承保业绩哪怕只是适度改善，这些加在一起足以抵消其他可能的不利因素，使1976年整体收益好于1975年。其中最大的变量——也是最难以把握的——是保险承保的结果。目前非常初步的迹象显示，承保业绩有望改善。如果改善程度有限，我们整体收益的增幅也会相应有限；如果承保业绩大幅改善，那我们的收益涨幅就相当可观了。",[24,25,26],"h2",{"id":26},"保险承保业务",[14,28,29],{},"1975年是财产意外险行业有史以来最糟糕的一年。我们在其中也贡献了应有的一份——不幸的是，甚至还超出了\"应有\"的比例。真正灾难性的承保亏损集中在汽车险和长尾险（损失事件发生后通常要过很久才能结案的险种）两个领域。",[14,31,32],{},"经济通货膨胀方面，人身伤亡和财产修复的成本增幅远远超过一般通胀水平，最终损失成本急剧攀升，远超此前在不同成本环境下制定的保费水平。\"社会通货膨胀\"则导致责任认定范围持续扩大，远超当初拟定费率时所预期的边界——实质上是在保费之外额外承担了额外的赔付责任。这种社会通胀还大大助长了诉讼倾向，也使陪审团对以前统计上无足轻重的事件作出天价裁决的可能性大幅上升。此外，对这些问题反应迟钝的保险公司相继倒闭，其保户的损失通过担保基金（Guaranty Fund）分摊给其余仍有偿付能力的保险公司。这些趋势还将持续下去，应当压制我们对当前大幅提费所带来的任何乐观预期。",[14,34,35],{},"伯克希尔的保险子公司在1975年承保业绩最差的那些险种上，有着不成比例的过度集中。这些险种通常能产生异常高的投资收入，因此在过去的承保环境下对我们格外有吸引力。然而，过去两年间，我们的险种\"组合\"令我们处于非常不利的境地。在未来几年通胀居高不下的大背景下，我们很可能会继续留在保险行业中更为艰难的那一端。",[14,37,38],{},"1975年保险板块唯一表现有所改善的，是\"本州 (Home-State) \"业务，在约翰·林沃特 (John Ringwalt) 的领导下持续稳步推进。尽管承保亏损依然较大，但综合比率较1974年有所改善。若剔除仍处于起步阶段的业务所产生的超额成本，承保结果还是令人满意的。德州联合保险公司 (Texas United Insurance Company) 几年前曾是个大麻烦，自乔治·比林 (George Billing) 接手以来，已取得了出色的进展。凭借一支几乎全新的代理人队伍，德克萨斯联合保险以本州业务中最低的损失赔付比率，捧走了\"董事长杯\"。内布拉斯加意外险公司 (Cornhusker Casualty Company) 是本州业务中历史最悠久、规模最大的，运营表现依然出色，保费收入大幅增长，综合比率略低于100。1976年本州业务的保费收入预计将有相当幅度的增长；衡量成功的标准，依然是能否实现较低的综合比率。",[14,40,41],{},"国民保险公司 (National Indemnity Company) 的传统业务占我们保险业务量的一半以上，1975年的承保结果却异常糟糕。尽管费率一再大幅提升，但全年始终在追赶亏损的脚步，始终落后一步。1970年代初期推出的几个特殊项目造成了重大损失，同时也大量消耗了管理层的时间和精力。目前迹象表明，1976年保费收入将有较大幅度增加，我们希望承保业绩也能随之改善。",[14,43,44],{},"再保险业务在1975年遭遇了与直接保险业务相同的困境，我们也尝试了相同的补救措施。由于再保险合同的结算滞后于直接业务，我们直接保险业务业绩的好转，很可能会先于再保险板块的回升。",[14,46,47],{},"我们的子公司家庭和汽车保险公司 (Home and Automobile Insurance Company) 目前仅在伊利诺伊州库克郡地区经营汽车险，1975年业绩持续恶化，10月份因此进行了管理层更换。约翰·苏华德 (John Seward) 被任命为总裁，并以积极而富有创意的方式推行了一套彻底翻新的承保方案。",[14,49,50],{},"总体而言，1976年我们保险业务的保费收入将有大幅增长，其中相当大一部分反映的是费率提升，而非保单数量的增加。换作平时，这样的增长当然令人欣慰，但我们现在的心情可谓喜忧参半。承保业绩应该会有所改善——我们也期待如此——但信心并不充足。我们将竭力争取综合比率降至100以下，不过这在1976年恐怕难以实现。",[24,52,53],{"id":53},"银行业务",[14,55,56],{},"要形容我们银行子公司——伊利诺伊州罗克福德市伊利诺伊国民银行及信托公司 (Illinois National Bank and Trust of Rockford, Illinois) ——首席执行官吉恩·阿贝格 (Eugene Abegg) 的表现，任何赞美之词都显得苍白。",[14,58,59],{},"在许多银行经营陷入严重困境的一年里，伊利诺伊国民银行继续保持着出色的纪录。在约6500万美元的平均贷款规模下，净贷款损失仅为2.4万美元，损失率只有0.04%。该行保持着异常充裕的流动性——年末时，美国政府及其机构发行的、一年内到期的债务约占活期存款的75%。所有消费者储蓄账户均支付最高法定利率，这类储蓄账户占存款基础的一半以上。然而，尽管坚守超高流动性、拒绝为追逐高收益而\"冒险放贷\"，伊利诺伊国民银行在全美同等规模乃至规模更大的银行中，依然是盈利能力最强的。",[14,61,62],{},"1975年，美国最大的三十家银行平均总资产回报率为0.5%，伊利诺伊国民银行大约是这个数字的四倍。这三十家大行将营业收入的7%转化为净收入；而伊利诺伊国民银行在不计并表税收优惠的情况下，将27%的营业收入转化为净收入。",[14,64,65],{},"吉恩·阿贝格于1931年创办伊利诺伊国民银行，实收资本为25万美元。1932年，也就是开业后的第一个完整年度，该行盈利8,782美元。此后再未进行过任何额外的资本注入。我建议各位阅读第28至34页的财务报表，看看这位真正杰出的经营者在44年的掌舵生涯中究竟创造了什么。",[14,67,68],{},"在当前利率结构下，预计1976年该行收益会略有下降，但仍将保持在非常令人满意的水平。",[24,70,71],{"id":71},"联邦所得税的影响",[14,73,74],{},"阅读我们的损益表时，你会注意到：由于1975年按税务目的计算产生了净经营亏损，此前多年缴纳的一大笔联邦所得税现已可申请退还。亏损的产生，源于州及地方债券利息收入的100%、以及国内公司股息收入的85%均被排除在应税收入之外。我们可退税的余额已经用尽，因此，如果1976年的整体经营业绩与1975年相仿，净收益将大幅减少。尽管我们并不预期出现这种情况，但有一点请大家务必了解：万一按联邦税务目的计算的经营亏损继续存在，这道缓冲垫已经不复存在了。",[24,76,77],{"id":77},"十年回顾",[14,79,80],{},"现任管理层于1965年5月接手伯克希尔·哈撒韦公司。上一财年（1964年9月）结束时，公司净资产为2210万美元，流通普通股1,137,778股，每股账面价值19.46美元。而在那十年之前，伯克希尔·哈撒韦的净资产曾高达5340万美元。股息派发和股票回购合计占净资产缩水额逾2100万美元，而这十年间5.95亿美元的销售收入，竟带来了980万美元的累计净亏损。",[14,82,83],{},"1965年，新英格兰地区的两家纺织厂是公司唯一的盈利来源。在肯·蔡斯接管纺织业务之前，这块收益时好时坏，伯克希尔精纺公司 (Berkshire Fine Spinning) 与哈撒韦制造公司 (Hathaway Manufacturing) 合并之后，累计收益实际上还是负数。自1964年以来，公司净资产已增至9290万美元，折合每股94.92美元。我们通过与私人股东协商，以现金（或现金加票据）的方式，全部或几近全部地收购了六家企业；另外自行创办了四家业务；购入了一家大型联营企业31.5%的股权；同时将伯克希尔·哈撒韦的流通股数减少至979,569股。总体而言，每股权益的年复合增长率略高于15%。",[14,85,86],{},"1975年是令人大失所望的一年，但我们仍将持续努力，开拓增长中的多元化收益来源。我们的目标，是建立一家融资保守、流动性充裕的企业——资产负债表上留有充分的安全余量，符合银行和保险行业内在的信托责任要求——并长期实现高于美国整体行业平均水平的股本回报率。",[14,88,89],{},"沃伦·E·巴菲特 (Warren E. Buffett)",[14,91,92],{},"董事长",{"title":94,"searchDepth":95,"depth":95,"links":96},"",2,[97,98,99,100],{"id":26,"depth":95,"text":26},{"id":53,"depth":95,"text":53},{"id":71,"depth":95,"text":71},{"id":77,"depth":95,"text":77},"致股东信",null,"1975年巴菲特致股东信，讨论保险业巨灾损失、纺织业困境及公司重组措施","md",{},true,46,"\u002Fbuffett\u002Fberkshire\u002F1975-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":103},"1975 巴菲特致股东信｜巴菲特","1975-ba-fei-te-zhi-gu-dong-xin","buffett\u002Fberkshire\u002F1975-ba-fei-te-zhi-gu-dong-xin","ehO7vTrgrjUZ0BoCxFdUK1Le_LZdR079EnHPZg7ZDPY","buffett",[116,120,124,128,131,134,137,141,144,147,151,154,157,161,164,167,171,174,177,181,184,187,191,194,197,201,204,207,211,214,217,221,224,227,231,234,237,241,244,247,251,254,257,261,264,267,271,274,277,281,284,287,291,294,297,301,304,307,311,314,317,321,324,327,331,334,337,341,344,347,351,354,357,361,364,367,371,374,377,381,384,387,391,394,397,401,404,407,411,414,417,421,424,427,431,434,437,441,444,447,451,454,458,461,465,468,472,475,479,482,486,489,493,496,500,503,507,510,514,517,521,524,528,531,532,535,539,542,546,549,553,556,560,563,567,570,574,577,581,584,588,591,595,598,602,605,609,612,616,619,623,626,630,633,637,640,644,647,651,654,658,661,665,668,672,675,679,682,686,689,693,696,700,703,707,710,714,717,721,724,728,731,735,738,742,745,749,752,756,759,763,766,770,773,777,780,784,787,791,794,798,801,805,808,812,815,819,822,826,829,833,836,840,843,847,850,854,857,861,864,868,871,875,878,882,885,889,892,896,899,903,906,910,913,917,921,925,929,933,937,941,945,949,953,957,961,965,969,973,977,981,985,989,993,997,1001,1005,1009,1013,1017,1021,1025,1029,1033,1037,1041,1045,1049,1053,1057,1061,1065,1069,1073,1077,1081,1085,1089,1093,1097,1101,1105,1109,1113],{"title":117,"slug":118,"category":101,"order":119},"1956 有限合伙协议","1956-you-xian-he-huo-xie-yi",1,{"title":121,"slug":122,"category":123,"order":119},"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":125,"slug":126,"category":127,"order":119},"1994年伯克希尔股东大会","1994nian-bo-ke-xi-er-gu-dong-da-hui","股东大会",{"title":129,"slug":130,"category":101,"order":95},"1957 巴菲特致合伙人信","1957-ba-fei-te-zhi-he-huo-ren-xin",{"title":132,"slug":133,"category":123,"order":95},"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":135,"slug":136,"category":127,"order":95},"1995年伯克希尔股东大会","1995nian-bo-ke-xi-er-gu-dong-da-hui",{"title":138,"slug":139,"category":101,"order":140},"1958 巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",3,{"title":142,"slug":143,"category":123,"order":140},"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":145,"slug":146,"category":127,"order":140},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":148,"slug":149,"category":101,"order":150},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":152,"slug":153,"category":123,"order":150},"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":155,"slug":156,"category":127,"order":150},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":158,"slug":159,"category":101,"order":160},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":162,"slug":163,"category":123,"order":160},"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":165,"slug":166,"category":127,"order":160},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":168,"slug":169,"category":101,"order":170},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":172,"slug":173,"category":123,"order":170},"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":175,"slug":176,"category":127,"order":170},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":178,"slug":179,"category":101,"order":180},"1961年中 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2005年","ba-fei-te-2005nian-jia-zhou-da-xue-luo-shan-ji-fen-xiao-an-de-sen-guan-li-xue-yuan-nan-jia-zhou-da-xue-ma-xie-er-shang-xue-yuan-wen-da-ji-yao",{"title":599,"slug":600,"category":101,"order":601},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":603,"slug":604,"category":123,"order":601},"2005年：《巴菲特：2005年与塔克商学院学生对谈》","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":606,"slug":607,"category":101,"order":608},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":610,"slug":611,"category":123,"order":608},"巴菲特：2005年回忆进入证券行业","ba-fei-te-2005nian-hui-yi-jin-ru-zheng-quan-xing-ye",{"title":613,"slug":614,"category":101,"order":615},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":617,"slug":618,"category":123,"order":615},"巴菲特：2005年对话内布拉斯加大学学生","ba-fei-te-2005nian-dui-hua-nei-bu-la-si-jia-da-xue-xue-sheng",{"title":620,"slug":621,"category":101,"order":622},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":624,"slug":625,"category":123,"order":622},"巴菲特：2005年对话堪萨斯大学学生","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":627,"slug":628,"category":101,"order":629},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":631,"slug":632,"category":123,"order":629},"巴菲特：2005年对话范德比尔特大学学生","ba-fei-te-2005nian-dui-hua-fan-de-bi-er-te-da-xue-xue-sheng",{"title":634,"slug":635,"category":101,"order":636},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":638,"slug":639,"category":123,"order":636},"巴菲特：2006年与沃顿商学院学生问答","ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":641,"slug":642,"category":101,"order":643},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":645,"slug":646,"category":123,"order":643},"巴菲特：2006年巴菲特慈善捐赠专访","ba-fei-te-2006nian-ba-fei-te-ci-shan-juan-zeng-zhuan-fang",{"title":648,"slug":649,"category":101,"order":650},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":652,"slug":653,"category":123,"order":650},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":655,"slug":656,"category":101,"order":657},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":659,"slug":660,"category":123,"order":657},"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":662,"slug":663,"category":101,"order":664},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":666,"slug":667,"category":123,"order":664},"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":669,"slug":670,"category":101,"order":671},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":673,"slug":674,"category":123,"order":671},"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":676,"slug":677,"category":101,"order":678},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":680,"slug":681,"category":123,"order":678},"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":683,"slug":684,"category":101,"order":685},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":687,"slug":688,"category":123,"order":685},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":690,"slug":691,"category":101,"order":692},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":694,"slug":695,"category":123,"order":692},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":697,"slug":698,"category":101,"order":699},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":701,"slug":702,"category":123,"order":699},"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":704,"slug":705,"category":101,"order":706},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":708,"slug":709,"category":123,"order":706},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":711,"slug":712,"category":101,"order":713},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":715,"slug":716,"category":123,"order":713},"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":718,"slug":719,"category":101,"order":720},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":722,"slug":723,"category":123,"order":720},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":725,"slug":726,"category":101,"order":727},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":729,"slug":730,"category":123,"order":727},"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":732,"slug":733,"category":101,"order":734},"2004 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