e8东的信 _作者: 美 沃伦·巴菲特-第41节
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spawned sixteen Ohio…based panies and resurrected many others。 Both Ohio and Berkshire are fortunate to have Ralph on their side。
Ralph个人的工作效率真是惊人，除了同时经营19项事业之外，他还投入相当的时间在克里夫兰医院、Ohio大学等单位，另外还负责一个创投，创设了16家位于Ohio的新公司，他可以称的上是Ohio与Berkshire之宝。
Borsheim
波仙珠宝
It was in 1983 that Berkshire purchased an 80％ interest in The Nebraska Furniture Mart。 Your Chairman blundered then by neglecting to ask Mrs。 B a question any schoolboy would have thought of： are there any more at home like you？？Last month I corrected the error： We are now 80％ partners with another branch of the family。
Berkshire是在1983年买下内布拉斯加家具店80％的股权，当时我忘了问B太太一个连小学生都会想到的问题，你还有没有其它兄弟姊妹，上个月我补救了这个错误，现在我们又成为另一个家族分支80％的股东。
After Mrs。 B came over from Russia in 1917； her parents and five siblings followed。 （Her two other siblings had preceded her。） Among the sisters was Rebecca Friedman who； with her husband； Louis； escaped in 1922 to the west through Latvia in a journey as perilous as Mrs。 B earlier odyssey to the east through Manchuria。 When the family members reunited in Omaha they had no tangible assets。 However； they came equipped with an extraordinary bination of brains； integrity； and enthusiasm for work … and that all they needed。 They have since proved themselves invincible。
当B太太1917年从苏俄往东经满州一路逃到美国之后，她的双亲与五位兄弟姊妹也陆续来到美国，其中她有一个姊妹Rebecca在1922年跟着丈夫Friedman冒着生命危险往西途经拉脱维亚，当家族在奥玛哈重新团聚时大家一无所有且身无分文，然而只要身具智能、品格与热情一切就已足够，后来证明他们所向无敌。
In 1948 Mr。 Friedman purchased Borsheim； a small Omaha jewelry store。 He was joined in the business by his son； Ike； in 1950 and； as the years went by； Ike son； Alan； and his sons…in…law； Marvin Cohn and Donald Yale； came in also。
1948年Friedman先生买下奥玛哈地区一家叫波仙的小珠宝店，后来他的儿子与女婿陆续加入。
You won’t be surprised to learn that this family brings to the jewelry business precisely the same approach that the Blumkins bring to the furniture business。 The cornerstone for both enterprises is Mrs。 B creed： sell cheap and tell the truth。？Other fundamentals at both businesses are： （1） single store operations featuring huge inventories that provide customers with an enormous selection across all price ranges； （2） daily attention to detail by top management； （3） rapid turnover； （4） shrewd buying； and （5） incredibly low expenses。 The bination of the last three factors lets both stores offer everyday prices that no one in the country es close to matching。
你应该不难预料，这个家族为当地珠宝业所带来的影响与B太太的情况相近，两家店共同的特色就是东西实在又价美物廉，另外共通的特色还有（1）单店经营，但货品样式价格种类齐全，满足消费者各式需求（2）老板每天专心经营（3）货品周转快速（4）精明的采购（5）费用开销难以想象地低。后面三项特点让店内产品的售价，全美其它地方都得比。
Most people； no matter how sophisticated they are in other matters； feel like babes in the woods when purchasing jewelry。 They can judge neither quality nor price。 For them only one rule makes sense： If you don know jewelry； know the jeweler。
大部分的人们不管在其它行业多么学有专精，但是遇到买珠宝首饰时，就像是迷失在森林里的小孩子一样，不会判断东西的品质好坏与价格高低，对这些人来说，只要记住一条，不懂珠宝没有关系，只要认识珠宝商就好。
I can assure you that those who put their trust in Ike Friedman and his family will never be disappointed。 The way in which we purchased our interest in their business is the ultimate testimonial。 Borsheim had no audited financial statements； nevertheless； we didn take inventory； verify receivables or audit the operation in any way。 Ike simply told us what was so and on that basis we drew up a one…page contract and wrote a large check。
我敢保证大家只要放心交给Friedman家族，一定不会让各位失望，我们购买波仙股权的方式就是最好的证明，波仙没有会计师查核报告，也没有盘点存货、验证应收帐款或是做任何方式的查核，他们只是简单地告诉我们如何如何，于是双方就草拟的一页简单的合约，并由我们开出一大笔金额的支票。
Business at Borsheim has mushroomed in recent years as the reputation of the Friedman family has spread。 Customers now e to the store from all over the country。 Among them have been some friends of mine from both coasts who thanked me later for getting them there。
随着Friedman家族声誉的远播，近年来波仙珠宝的生意越做越大，客户从美国各地远道而来，其中也包含我一些从东西两岸来的朋友，他们也都很感谢我能带他们去参观波仙。
Borsheim new links to Berkshire will change nothing in the way this business is run。 All members of the Friedman family will continue to operate just as they have before； Charlie and I will stay on the sidelines where we belong。 And when we say all members the words have real meaning。 Mr。 and Mrs。 Friedman； at 88 and 87； respectively； are in the store daily。 The wives of Ike； Alan； Marvin and Donald all pitch in at busy times； and a fourth generation is beginning to learn the ropes。
波仙的营运模式并不会因为Berkshire的加入而有所改变，所有的家族成员仍将持续在各自的岗位上奋斗，查理跟我会站在旁边默默支持，事实上所有的成员包含高龄88岁与87岁的老先生与老太太，仍然每天到店里工作，其它儿子媳妇也是从早忙到晚，家族的第四代已正准备开始学习接班。
It is great fun to be in business with people you have long admired。 The Friedmans； like the Blumkins； have achieved success because they have deserved success。 Both families focus on what right for the customer and that； inevitably； works out well for them； also。 We couldn have better partners。
跟你所欣赏的人一起共事实在是一件很大的乐趣，Friedmans家族的成功就像是B太太家族的成功一样，实至名归，两个家族都坚持对客户有益的事之上，同时对他们自己也有很大的益处，这是我们最好的事业伙伴。
Insurance Operations
保险事业营运
Shown below is an updated version of our usual table presenting key figures for the insurance industry：
下表是有关保险事业的几项主要的数据更新
Statutory
Yearly Change bined Ratio Yearly Change Inflation Rate in Premiums After Policyholder in Incurred Measured by
Written （％） Dividends Losses （％） GNP Deflator （％）
1981 1982 1983 1984 1985 1986 1987 1988（Est。）
3。8 3。7 5。0 8。5 22。1 22。2 9。4 3。9
106。0 109。6 112。0 118。0 116。3 108。0 104。6 105。4
6。5 8。4 6。8 16。9 16。1 13。5 7。8 4。2
9。6 6。4 3。8 3。7 3。2 2。7 3。3 3。6
Source： A。M。 Best Co。
The bined ratio represents total insurance costs （losses incurred plus expenses） pared to revenue from premiums： A ratio below 100 indicates an underwriting profit； and one above 100 indicates a loss。 When the investment ine that an insurer earns from holding on to policyholders？funds （he float？ is taken into account； a bined ratio in the 107…111 range typically produces an overall break…even result； exclusive of earnings on the funds provided by shareholders。
综合比率代表的是保险的总成本（损失加上费用）占保费收入的比率，100以下代表会有承销利益，100以上代表会有承销损失，若把持有保费收入浮存金（扣除股东权益部份所产生的盈余）所产生的投资收益列入考量，损益两平的范围大概是在107…111之间。
For the reasons laid out in previous reports； we expect the industry incurred losses to grow by about 10％ annually； even in years when general inflation runs considerably lower。 If premium growth meanwhile materially lags that 10％ rate； underwriting losses will mount； though the industry tendency to under reserve when business turns bad may obscure their size for a time。 As the table shows； the industry underwriting loss grew in 1988。 This trend is almost certain to continue … and probably will accelerate … for at least two more years。
基于前几次年报所说明的理由，即使是通货膨胀在这几年来相对温和，我们预期保险业每年损失增加的比率约在10％左右，若是保费收入成长没有到达10％以上，损失一定会增加，虽然保险公司在景气不好时，会习惯性地将损失暂时隐藏起来，如附表所示，1988年产业整体的损失确实增加，而这个趋势应该会继续持续下去，甚至在未来两年还会加速恶化。
The property…casualty insurance industry is not only subnormally profitable； it is subnormally popular。 （As Sam Goldwyn philosophized： n life； one must learn to take the bitter with the sour。？ One of the ironies of business is that many relatively…unprofitable industries that are plagued by inadequate prices habitually find themselves beat upon by irate customers even while other； hugely profitable industries are spared plaints； no matter how high their prices。
产险业的获利情况不但是相当的低，而且也是不太受尊重的行业，（就像是山姆高德温曾说一个人要学会体验人生的苦与乐，不过这行很讽刺的是，做的要死要活的同时，还要被客户糟蹋，不像有些赚翻了的行业，东西明明贵的要死，却是一个愿打，一个愿挨）
Take the breakfast cereal industry； whose return on invested capital is more than double that of the auto insurance industry （which is why panies like Kellogg and General Mills sell at five times book value and most large insurers sell close to book）。 The cereal panies regularly impose price increases； few of them related to a significant jump in their costs。 Yet not a peep is heard from consumers。 But when auto insurers raise prices by amounts that do not even match cost increases； customers are outraged。 If you want to be loved； it clearly better to sell high…priced corn flakes than low…priced auto insurance。
以早餐麦片为例，它的资产报酬率是汽车保险业的一倍（这�
