1972 年致股东信

To the Stockholders of Berkshire Hathaway Inc.:

致伯克希尔·哈撒韦公司全体股东：

Operating earnings of Berkshire Hathaway during 1972 amounted to a highly satisfactory 19.8% of beginning shareholders’ equity. Significant improvement was recorded in all of our major lines of business, but the most dramatic gains were in insurance underwriting profit. Due to an unusual convergence of favorable factors—diminishing auto accident frequency, moderating accident severity, and an absence of major catastrophes—underwriting profit margins achieved a level far above averages of the past or expectations of the future.

1972年，伯克希尔·哈撒韦的营业利润达到了期初股东权益的19.8%，这是一个非常令人满意的水平。我们所有主要业务领域都实现了显著改善，但最引人注目的增长来自保险承保利润。由于一系列有利因素的不寻常汇聚——汽车事故频率下降、事故严重程度缓和，以及没有发生重大灾难——承保利润率达到了远超过去平均水平或未来预期的水平。

While we anticipate a modest decrease in operating earnings during 1973, it seems clear that our diversification moves of recent years have established a significantly higher base of normal earning power. Your present management assumed policy control of the company in May, 1965. Eight years later, our 1972 operating earnings of $11,116,256 represent a return many-fold higher than would have been produced had we continued to devote our resources entirely to the textile business. At the end of the 1964 fiscal year, shareholders’ equity totaled $22,138,753. Since that time, no additional equity capital has been introduced into the business, either through cash sale or through merger. On the contrary, some stock has been reacquired, reducing outstanding shares by 14%. The increase in book value per share from $19.46 at fiscal year-end 1964 to $69.72 at 1972 year-end amounts to about 16.5% compounded annually.

虽然我们预计1973年的营业利润会略有下降，但很明显，我们近年来的多元化举措已经大幅提升了正常盈利能力的基准。现任管理层于1965年5月接手公司的政策控制权。八年之后，1972年我们实现了11,116,256美元的营业利润，这一回报率远高于如果我们继续将资源全部投入纺织业务所能产生的水平。在1964财年末，股东权益合计为22,138,753美元。此后，没有通过现金增发或合并引入任何额外的股本。相反，我们回购了一些股票，使流通股减少了14%。每股账面价值从1964财年末的19.46美元增长到1972年末的69.72美元，年复合增长率约为16.5%。

Our three major acquisitions of recent years have all worked out exceptionally well—from both the financial and human standpoints. In all three cases, the founders were major sellers and received significant proceeds in cash—and, in all three cases, the same individuals, Jack Ringwalt, Gene Abegg and Vic Raab, have continued to run the businesses with undiminished energy and imagination which have resulted in further improvement of the fine records previously established.

我们近年来的三笔重大收购都表现得异常出色——无论从财务角度还是人力角度。在这三笔收购中，创始人都出售了大部分股权并获得了可观的现金收益；同样，这三家企业依然由这些创始人——杰克·林格沃特、吉恩·阿贝格和维克·拉布——继续以不减的精力和创造力经营，从而在之前创造的优秀记录基础上又取得了进一步的提升。

We will continue to search for logical extensions of our present operations, and also for new operations which will allow us to continue to employ our capital effectively.

我们将继续寻找对现有业务进行合理延伸的机会，同时也寻找能让我们的资本得到有效利用的新业务。

Textile Operations

纺织业务

As predicted in last year’s annual report, the textile industry experienced a pickup in 1972. In recent years, Ken Chace and Ralph Rigby have developed an outstanding sales organization enjoying a growing reputation for service and reliability. Manufacturing capabilities have been restructured to complement our sales strengths. Helped by the industry recovery, we experienced some payoff from these efforts in 1972. Inventories were controlled, minimizing close-out losses in addition to minimizing capital requirements; product mix was greatly improved. While the general level of profitability of the industry will always be the primary factor in determining the level of our textile earnings, we believe that our relative position within the industry has noticeably improved. The outlook for 1973 is good.

正如去年年报所预测的，纺织行业在1972年出现了回暖。近年来，肯·切斯和拉尔夫·里格比打造了一支优秀的销售团队，在服务与可靠性方面声誉日隆。制造能力也进行了重组以配合我们的销售优势。得益于行业复苏，我们在1972年从这些努力中获得了一些回报。库存得到了控制，既减少了清仓损失，也降低了资本占用；产品结构大幅改善。虽然行业整体盈利水平总是决定我们纺织业务收益的主要因素，但我们相信，我们在行业内的相对地位已有显著提升。1973年的前景良好。

Insurance Underwriting

保险承保

Our exceptional underwriting profits during 1972 in the large traditional area of our insurance business at National Indemnity present a paradox. They served to swell substantially total corporate profits for 1972, but the factors which produced such profits induced exceptional amounts of new competition at what we believe to be a non-compensatory level of rates. Over-all, we probably would have retained better prospects for the next five years if profits had not risen so dramatically this year.

1972年，我们在国民赔偿公司传统大型保险业务上取得了优异的承保利润，这呈现出一个悖论。它们极大地推高了公司1972年的总利润，但产生这些利润的因素却引发了大量新的竞争，我们认为竞争所形成的费率水平无法带来合理回报。总体而言，如果今年利润没有如此剧烈地增长，我们未来五年的前景或许会更好。

Substantial new competition was forecast in our annual report for last year and we experienced in 1972 the decline in premium volume that we stated such competition implied. Our belief is that industry underwriting profit margins will narrow substantially in 1973 or 1974 and, in time, this may produce an environment in which our historical growth can be resumed. Unfortunately, there is a lag between deterioration of underwriting results and tempering of competition. During this period we expect to continue to have negative volume comparisons in our traditional operation. Our seasoned management, headed by Jack Ringwalt and Phil Liesche, will continue to underwrite to produce a profit, although not at the level of 1972, and base our rates on long-term expectations rather than short-term hopes. Although this approach has meant dips in volume from time to time in the past, it has produced excellent long-term results.

我们在去年的年报中就预测会出现大量新竞争者，而1972年我们确实经历了保费收入的下降，这正是上述竞争所暗示的。我们认为，行业承保利润率将在1973或1974年大幅收窄，并最终可能营造出一个能让我们恢复历史增长的环境。遗憾的是，承保结果恶化与竞争缓和之间存在滞后。在此期间，我们预计传统业务的保费规模将继续呈现同比下降。由杰克·林格沃特和菲尔·利舍领导的经验丰富的管理团队，将继续以盈利为目标进行承保，尽管无法达到1972年的水平，并基于长期预期而非短期希望来厘定费率。虽然这种策略在过去不时导致业务量下滑，但却带来了出色的长期结果。

Also as predicted in last year’s report, our reinsurance division experienced many of the same competitive factors in 1972. A multitude of new organizations entered what has historically been a rather small field, and rates were often cut substantially, and we believe unsoundly, particularly in the catastrophe area. The past year turned out to be unusually free of catastrophes and our underwriting experience was good.

同样如去年报告所预测的，我们的再保险业务在1972年也遭遇了许多类似的竞争因素。大量新组织进入了这个历史上规模较小的领域，费率往往被大幅削减，我们认为这是不稳健的，尤其是在巨灾领域。过去一年异常地没有发生重大灾难，我们的承保表现不错。

George Young has built a substantial and profitable reinsurance operation in just a few years. In the longer term we plan to be a very major factor in the reinsurance field, but an immediate expansion of volume is not sensible against a background of deteriorating rates. In our view, underwriting exposures are greater than ever. When the loss potential inherent in such exposures becomes an actuality, repricing will take place which should give us a chance to expand significantly.

乔治·杨在短短几年内就建立起了一个规模可观且盈利的再保险业务。长期来看，我们计划成为再保险领域的一支重要力量，但在费率不断恶化的背景下，立即扩大规模并不明智。在我们看来，承保风险敞口比以往任何时候都大。当这些风险敞口中蕴含的潜在损失变为现实时，就会发生重新定价，届时我们应该会有机会大幅扩张。

In the “home state” operation, our oldest and largest such company, Cornhusker Casualty Company, operating in Nebraska only, achieved good underwriting results. In the second full year, the home state marketing appeal has been proven with the attainment of volume on the order of one-third of that achieved by “old line” giants who have operated in the state for many decades.

在“本州”业务中，我们历史最久、规模最大的此类公司——仅在内布拉斯加州经营的康哈斯卡意外险公司，取得了良好的承保业绩。在第二个完整年度中，本州营销策略的魅力得到了证明，其保费规模达到了那些在该州经营数十年的“老牌”巨头约三分之一的水准。

Our two smaller companies, in Minnesota and Texas, had unsatisfactory loss ratios on very small volume. The home state managements understand that underwriting profitably is the yardstick of success and that operations can only be expanded significantly when it is clear that we are doing the right job in the underwriting area. Expense ratios at the new companies are also high, but that is to be expected when they are in the development stage.

我们在明尼苏达州和德克萨斯州的两家规模较小的公司，在很小的业务量上出现了不理想的损失率。本州业务的管理层明白，承保盈利是衡量成功的标尺，只有在明确我们在承保领域做得正确时，才能大幅扩展业务。新公司的费用率也很高，但这在它们处于发展阶段时是意料之中的。

John Ringwalt has done an excellent job of launching this operation, and plans to expand into at least one additional state during 1973. While there is much work yet to be done, the home state operation appears to have major long-range potential.

约翰·林格沃特在启动这项业务方面做得非常出色，并计划在1973年至少再扩展一个州。尽管仍有大量工作要做，但本州业务似乎有着巨大的长期潜力。

Last year it was reported that we had acquired Home and Automobile Insurance Company of Chicago. We felt good about the acquisition at the time, and we feel even better now. Led by Vic Raab, this company continued its excellent record in 1972. During 1973 we expect to enter the Florida (Dade County) and California (Los Angeles) markets with the same sort of specialized urban auto coverage which Home and Auto has practiced so successfully in Cook County. Vic has the managerial capacity to run a much larger operation. Our expectation is that Home and Auto will expand significantly within a few years.

去年我们曾报告收购了芝加哥家庭与汽车保险公司。当时我们对这笔收购感觉良好，现在感觉更好。在维克·拉布的领导下，这家公司在1972年延续了其出色的记录。1973年，我们计划进入佛罗里达州（戴德县）和加利福尼亚州（洛杉矶）市场，推出与家庭与汽车公司在库克县成功实践的相同类型的专业化城市汽车保险。维克具备管理更大规模业务的能力。我们预期家庭与汽车公司将在几年内实现显著扩张。

Insurance Investment Results

保险投资业绩

We were most fortunate to experience dramatic gains in premium volume from 1969 to 1971 coincidental with virtually record-high interest rates. Large amounts of investable funds were thus received at a time when they could be put to highly advantageous use. Most of these funds were placed in tax-exempt bonds and our investment income, which has increased from $2,025,201 in 1969 to $6,755,242 in 1972, is subject to a low effective tax rate.

我们非常幸运，在1969年至1971年间保费收入大幅增长，恰好遇上几乎创纪录的高利率。我们因此在能够将资金投入极具优势的用途之际，获得了大量可投资资金。这些资金大部分配置了免税债券，我们的投资收入从1969年的2,025,201美元增加到1972年的6,755,242美元，并且适用的实际税率很低。

Our bond portfolio possesses unusually good call protection, and we will benefit for many years to come from the high average yield of the present portfolio. The lack of current premium growth, however, will moderate substantially the growth in investment income during the next several years.

我们的债券组合拥有异常良好的赎回保护，我们将在未来许多年受益于现有组合的高平均收益率。然而，当前保费增长乏力，将在未来几年大幅减缓投资收入的增长。

Banking Operations

银行业务

Our banking subsidiary, The Illinois Bank and Trust Co. of Rockford, maintained its position of industry leadership in profitability. After-tax earnings of 2.2% on average deposits in 1972 are the more remarkable when evaluated against such moderating factors as: (1) a mix of 50% time deposits heavily weighted toward consumer savings instruments, all paying the maximum rates permitted by law; (2) an unvaryingly strong liquid position and avoidance of money-market borrowings; (3) a loan policy which has produced a net charge-off ratio in the last two years of about 5% of that of the average commercial bank. This record is a direct tribute to the leadership of Gene Abegg and Bob Kline who run a bank where the owners and the depositors can both eat well and sleep well.

我们的银行子公司——罗克福德伊利诺伊国民银行及信托公司，在盈利能力方面保持了行业领先地位。1972年，平均存款的税后收益达到2.2%，若考虑以下制约因素，这一成绩更显突出：(1) 定期存款占50%，且高度集中于消费者储蓄工具，均按法律允许的最高利率付息；(2) 始终保持着强劲的流动性，并避免货币市场借款；(3) 贷款政策使得过去两年的净核销比率仅为商业银行平均值的大约5%。这一记录直接归功于吉恩·阿贝格和鲍勃·克莱恩的领导，他们经营着一家让股东和储户都能“吃得好、睡得香”的银行。

During 1972, interest paid to depositors was double the amount paid in 1969. We have aggressively sought consumer time deposits, but have not pushed for large “money market” certificates of deposit although, during the past several years, they have generally been a less costly source of time funds.

1972年，支付给储户的利息是1969年的两倍。我们积极争取消费者定期存款，但没有大力推进大额“货币市场”存单，尽管在过去几年中，它们通常是成本更低的定期资金来源。

During the past year, loans to our customers expanded approximately 38%. This is considerably more than indicated by the enclosed balance sheet which includes $10.9 million in short-term commercial paper in the 1971 loan total, but which has no such paper included at the end of 1972.

过去一年，我们向客户发放的贷款增长了约38%。这比所附资产负债表显示的增长要多得多，因为1971年的贷款总额中包含了1090万美元的短期商业票据，而1972年末则没有此类票据。

Our position as “Rockford’s Leading Bank” was enhanced during 1972. Present rate structures, a decrease in investable funds due to new Federal Reserve collection procedures, and a probable increase in already substantial non-federal taxes make it unlikely that Illinois National will be able to increase its earnings during 1973.

1972年，我们“罗克福德领先银行”的地位得到了巩固。当前的利率结构、美联储新的收款程序导致的可投资资金减少，以及已经相当可观的非联邦税可能增加，都使得伊利诺伊国民银行不太可能在1973年实现盈利增长。

Financial

财务

On March 15, 1973, Berkshire Hathaway borrowed $20 million at 8% from twenty institutional lenders. This loan is due March 1, 1993, with principal repayments beginning March 1, 1979. From the proceeds, $9 million was used to repay our bank loan and the balance is being invested in insurance subsidiaries. Periodically, we expect that there will be opportunities to achieve significant expansion in our insurance business and we intend to have the financial resources available to maximize such opportunities.

1973年3月15日，伯克希尔·哈撒韦向二十家机构贷款人借入2000万美元，利率8%。该贷款于1993年3月1日到期，本金从1979年3月1日开始偿还。贷款所得中，900万美元用于偿还我们的银行贷款，余下部分投入保险子公司。我们预计，保险业务不时会出现重大扩张的机会，我们希望拥有可用的财务资源来充分利用这些机会。

Our subsidiaries in banking and insurance have major fiduciary responsibilities to their customers. In these operations we maintain capital strength far above industry norms, but still achieve a good level of profitability on such capital. We will continue to adhere to the former objective and make every effort to continue to maintain the latter.

我们的银行和保险子公司对客户负有重大的受托责任。在这些业务中，我们保持远超行业标准的资本实力，但依然在这样的资本基础上实现了良好的盈利水平。我们将继续坚持前一个目标，并尽一切努力维持后一个成果。

Warren E. Buffett
Chairman of the Board
March 16, 1973

沃伦·E·巴菲特
董事会主席
1973年3月16日