英文早讀第151篇，選自巴菲特年度信，友才翻譯。
BUFFETT PARTNERSHIP, LTD.
610 KIEWIT PLAZA
OMAHA, NEBRASKA 68131
TELEPHONE 042-4110
巴菲特合伙基金有限公司
基維特廣場610室
內(nèi)布拉斯卡，奧馬哈, 68131
電話042-4110
December 5th, 1969
1969年12月5日
To My Partners:
致我的合伙人：
This letter is to supply you with some published information relating to our two controlled companies (and their four principal operating components), as well as to give you my general views regarding their operations. My comments are not designed to give you loads of detailed information prospectus-style, but only my general "slant" as I see the businesses at this time.
這封信是為了提供一些已經(jīng)公布的關(guān)于我們兩家控股公司（和他們4家主要的運(yùn)營部分）的信息，同樣也給你我關(guān)于他們的運(yùn)作的基本觀點(diǎn)。我的評論不會像招股說明書一樣風(fēng)格給你大量詳細(xì)的信息，而僅僅是我在此時看到這項業(yè)務(wù)的基本“有傾向的陳述”。
At yearend, BPL will own 800,000 of 1,000,000 shares outstanding of Diversified Retailing Company. First Manhattan Company and Wheeler, Munger & Company will each own 100,000 shares. DRC previously owned 100% of Hochschild, Kohn & Company of Baltimore, and currently owns 100% of Associated Retail Stores (formerly named Associated Cotton Shops). On December 1st, DRC sold its entire interest in H-K to Supermarkets General Corp. for 5,045,205 of cash plus non-interest bearing SGC notes for 2 million due 2-1-70, and 4,540,000 due 2-1-71. The present value of these notes approximates 6.0 million so, effectively, DRC received about 11 million on the sale. Various warranties were made by DRC in connection with the sale, and, while we expect to no claims pursuant to the contract, a remote contingent liability always exists while warranties are in force.
在年底，巴菲特合伙基金將持有百貨零售公司已發(fā)行的100萬股中的80萬股的股份。第一曼哈頓公司和維勒芒格公司將各持有10萬股。百貨零售公司之前持有巴爾的摩的好時科恩公司100%的股份，現(xiàn)在100%持有聯(lián)合零售商店（之前叫聯(lián)合棉紡商店）。在12月1日，百貨零售公司出售了在好時科恩公司他的全部股份給通用超市公司，作價504萬5205現(xiàn)金加上通用超市公司的無息票據(jù)，一份70年2月1日到期的200萬美金，一份71年2月1日到期的454萬美金。這些票據(jù)現(xiàn)在的價值大約600萬美金，因此，實際上，百貨零售公司收到了大約1100萬美金在這比出售上。百貨零售公司做了關(guān)于這筆出售的各種保證，并且，盡管依照合同我們預(yù)計不會有索賠，但只要保證有效，就始終存在極小的有負(fù)債可能。
Associated Retail Stores has a net worth of about 7.5 million. It is an excellent business with a strong financial position, good operating margins and a record of increasing sales and earnings in recent years. Last year, sales were about 37.5 million and net income about 1 million. This year should see new records in sales and earnings, with my guess on the latter to be in the area of 1.1 million after full taxes.
聯(lián)合零售商店凈價值大約750萬美金。這是一個優(yōu)秀的業(yè)務(wù)，有強(qiáng)勁的財務(wù)表現(xiàn)，好的營業(yè)利潤率和最近這些年不斷增長的營業(yè)和利潤記錄。去年，銷售額大約3750萬美金，凈收入大約100萬美金。今年應(yīng)該會看到新的銷售和利潤記錄，我猜測后者將會在稅后110萬美金的范疇。
DRC has 6.6 million in debentures outstanding (prospectus with full description of the business as of December 18th, 1967 and the debenture terms will be sent you upon request) which have one unusual feature in that if I, or an entity controlled by me, is not the largest shareholder of DRC, the debentureholders have the right to present their debentures for payment by the company at par.
百貨零售公司有未支付的660萬美金債券（如果你需要，可以向你發(fā)送截至1967年12月8日關(guān)于這個業(yè)務(wù)的完整描述和債券條款的招股說明書中）有一個非常規(guī)特點(diǎn)是如果我或者一個我控制的實體，不再是百貨零售公司最大的股東，債券持有人有權(quán)要求公司按他們的債券按面值來支付。
Thus, DRC has tangible net assets of about 11.50-12.00 per share, an excellent operating business and substantial funds available for reinvestment in other operating businesses. On an interim basis, such funds will be employed in marketable securities.
因此，百貨零售公司有有形凈資產(chǎn)大約11.50-12.00每股，一個卓越運(yùn)轉(zhuǎn)的業(yè)務(wù)和大量可獲得的用于其它運(yùn)營業(yè)務(wù)再投資的資金。中期來看，這些資金都可以用于可交易的股票。
1.prospectus：招股說明書；簡章；簡介
2.slant：有傾向性的陳述；傾斜；有偏向的報道
3.outstanding：杰出的；優(yōu)秀的；出色的；重要的；明顯的；未解決的；未支付的
4.warranties：保單
5.pursuant：依照；依據(jù)；按照
6.contingent：代表團(tuán)；（軍隊的）分遣隊；小分隊
7.operation margin：營業(yè)利潤率
8.debenture：債券
9.at par：按面值
10.interim：臨時的；過渡的；期中的；暫時的
