[{"data":1,"prerenderedAt":1849},["ShallowReactive",2],{"library-1976-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":313,"library-sidebar-dao":1315,"library-sidebar-models":1617},{"id":4,"title":5,"body":6,"category":299,"date":300,"description":301,"extension":302,"meta":303,"navigation":304,"order":305,"path":306,"seo":307,"seoDescription":301,"seoTitle":308,"slug":309,"stem":310,"__hash__":311,"_collection":312},"buffett\u002Fbuffett\u002Fberkshire\u002F1976-ba-fei-te-zhi-gu-dong-xin.md","1976 巴菲特致股东信",{"type":7,"value":8,"toc":295},"minimark",[9,13,17,20,23,26,29,32,35,38,41,44,47,50,53,56,59,62,65,68,71,74,77,238,241,244,247,250,253,256,259,262,265,268,271,274,277,280,283,286,289,292],[10,11,5],"h1",{"id":12},"_1976-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],{},"历经两年的惨淡，1976年的经营业绩有了显著改善。去年我曾说过，保险承保业务的进展程度将决定我们收益的增长是\"温和\"还是\"重大\"。结果，实际收益甚至超出了我们最乐观的预期。这在很大程度上要归功于国民保险公司 (National Indemnity Company) 菲尔·利舍 (Phil Liesche) 管理团队的出色努力。",[14,21,22],{},"以美元计，经营收益达到1607.3万美元，即每股16.47美元。虽然这是一个创纪录的数字，但我们认为股本回报率才是衡量经济表现更有意义的尺度。今年我们的股本回报率为17.3%，略高于我们的长期平均水平，甚至远高于美国工业的平均水平，但仍远低于我们在1972年创下的19.8%历史纪录。",[14,24,25],{},"我们目前的预测——当然预测本身难免存在不确定性——是1977年的经营收益以美元计可能会有所增加，但股本回报率可能会比1976年略有下滑。",[10,27,28],{"id":28},"纺织业务",[14,30,31],{},"1976年，我们的纺织部门令人大失所望。无论以销售利润率还是资本回报率来衡量，业绩都差强人意。部分原因是行业整体状况不及一年前的预期，但同样重要的是我们自身的问题。在新收购的Waumbec纺织厂，营销能力与生产产能没有实现良好匹配；对机器设备和员工能力的判断失误，也造成了不利的制造成本偏差。肯·蔡斯 (Ken Chace) 一如既往，坦诚地报告问题并锲而不舍地加以纠正。即便在艰难的经营环境下，与他共事也是一件令人愉快的事。",[14,33,34],{},"虽然一季度预计还会出现亏损，但我们初步判断，1977年纺织业务的盈利将与1976年持平或略有超越。尽管近期业绩不令人满意，我们仍在继续寻找扩大纺织业务的机会，目前正在考虑一项中等规模的收购。必须承认，纺织行业本身难以提供高投资回报的预期。尽管如此，我们仍对这个部门保持承诺——它是新贝德福德 (New Bedford) 和曼彻斯特 (Manchester) 地区非常重要的就业来源——我们相信，长期来看获得合理的平均回报是可能的。",[10,36,37],{"id":37},"保险承保业务",[14,39,40],{},"随着费率涨幅终于超过了持续上升的成本，财产意外险公司从1975年的灾难性局面中有所回弹。初步数据显示，股权持有的财产意外险行业综合比率从1975年的108.3改善至1976年的103.0。（综合比率100代表承保持平，高于100则意味着承保亏损。）我们的业务高度集中在车险领域，该领域的股权险公司综合比率从113.5降至107.4，而我们自身的整体改善幅度则更为显著，从115.4降至98.7。",[14,42,43],{},"我们在保险领域的核心业务——国民保险公司 (National Indemnity Company) 的传统车险和一般责任险业务——今年表现优异，实现的利润水平大幅优于行业平均。这一成绩首先要归功于菲尔·利舍 (Phil Liesche) 的领导，以及承保部门罗兰·米勒 (Roland Miller) 和理赔部门比尔·里昂斯 (Bill Lyons) 的鼎力相助。",[14,45,46],{},"1976年，随着竞争对手终于意识到过去费率明显不足并纷纷提价，国民保险公司的承保量迅速增长。但正如去年年报中所提到的，我们的业务高度集中在特别容易受经济与社会通胀冲击的险种上。今天充足的费率，明天未必还够用。我们的判断是，也许在1978年前后，短期繁荣所催生的非理性竞争将使整个行业的费率再度落后于成本上涨。届时，我们必须做好准备，以大幅削减承保量来应对新一轮定价不足的冲击。",[14,48,49],{},"再保险承保业务的改善落后于直接业务。再保险定价一旦出错，其影响持续的时间往往比直接承保的类似失误更长。乔治·扬 (George Young) 是一位出色的经理人，他为实现承保盈利的目标不懈努力，对所有无法获得合理费率调整的合约果断予以取消。与直接业务一样，我们在再保险上也过度集中于受通胀冲击格外严重的意外险领域。近期前景对我们的再保险业务而言依然不容乐观。",[14,51,52],{},"在约翰·林沃特 (John Ringwalt) 的管理下，我们的\"本土州\"业务 (home state operation) 继续取得实质性进展，综合比率从1975年的108.4降至1976年的102.7。由于部分公司规模尚小，综合比率中仍反映出一些超额成本。内布拉斯加居民意外险公司 (Cornhusker Casualty Company) 是本土州各公司中历史最悠久、规模最大的一家，在1976年以最低赔付率荣获董事长杯。它同时创下94.4%的历史最低综合比率——这是它成立六年来第五次将综合比率控制在100%以下。1976年，随着市场地位的显著提升，本土州各公司的保费收入增长率达到78%。我们目前计划在今年晚些时候再成立一家新的本土州保险公司。",[14,54,55],{},"我们的附属公司家庭和汽车保险公司 (Home and Automobile Insurance Company) 主要在伊利诺伊州库克县地区经营车险业务，1976年经历了强劲复苏。这直接要归功于约翰·苏厄德 (John Seward)——上任第一年，他就对承保评级方法和市场营销进行了大刀阔斧的改革。车险业务已调整为六个月期的直接账单模式，使我们能够对承保趋势做出更快的反应。家庭和汽车保险公司的一般责任险业务也大幅扩张，成效良好。虽然该公司能否实现持续的承保盈利还有待验证，但约翰·苏厄德所取得的进展令我们深感欣慰。",[14,57,58],{},"总体而言，我们预计1977年将是保险业的好年份。目前承保量充裕，现行费率水平应能实现承保盈利。然而从长远来看，保险行业存在一些不容忽视的隐患。车险尤其脆弱，极易受到政治与社会因素所引发的定价和监管问题的冲击，而这些因素往往是单个公司无法掌控的。",[10,60,61],{"id":61},"保险投资业务",[14,63,64],{},"1976年税前投资收益从891.8万美元增至1082万美元，主要得益于盈利水平提升和保费收入增长带动下可投资资产的显著扩大。",[14,66,67],{},"在近期报告中，我们提到了债券账户存在未实现亏损，但同时表示认为这类市场波动影响不大——因为我们的流动性和整体财务实力使我们几乎不必在非自愿的时机出售债券。1976年债券市场大幅反弹，使我们旗下银行和保险公司的债券投资组合在年末呈现出适度的未实现净收益。这同样并不重要，因为我们打算将大部分债券持有至到期。债券价格上涨的另一面，是新增投资资金所能获得的收益率有所下降。权衡利弊，我们更愿意看到债券组合的市场价值低于账面价值，这样用新增资金购入的品种反而能享有更具吸引力的收益率。",[14,69,70],{},"去年我们预计1976年将实现资本利得，事实上我们当年实现了996.2万美元的税前资本利得，主要来自股票。目前看来，1977年同样会是净资本利得的一年。与前几年持有大量未实现亏损相比，我们的股票投资组合现在坐拥可观的未实现收益。对此，我们同样认为年复一年的市场波动相对并不重要；我们股票持仓的未实现增值在年末高达4570万美元，但截至3月21日撰写本信之时，已减少了约500万美元。",[14,72,73],{},"然而，我们极为重视所持股公司每年业务进展本身。在这一点上，1976年我们大多数持仓公司的业绩表现令我们十分满意。只要公司的业务成果在数年内持续优秀，无论市场价值年复一年如何大幅波动，我们终将从股票持仓中获得良好的财务回报——对此我们深信不疑。",[14,75,76],{},"截至1976年12月31日，我们持有市值超过300万美元的股票如下：",[78,79,80,96],"table",{},[81,82,83],"thead",{},[84,85,86,90,93],"tr",{},[87,88,89],"th",{},"股份数量",[87,91,92],{},"公司名称",[87,94,95],{},"成本",[97,98,99,111,122,133,144,155,166,177,188,199,214,224],"tbody",{},[84,100,101,105,108],{},[102,103,104],"td",{},"141,987",[102,106,107],{},"加利福尼亚水务服务公司 (California Water Service Company)",[102,109,110],{},"$3,608,711",[84,112,113,116,119],{},[102,114,115],{},"1,986,953",[102,117,118],{},"盖可保险公司可转换优先股 (GEICO Convertible Preferred)",[102,120,121],{},"$19,416,635",[84,123,124,127,130],{},[102,125,126],{},"1,294,308",[102,128,129],{},"盖可保险公司普通股 (GEICO Common Stock)",[102,131,132],{},"$4,115,670",[84,134,135,138,141],{},[102,136,137],{},"395,100",[102,139,140],{},"国际公共关系集团 (Interpublic Group of Companies)",[102,142,143],{},"$4,530,615",[84,145,146,149,152],{},[102,147,148],{},"562,900",[102,150,151],{},"凯撒工业公司 (Kaiser Industries, Inc.)",[102,153,154],{},"$8,270,871",[84,156,157,160,163],{},[102,158,159],{},"188,900",[102,161,162],{},"Munsingwear, Inc.",[102,164,165],{},"$3,398,404",[84,167,168,171,174],{},[102,169,170],{},"83,400",[102,172,173],{},"National Presto Industries, Inc.",[102,175,176],{},"$1,689,896",[84,178,179,182,185],{},[102,180,181],{},"170,800",[102,183,184],{},"奥美国际广告公司 (Ogilvy & Mather International)",[102,186,187],{},"$2,762,433",[84,189,190,193,196],{},[102,191,192],{},"934,300",[102,194,195],{},"华盛顿邮报公司 (The Washington Post Company) B类股",[102,197,198],{},"$10,627,604",[84,200,201,203,209],{},[102,202],{},[102,204,205],{},[206,207,208],"strong",{},"合计",[102,210,211],{},[206,212,213],{},"$58,420,839",[84,215,216,218,221],{},[102,217],{},[102,219,220],{},"其他持仓",[102,222,223],{},"$16,974,375",[84,225,226,228,233],{},[102,227],{},[102,229,230],{},[206,231,232],{},"股票总计",[102,234,235],{},[206,236,237],{},"$75,395,214",[14,239,240],{},"你会注意到，我们的主要持股相当集中。我们的投资选择立足长期，所考量的因素与100%收购一家企业时并无二致：（1）良好的长期经济特质；（2）称职且诚实的管理层；（3）以私有化标准衡量具有吸引力的买入价格；（4）我们所熟悉的行业，且有能力判断其长期商业特征。能够同时满足这些条件的投资机会并不多见，这也是我们集中持股的原因之一。我们实在找不到一百只符合我们投资要求的股票。但集中持有少数我们认定具有吸引力的标的，我们感到十分踏实。",[14,242,243],{},"我们通常打算长期持有股权，但偶尔也会在预期持有期较短的情况下买入，凯撒工业就是一例。该公司预计将于1977年启动母公司的证券和现金分配。我们在凯撒管理层公布分配方案后，于1976年买入了这只股票。",[10,245,246],{"id":246},"银行业务",[14,248,249],{},"我们的银行子公司——伊利诺伊州罗克福德市伊利诺伊国民银行暨信托公司 (Illinois National Bank and Trust Company of Rockford, Illinois) 的首席执行官吉恩·阿贝格 (Eugene Abegg)，依然领跑银行界——一如他自1931年创立该行以来始终如此。",[14,251,252],{},"最近，克利夫兰国民城市公司 (National City Corp. of Cleveland)——一家管理确实出色的银行——刊登广告称：\"1976年我们的平均资产收益率为1.34%，我们相信这是所有主要银行中最好的成绩。\"在真正的大型银行中，这确实是最佳盈利表现——但伊利诺伊国民银行的盈利比国民城市公司高出近50%，平均资产收益率约为2%。",[14,254,255],{},"这一出色的盈利纪录，是在以下条件下再次实现的：",[14,257,258],{},"（1）对所有储蓄工具支付最高利率（定期存款目前已占伊利诺伊国民银行存款基础的三分之二以上）；",[14,260,261],{},"（2）保持极佳的流动性（卖出的联邦基金加上期限六个月以内的美国政府及机构债券，目前规模约等于活期存款总额）；",[14,263,264],{},"（3）回避高收益但质量低劣的贷款（1976年净贷款损失约为1.2万美元，坏账率约为0.02%，与1976年银行业的普遍水平相比，这一比例微乎其微）。",[14,266,267],{},"成本控制是该行成功的重要因素。尽管消费者定期存款从3000万美元增长至9000万美元，信托、旅行和数据处理等业务也大幅扩张，该行的员工人数仍维持在1969年收购时的水平。",[10,269,270],{"id":270},"蓝筹印花公司",[14,272,273],{},"1976年我们增持了蓝筹印花公司 (Blue Chip Stamps) 的股份，年末时已持有该公司约33%的流通股。蓝筹印花对我们的重要性与日俱增。蓝筹印花的简要财务报告已列于所附财务报表的脚注中。此外，伯克希尔·哈撒韦公司的股东如需获取蓝筹印花当期及后续年报，可向蓝筹印花公司秘书罗伯特·H·伯德 (Robert H. Bird) 先生索取，地址：加利福尼亚州洛杉矶市东南大道5801号蓝筹印花公司，邮编90040。",[10,275,276],{"id":276},"其他事项",[14,278,279],{},"K & W 产品公司作为伯克希尔·哈撒韦的子公司，第一年便表现良好，销售额和收益均较1975年有所增长。",[14,281,282],{},"按照规定，我们须于1980年12月31日前完成银行业务的剥离，距今不足四年。我们打算以对银行影响最小、同时为股东创造最佳回报的方式完成此次剥离。最有可能的方案是于1980年以分拆上市的形式将银行股份派发给股东。",[14,284,285],{},"我们也希望在某个合适的时机与多元零售公司 (Diversified Retailing Company, Inc.) 实现合并。这样的合并既有利于简化公司架构，也将有助于提升我们在蓝筹印花的持股比例。不过，1977年内提出具体合并方案的可能性不大。",[14,287,288],{},"沃伦·E·巴菲特 (Warren E. 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巴菲特致股东信","1977-ba-fei-te-zhi-gu-dong-xin",48,{"title":745,"slug":746,"category":321,"order":743},"巴菲特：2003年沃伦在担心什么","ba-fei-te-2003nian-wo-lun-zai-dan-xin-shi-me",{"title":748,"slug":749,"category":299,"order":750},"1978 巴菲特致股东信","1978-ba-fei-te-zhi-gu-dong-xin",49,{"title":752,"slug":753,"category":321,"order":750},"巴菲特：2003年股息巫术","ba-fei-te-2003nian-gu-xi-wu-shu",{"title":755,"slug":756,"category":299,"order":757},"1979 巴菲特致股东信","1979-ba-fei-te-zhi-gu-dong-xin",50,{"title":759,"slug":760,"category":321,"order":757},"2004年：《巴菲特：2004年与塔克商学院学生对谈》","ba-fei-te-2004nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":762,"slug":763,"category":299,"order":764},"1980 巴菲特致股东信","1980-ba-fei-te-zhi-gu-dong-xin",51,{"title":766,"slug":767,"category":321,"order":764},"巴菲特：2004年专访苏珊·巴菲特","ba-fei-te-2004nian-zhuan-fang-su-shan-ba-fei-te",{"title":769,"slug":770,"category":299,"order":771},"1981 巴菲特致股东信","1981-ba-fei-te-zhi-gu-dong-xin",52,{"title":773,"slug":774,"category":321,"order":771},"巴菲特：2004年对话奥奎尔俱乐部","ba-fei-te-2004nian-dui-hua-ao-kui-er-ju-le-bu",{"title":776,"slug":777,"category":299,"order":778},"1982 巴菲特致股东信","1982-ba-fei-te-zhi-gu-dong-xin",53,{"title":780,"slug":781,"category":321,"order":778},"巴菲特：2004年对话沃顿商学院学生","ba-fei-te-2004nian-dui-hua-wo-dun-shang-xue-yuan-xue-sheng",{"title":783,"slug":784,"category":299,"order":785},"1983 巴菲特致股东信","1983-ba-fei-te-zhi-gu-dong-xin",54,{"title":787,"slug":788,"category":321,"order":785},"巴菲特：2004年模糊数学与股票期权","ba-fei-te-2004nian-mo-hu-shu-xue-yu-gu-piao-qi-quan",{"title":790,"slug":791,"category":299,"order":792},"1984 巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":794,"slug":795,"category":321,"order":792},"与沃伦·巴菲特的问答纪要 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":797,"slug":798,"category":299,"order":799},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":801,"slug":802,"category":321,"order":799},"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":804,"slug":805,"category":299,"order":806},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":808,"slug":809,"category":321,"order":806},"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":811,"slug":812,"category":299,"order":813},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":815,"slug":816,"category":321,"order":813},"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":818,"slug":819,"category":299,"order":820},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":822,"slug":823,"category":321,"order":820},"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":825,"slug":826,"category":299,"order":827},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":829,"slug":830,"category":321,"order":827},"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":832,"slug":833,"category":299,"order":834},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":836,"slug":837,"category":321,"order":834},"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":839,"slug":840,"category":299,"order":841},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":843,"slug":844,"category":321,"order":841},"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":846,"slug":847,"category":299,"order":848},"1992 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