英文早讀第156篇，選自巴菲特年度信，友才翻譯。
I intend to hold our block of Blue Chip Stamps in BPL for a more advantageous disposal or eventual distribution to our partners. The odds are decent that we will do better in this manner - even if it takes a year or two - than if we had participated in a very large sale into a somewhat distressed market. Unless there is a material change in the market in the next few days, I plan to value our Blue Chip holdings at yearend at the price received by selling shareholders on the public offering after underwriting discount and expenses.
我試圖持有我們巴菲特合伙基金的藍(lán)籌股以待一個(gè)更有競(jìng)爭(zhēng)力的處理或者最終分配給我們的合伙人。有很大概率我們這種方式將會(huì)更好——即使要花費(fèi)一到兩年——相比于我們?cè)谀撤N程度上痛苦的市場(chǎng)參與了大量的出售。除非在接下來(lái)幾天市場(chǎng)有實(shí)質(zhì)性改變，我計(jì)劃在年底以在公開市場(chǎng)收到的股東出售價(jià)格扣除承銷商折扣和花費(fèi)來(lái)估值我們的藍(lán)籌股。
Various questions have been asked pursuant to the last letter:
依照上封信有不同的問題被問到：
- If we are not getting a good return on the textile business of Berkshire Hathaway Inc., why do we continue to operate it?
1.如果我們不能在伯克希爾哈撒韋公司的紡織業(yè)務(wù)上獲得好的回報(bào)，為什么我們要繼續(xù)經(jīng)營(yíng)他？
Pretty much for the reasons outlined in my letter. I don't want to liquidate a business employing 1100 people when the Management has worked hard to improve their relative industry position, with reasonable results, and as long as the business does not require substantial additional capital investment. I have no desire to trade severe human dislocations for a few percentage points additional reture per annum. Obviously, if we faced material compulsory additional investment or sustained operating losses, the decision might have to be different, but I don't anticipate such alternatives.
在我的信中大部分理由已經(jīng)敘述了。我不想清算一個(gè)雇傭1100名員工且管理層一直努力工作去提高他們相對(duì)的行業(yè)地位，有不錯(cuò)的結(jié)果的公司，只要這個(gè)業(yè)務(wù)不需要大量的額外資金投入。我不想以靠譜的人的混亂為代價(jià)去換取每年幾個(gè)百分點(diǎn)的額外回報(bào)。很明顯，如果我們面臨實(shí)質(zhì)上必須的額外投資或者持續(xù)的運(yùn)營(yíng)虧損，這個(gè)決策或許會(huì)有不同，但是我沒有預(yù)測(cè)到這樣的選項(xiàng)。
- How large is our investment in Sun Newspapers, etc., and do we intend to expand in the newspaper, radio and TV business?
2.我們?cè)谔?yáng)報(bào)等公司的投資規(guī)模多大，我們有意圖擴(kuò)大在報(bào)紙、廣播和電視業(yè)務(wù)上的規(guī)模嗎？
The combined investment in Sun, Blacker Printing and Gateway Underwriters is a little over 1 per share of Berkshire Hathaway, and earns something less than 10 cent per share. We have no particular plans to expand in the communication field.
在太陽(yáng)報(bào)、布萊克印刷和門戶承保商公司在一起的投資在伯克希爾哈撒韋每股價(jià)值中微微超過(guò)1美金，且每股盈利少于10美分。我們沒有具體計(jì)劃去在傳媒領(lǐng)域擴(kuò)張。
- What does Gateway Underwriters do?
3.門戶承保商做什么的？
Gateway Underwriters serves primarily as a General Agent for National Indemnity Company in the State of Missouri.
門戶承保商主要作為國(guó)家保障公司在密蘇里州的一般代理。
- Are there good "second men" to take over from the men running the three excellent operating businesses?
4.有沒有“替補(bǔ)人士”可以取代現(xiàn)在運(yùn)營(yíng)這3個(gè)優(yōu)秀運(yùn)營(yíng)業(yè)務(wù)的人士？
In any company where the founder and chief driving force behind the enterprise is still active, it is very difficult to evaluate "second men". The only real way to see how someone is going to do when running a company is to let him run it. Some of our businesses have certainly been more "one-man shows" than the typical corporation. Subject to the foregoing caveat, I think that we do have some good "second men" coming along.
在任何一家公司，只要公司背后的創(chuàng)始人和核心驅(qū)動(dòng)力量仍然在，就很難評(píng)估“替補(bǔ)人士”。唯一真正的方式去看某個(gè)人在運(yùn)營(yíng)公司時(shí)將做什么就是讓他去運(yùn)營(yíng)公司。我們的一些業(yè)務(wù)確實(shí)相比于典型的公司而言更是一個(gè)人的獨(dú)角戲?？紤]到上述的告誡，我認(rèn)為我們確實(shí)有某些好的“替補(bǔ)人士”。
- In what area do you plan to invest the cash in Diversified Retailing Company and do you intend to stick primarily to the retailing fiedl?
5.你計(jì)劃將百貨零售公司的現(xiàn)金投資到什么領(lǐng)域，你是否試圖主要專注在零售領(lǐng)域？
While we prefer the ratailing field, we do not preclude anything that will make sense. We have been looking without success for two years for an intelligent acquisition for DRC, so we are not about to rule out any industry, if the business looks good. Pending such time as we find one or more operating businesses to buy, the money will be invested in marketable securities.
盡管我們喜歡零售領(lǐng)域，我們也不排除任何有價(jià)值的機(jī)會(huì)。我們兩年來(lái)一直尋找對(duì)于百貨零售公司好的收購(gòu)標(biāo)的，但沒有收獲，因此我們不會(huì)排除任何行業(yè)，只要業(yè)務(wù)是好的。當(dāng)我們還沒決定找到一個(gè)或更多購(gòu)買的運(yùn)營(yíng)業(yè)務(wù)的時(shí)間里，這些錢將會(huì)被投資到股市。
- Why didn't DRC payout the money it received on the sale of Hochschild, Kohn & Company?
6.為什么不將百貨零售公司在出售好時(shí)科恩公司上收到的資金進(jìn)行分配？
In addition to the fact that such a payment would constitute a dividend, taxable in significant part as ordinary income, there are restrictions in the bond indenture which prevent such a pay-out without turnning over control of the company to the bondholders.
除了事實(shí)上這樣的包括分紅的支付，會(huì)作為重要的一般收入構(gòu)成納稅外，有些在債券合約中的限制阻止了在沒有將公司控制權(quán)移交給債券持有人前的分配。
- Will distribution of the DRC stock cause the DRC debentures to be called?
7.百貨零售公司股份的分配會(huì)導(dǎo)致公司債券被贖回嗎？
After distribution of the stock, I will be the largest stockholder in DRC and, hence, the call provision will not apply.
在股份分配后，我將會(huì)是百貨零售公司最大股東，這個(gè)贖回規(guī)定不會(huì)發(fā)生。
9.disposal：處理；處置；清除；變賣
10.distressed：痛苦的；苦惱的；憂慮的
11.pursuant：依照；依據(jù)；按照
12.severe：嚴(yán)峻的；嚴(yán)厲的；重的
13.dislocation：混亂；紊亂
14.compulsory：必須做的；強(qiáng)制的；強(qiáng)迫的
15.anticipate：預(yù)料；預(yù)見；期盼
16.foregoing：上述的；前述的；以上所述
17.caveat：警告；告誡
18.preclude：排除；妨礙；阻止
19.payout：支付的巨款
20.constitute：組成；構(gòu)成；指定；任命
21.indenture：契約；師徒契約
