英文早讀第179篇，選自巴菲特年度信，友才翻譯。
1973 Letter
1973年度信
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希爾哈撒韋公司股東：
Our financial results for 1973 were satisfactory, with operating earnings of 11,930,592, producing a return of 17.4% on beginning stockholders' equity. Although operating earnings improved from 11.43 to 12.18 per share, earnings on equity decreased from the 19.8% of 1972. This decline occured because the gain in earnings was not commensurate with the increase in shareholders' investment. We had forecast in last year's report that such a decline was likely. Unfortunately, our forecast proved to be correct.
我們1973年財務(wù)結(jié)果是令人滿意的，營業(yè)利潤1193萬592美金，折合期初股東資本回報率17.4%。盡管運營利潤從每股11.43提升到了12.18，資本回報率卻比1972年的19.8%下降了。這個下降發(fā)生是因為利潤增長沒有同股東投資保持一致。我們在去年報告中已經(jīng)預(yù)測了這樣的可能的下降。不幸的是，我們的預(yù)測證明是對的。
Our textile, banking, and most insurance operations had good years, but certain segments of the insurance business turned in poor results. Overall, our insurance business continues to be a most attractive area in which to employ capital.
我們的紡織、銀行和大部分保險業(yè)務(wù)年度表現(xiàn)很好，但是個別保險業(yè)務(wù)結(jié)果糟糕?？偟膩碚f，我們的保險業(yè)務(wù)繼續(xù)是最有吸引力運用資本的領(lǐng)域。
Management's objective is to achieve a return on capital over the long term which averages somewhat higher than that of American industry generally - while utilizing sound accounting and debt policies. We have achieved this goal in the last few years, and are trying to take those steps which will enable us to maintain this performance in the future. Prospects for 1974 indicate some further decline in rate of return on our enlarged capital base.
管理目標(biāo)是獲得長期而言資本平均回報率比美國工業(yè)通常水平要高，同時采用合理的會計和負(fù)債政策。我們在過去這些年實現(xiàn)了這個目標(biāo)，現(xiàn)在嘗試采取相關(guān)舉措使我們在未來也能夠保持這個表現(xiàn)。1974年預(yù)測在我們擴大的資本金基礎(chǔ)上回報率進一步降低。
Textile Operations
紡織業(yè)務(wù)
Textile demand remained unusually strong throughout 1973. Our main problems revolved around shortages of fiber, which complicated operations and resulted in something less than full utilization of loom capacity. Prices of some fibers skyrocketed during the year.
紡織需求在整個1973年保持非同的強烈。我們的主要問題反轉(zhuǎn)為纖維短缺，這使運營復(fù)雜并導(dǎo)致織布機產(chǎn)能沒有滿負(fù)荷運載。一些纖維的價格在1973年一飛沖天。
Cost of Living Council regulations prevented the pricing of many finished products at levels of some of our competitors. However, profits were reasonably commensurate with our capital investment, although below those that apparently might have been achieved had we been able to price at market levels. The textile business has been highly cyclical and price controls may served to cut down some of the hills which still leaving us with the inevitable valleys.
生活費用委員會的規(guī)定組織了很多已經(jīng)完成的產(chǎn)品以和我們一些競爭對手同樣水平價格定價。然而，盈利仍和我們資本金投資保持了一致，盡管低于很明顯如果我們能夠以市場水平定價可以獲得的盈利。紡織業(yè)務(wù)變得很周期性并且價格管控或許是服務(wù)于降低大山一般的消費卻把我們留在了不可避免的山谷中。
Because of the extraordinary price rises in raw materials during 1973, which show signs of continuing in 1974, we have elected to adopt the "lifo" method of inventory pricing. This method more nearly matches current costs against current revenues, and minimizes inventory "profits" included in reported earnings. Further information on this change is included in the footnotes to our financial statements.
由于在1973年稀缺材料不同尋常的價格上漲，有信號表明在1974年會延續(xù)，因此我們選擇采用“后進先出”的庫存定價方法。這個方法更接近使當(dāng)期成本和當(dāng)期收入匹配，并最小化在財務(wù)報告盈利中的庫存“盈利”。進一步關(guān)于這個變更的信息在我們財務(wù)聲明的注釋里。
1.commensurate：相稱的；相當(dāng)?shù)?br>
2.revolve：轉(zhuǎn)動；旋轉(zhuǎn)；環(huán)繞；圍繞
3.loom：織布機
4.inevitable：不可避免地
5.lifo：后進先出
