1973 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：

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 occurred 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.

1973年我们的财务业绩令人满意，运营利润为11,930,592美元，实现了期初股东权益17.4%的回报率。尽管每股运营利润从11.43美元增至12.18美元，但权益回报率却从1972年的19.8%下降。这一下滑源于利润增长未能与股东投入的增加同步。我们在去年的报告中预见到这种下降可能发生。不幸的是，我们的预测应验了。

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.

我们的纺织、银行以及大多数保险业务表现良好，但保险业务的某些部分业绩不佳。总体而言，我们的保险业务依然是最具资本配置吸引力的领域。

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.

管理层长期目标是使资本回报率略高于美国工业平均水平，同时遵循稳健的会计和债务政策。过去几年我们实现了这一目标，并正采取措施以在未来维持这一表现。1974年的展望显示，在资本基础扩大后，回报率可能进一步下降。

Textile Operations

纺织业务

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.

1973年全年纺织需求异常强劲。我们的主要问题集中在纤维短缺，这使运营复杂化并导致织机产能利用率不足。部分纤维价格年内飞涨。

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 have served to cut down some of the hills while still leaving us with the inevitable valleys.

生活成本委员会的规定使我们许多成品无法按部分竞争对手的价格水平定价。然而，利润与我们的资本投入基本相称，尽管低于如果按市场价格定价可能实现的水平。纺织业务具有很强的周期性，价格管制或许削平了一些高峰，但低谷仍然不可避免。

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1973年原材料价格异常上涨，且迹象显示1974年将持续，我们选择采用“后进先出”（LIFO）的存货计价方法。该方法能更贴切地匹配当前成本与收入，并尽量减少报告利润中包含的存货“利润”。关于这一变更的更多信息包含在财务报表脚注中。

Insurance Operations

保险业务

During 1973, Jack Ringwalt retired as President of National Indemnity Company after an absolutely brilliant record since founding the business in 1940. He was succeeded by Phil Liesche who, fortunately for us, possesses the same underwriting and managerial philosophy that worked so well for Jack.

1973年，杰克·林沃尔特（Jack Ringwalt）从自1940年创立以来创下辉煌业绩的国民赔偿公司（National Indemnity Company）总裁职位上退休。菲尔·利舍（Phil Liesche）接替了他，对我们而言幸运的是，菲尔拥有与杰克同样奏效的承保和管理理念。

Our traditional business, specialized auto and general liability lines conducted through National Indemnity Company and National Fire and Marine Insurance Company, had an exceptionally fine underwriting year during 1973. We again experienced a decline in volume. Competition was intense, and we passed up the chance to match rate-cutting by more optimistic underwriters. There currently are faint indications that some of these competitors are learning of the inadequacy of their rates (and also of their loss reserves) which may result in easing of market pressures as the year develops. If so, we may again experience volume increases.

我们通过国民赔偿公司（National Indemnity Company）和国民火灾与海运保险公司（National Fire and Marine Insurance Company）经营的专注于汽车和一般责任险的传统业务，1973年承保表现异常出色。我们再次经历了业务量下降。竞争激烈，我们放弃了跟随更乐观的承保人降费率的机会。目前有微弱迹象表明，一些竞争对手正意识到其费率（以及损失准备金）的不足，这可能随着年份推移缓解市场压力。若如此，我们可能会再次迎来业务量增长。

Our reinsurance operation had a somewhat similar year—good underwriting experience, but difficulty in maintaining previous volume levels. This operation, guided by the tireless and well-directed efforts of George Young, has been a major profit producer since its inception in 1969.

我们的再保险业务经历了类似的一年——承保表现良好，但难以维持先前的业务量水平。该业务在乔治·杨（George Young）不知疲倦的精准领导下，自1969年成立以来一直是利润的重要贡献者。

Our “home state” insurance companies made excellent progress in Nebraska and Minnesota, with both good growth in volume and acceptable loss ratios. We began operations late in the year in Iowa. To date, our big problem has been Texas. In that state we virtually had to start over during 1973 as the initial management we selected proved incapable of underwriting successfully. The Texas experience has been expensive, and we still have our work cut out for us. Overall, however, the home state operation appears to have a promising potential.

我们的“主场州”保险公司在内布拉斯加州和明尼苏达州取得了卓越进展，业务量增长良好，赔付率也可接受。年内晚些时候我们开始在爱荷华州运营。迄今为止，我们的主要问题在德克萨斯州。在该州，我们1973年几乎不得不重新开始，因为我们最初选择的管理层事实证明无法成功承保。德克萨斯的教训代价高昂，我们仍有艰巨的工作要做。但总体而言，主场州业务似乎拥有光明的前景。

Our specialized urban auto operation, Home and Automobile Insurance Company, experienced very poor underwriting in Chicago during 1973. It would appear that rates are inadequate in our primary Cook County marketing area, although the current energy situation confuses the picture. The question is whether possible lowered accident frequency because of reduced driving will more than offset continuing inflation in medical and repair costs, as well as jury awards. We believe that inflation will hurt us more than reduced driving will help us, but some of our competitors appear to believe otherwise.

我们专注于城市汽车保险的Home and Automobile Insurance Company，1973年在芝加哥的承保业务表现非常糟糕。在我们主要的库克县市场区域，费率似乎不足，尽管当前的能源形势令情况更加扑朔迷离。问题在于，由于驾驶减少可能带来事故频率降低，这是否足以抵消医疗和维修费用及陪审团裁定额的持续通胀。我们相信通胀对我们的伤害将超过驾驶减少带来的好处，但一些竞争对手似乎持相反看法。

Home and Auto expanded into Florida and California during the year, but it is too early to know how these moves will prove out financially.

Home and Auto年内还扩展到佛罗里达州和加利福尼亚州，但判断这些举措的财务成果还为时过早。

A contributing factor in our unsatisfactory earnings at Home and Auto during 1973 was an accounting system which was not bringing information to management on a sufficiently timely basis.

1973年Home and Auto业绩不理想的一个促成因素是，会计系统未能以足够及时的方式向管理层提供信息。

On the investment side of our insurance operation, we made substantial additional commitments in common stocks during 1973. We had significant unrealized depreciation—over $12 million—in our common stock holdings at year-end, as indicated in our financial statements. Nevertheless, we believe that our common stock portfolio at cost represents good value in terms of intrinsic business worth. In spite of the large unrealized loss at year-end, we would expect satisfactory results from the portfolio over the longer term.

在保险业务投资端，1973年我们在普通股上追加了大量投资。如财务报表所示，年末我们持有的普通股出现了显著未实现减值——超过1200万美元。尽管如此，我们相信按成本计价的普通股组合在内在商业价值方面物有所值。尽管年末存在大额未实现亏损，我们预计长期来看该组合将带来令人满意的结果。

Banking Operations

银行业务

The Illinois National Bank & Trust Co. of Rockford again had a record year in 1973. Average deposits were approximately $130 million, of which approximately 60% were time deposits. Interest rates were increased substantially in the important consumer savings area when regulatory maximums were raised at mid-year.

罗克福德伊利诺伊国家银行与信托公司（Illinois National Bank & Trust Co. of Rockford）在1973年再次创下纪录。平均存款约为1.3亿美元，其中约60%为定期存款。年中监管上限调高后，重要的消费者储蓄领域利率大幅上升。

Despite this mix heavily weighted toward interest bearing deposits, our operating earnings after taxes (including a new Illinois state income tax) were again over 2.1% of average deposits.

尽管存款组合严重偏向付息存款，我们的税后运营利润（包括新增的伊利诺伊州所得税）再次超过平均存款的2.1%。

We continue to be the largest bank in Rockford. We continue to maintain unusual liquidity. We continue to meet the increasing loan demands of our customers. And we continue to maintain our unusual profitability. This is a direct tribute to the abilities of Gene Abegg, Chairman, who has been running the Bank since it opened its doors in 1931, and Bob Kline, our President.

我们依然是罗克福德最大的银行。我们持续保持超常的流动性。我们持续满足客户日益增长的贷款需求。并且我们持续保持卓越的盈利能力。这直接归功于董事长吉恩·阿贝格（Gene Abegg）——他从1931年银行开业以来一直执掌经营，以及总裁鲍勃·克莱恩（Bob Kline）的能力。

Merger With Diversified Retailing Company, Inc.

与Diversified Retailing Company, Inc.的合并

Your Directors have approved the merger of Diversified Retailing Company, Inc. into Berkshire Hathaway Inc. on terms involving issuance of 195,000 shares of Berkshire stock for the 1,000,000 shares of Diversified stock outstanding. Because Diversified and its subsidiaries own 109,551 shares of Berkshire, the net increase in the number of shares of Berkshire outstanding after giving effect to this transaction will not exceed 85,449. Various regulatory approvals must be obtained before this merger can be completed, and proxy material will be submitted to you later this year so that you may vote upon it.

董事会已批准Diversified Retailing Company, Inc. 并入伯克希尔·哈撒韦公司，条款为发行195,000股伯克希尔股票以换取Diversified已发行的1,000,000股。由于Diversified及其子公司持有109,551股伯克希尔股票，交易生效后伯克希尔流通股数量的净增加将不超过85,449股。合并完成前尚需获得多项监管批准，代理材料将在今年晚些时候提交给您，以便您投票表决。

Diversified Retailing Company, Inc., though subsidiaries, operates a chain of popular-priced women’s apparel stores and also conducts a reinsurance business. In the opinion of management, its most important asset is 16% of the stock of Blue Chip Stamps.

Diversified Retailing Company, Inc.通过子公司经营一系列平价女装连锁店，并从事再保险业务。管理层认为，其最重要的资产是持有Blue Chip Stamps 16%的股份。

Blue Chip Stamps

蓝筹印花公司

Our holdings of stock in Blue Chip Stamps at year-end amounted to approximately 19% of that company’s outstanding shares. Since year-end, we have increased our holdings so that they now represent approximately 22.5%: implementation of the proposed merger with Diversified Retailing Company, Inc. would increase this figure to about 38.5%.

年末，我们持有的Blue Chip Stamps股票约占该公司已发行股份的19%。年末后我们增持了股份，目前持股比例约为22.5%：若与Diversified Retailing Company, Inc.的拟议合并完成，该数字将提升至约38.5%。

Our equity in earnings of Blue Chip Stamps became significant for the first time in 1973, and posed an accounting question as to just what period’s earnings should be recognized by Berkshire Hathaway Inc. as applicable to the financial statements covered by this annual report.

1973年，我们在Blue Chip Stamps盈利中的权益份额首次变得重要，并引出了一个会计问题：在本年度报告涵盖的财务报表中，伯克希尔·哈撒韦公司应确认哪个时期的盈利。

Blue Chip’s fiscal year ends on the Saturday closest to February 28, or two months after the fiscal year-end of Berkshire Hathaway Inc. Or, viewed alternatively, their year ends ten months prior to Berkshire Hathaway’s. An acceptable accounting choice for us, and one which, if made, would not have required an auditor’s disclaimer as to scope, was to recognize in our 1973 income an equity of $632,000 in Blue Chip’s earnings for their year ended March 3, 1973 with regard to the fewer shares of Blue Chip we owned during this earlier period. But such an approach seemed at odds with reality, and would have meant a ten month lag each year in the future. Therefore, we chose to reflect as 1973 income our equity of $1,008,000 in Blue Chip’s earnings based upon unaudited interim earnings through November as publicly reported by Blue Chip Stamps and with regard to our shareholdings during 1973. Because we made this choice of unaudited but current figures, as opposed to the alternative of audited but far from current figures, Peat, Marwick, Mitchell & Co. were unable to express an opinion on our 1973 earnings attributable to Blue Chip Stamps.

Blue Chip的财政年度截至最接近2月28日的星期六，即伯克希尔·哈撒韦公司财年结束后两个月。或者换个角度看，其财年结束时间比伯克希尔早十个月。对我们而言，一个可接受的会计选择是，在1973年利润中确认632,000美元的Blue Chip盈利权益——这基于其截至1973年3月3日的年度以及我们在此期间持有的较少股份，如果选择此法，审计师无需对范围作保留意见。但这种方法似乎与现实脱节，并且意味着未来每年都会有十个月的滞后。因此，我们选择将1,008,000美元的Blue Chip盈利权益计入1973年利润，这基于Blue Chip Stamps公开报告的截至11月的未经审计中期盈利，以及我们在1973年期间的持股情况。由于我们选择了未经审计但及时的当前数字，而非经审计但严重过时的数字，皮特·马威克·米切尔会计公司（Peat, Marwick, Mitchell & Co.）无法对我们1973年来自Blue Chip Stamps的盈利发表意见。

The annual report of Blue Chip Stamps, which will contain financial statements for the year ending March 2, 1974 audited by Price, Waterhouse and Company, will be available in early May. Any shareholder of Berkshire Hathaway Inc. who desires an annual report of Blue Chip Stamps may obtain it at that time by writing Mr. Robert H. Bird, Secretary, Blue Chip Stamps, 5801 South Eastern Avenue, Los Angeles, California 90040.

Blue Chip Stamps的年度报告将于5月初发布，其中包含经普华会计师事务所（Price, Waterhouse and Company）审计的截至1974年3月2日财年的财务报表。任何希望获取Blue Chip Stamps年报的伯克希尔·哈撒韦公司股东，届时可致函Blue Chip Stamps公司秘书罗伯特·H·伯德先生（Mr. Robert H. Bird），地址：5801 South Eastern Avenue, Los Angeles, California 90040。

Blue Chip’s trading stamp business has declined drastically over the past year or so, but it has important sources of earning power in its See’s Candy Shops subsidiary as well as Wesco Financial Corporation, a 54% owned subsidiary engaged in the savings and loan business. We expect Blue Chip Stamps to achieve satisfactory earnings in future years related to capital employed, although certainly at a much lower level than would have been achieved if the trading stamp business had been maintained at anything close to former levels.

过去一年左右，Blue Chip的印花交易业务急剧下滑，但其旗下See's Candy Shops子公司以及从事储蓄贷款业务的持股54%的Wesco Financial Corporation是其重要的盈利来源。我们预计Blue Chip Stamps未来相对于其资本投入能实现令人满意的盈利，尽管这无疑远低于若印花交易业务维持以往水平本可实现的利润。

Your Chairman is on the Board of Directors of Blue Chip Stamps, as well as Wesco Financial Corporation, and is Chairman of the Board of See’s Candy Shops Incorporated. Operating management of all three entities is in the hands of first-class, able, experienced executives.

你们的董事长担任Blue Chip Stamps和Wesco Financial Corporation的董事，并担任See's Candy Shops Incorporated的董事会主席。三家公司的运营管理均由一流、能干且富有经验的高管负责。

Sun Newspapers, Inc.

太阳报业公司

In the 1969 annual report we commented on the purchase of Sun Newspapers Inc., a group of weekly papers published in the metropolitan Omaha area. Since that time we have not commented on their operations in the text of our annual reports, nor have we consolidated their financial results since the operation, because of the small investment involved, has been “financially insignificant.”

在1969年年度报告中，我们曾评论收购Sun Newspapers Inc.——一家在奥马哈都市区出版一系列周报的公司。自那以后，我们未在年报正文中评论其运营，也未合并其财务业绩，因为其投资规模小，在财务上“微不足道”。

During 1973 it was made quite apparent that such insignificance did not extend to publishing quality. On May 7th Sun Newspapers was awarded a Pulitzer Prize for local investigative reporting (the first time in history that a weekly had won in this category) for its special section of March 30,1972 relating to Boys Town. We reported the extraordinary contrast between decreasing services and mounting wealth that had taken place since Father Flanagan’s death in 1948.

1973年明显表明，这种微不足道并不适用于出版质量。5月7日，Sun Newspapers凭借1972年3月30日关于Boys Town的特别报道，获得了普利策本地调查报道奖（这是周报首次获此奖项）。我们报道了自1948年弗拉纳根神父去世以来，服务减少与财富增长之间的惊人对比。

In addition to the Pulitzer Prize, the reporting job also won the Public Service Award of Sigma Delta Chi, the national society of professional journalists, as well as seven other national awards.

除普利策奖外，该报道还获得了美国职业记者协会（Sigma Delta Chi）的公共服务奖以及其他七项全国性奖项。

Our congratulations go to Paul Williams, Editor, and Stan Lipsey, Publisher, as well as the entire editorial staff of Sun Newspapers for their achievement, which vividly illustrated that size need not be equated with significance in publishing.

我们向编辑保罗·威廉姆斯（Paul Williams）、出版人斯坦·利普西（Stan Lipsey）以及Sun Newspapers全体编辑团队表示祝贺，他们的成就生动地展示了在出版领域规模并不等同于重要性。

Warren E. Buffett
Chairman of the Board
March 29, 1974

沃伦·E·巴菲特
董事会主席
1974年3月29日