原文信息：
- 标题：1966 Letter to Berkshire Shareholders
- 作者：Malcolm Chace & Kenneth Chace
- 发表时间：1966-12-02
- 链接：PDF
- 中文翻译参考：芒格书院共读群友
- 整理：Terrellchen
- 校译：
December 2, 1966
1966 年 12 月 2 日
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔·哈撒韦公司全体股东：
For your information, we have highlighted the financial information for fiscal 1966 in comparison with the five preceding years on the facing page.
为便于股东参考，我们在这封信的首页突出列示 1966 财年的财务与前五个财年的对比情况。
In this letter we will discuss in some detail the following areas:
在这封信中，我们将详细讨论以下几方面：
- Operating Conditions-1966
- Survey of Operations 1961-1966
- Maintenance of Financial Condition
- Dividends
- 1966 年运营状况；
- 1961~1966 年的运营情况分析；
- 保持健康的财务状况；
- 股息分配政策。
Although total sales of $49.4 million were very close to last year's, there were significant changes in the product mix. The Synthetic Division sales dropped in dollar volume, but this was offset by a corresponding increase in Home Fabrics sales. The Box Loom Division sales showed some gain, but this was offset by a drop in sales of our King Philip D Division.
尽管 4,940 万美元的营业总额和去年基本持平，但是生产情况还是有较大变化。合成部门的营业额下降，但是这已被家居纺织品部门的业绩增长所弥补。梭箱织机部门的销售略有增长，但又被菲利普国王工厂 D 分厂的经营亏损而冲销。
The sales picture for the last half of 1966 was one of generally depressed markets. Heavy imports of yarn dyed goods plus a change in styling trends caused loss of sales and depressed prices in our Box Loom Division. Overproduction of acetate fabrics plus importation of nylon fabrics brought more looms into competition with us in our Synthetic Division. The combination of imports and increased domestic production depressed prices of plain polyester/cotton blends. We estimate that this development will cause looms to swing back on to cotton goods and thereby adversely affect our sales position on lawns woven at King Philip D Division.
1966 年下半年的销售情况反映市场总体呈现低迷的态势。大量染纱的进口以及流行趋势的变化导致我们的梭箱织机业务销售亏损而且价格下跌。醋酸面料(内衬布)的过度生产加上尼龙面料的进口使得合成部门直面更多织机的竞争。进口以及国内产能的增长共同压低了普通涤棉混纺产品的价格。我们预计这种趋势会导致织布机转到棉织品上来，从而对我们菲利普国王工厂的 D 分厂生产的精梳棉面料的销售造成不利影响。
The negative factors, which prevailed in the last quarter of our 1966 fiscal year, contributed to our decision to avoid inventory buildup by shutting down the Box Loom and Synthetic Divisions in New Bedford for the week of October 9, 1966. Inasmuch as the textile market has not, at this writing, shifted to a more active level, further cutbacks in production may be necessary to avoid inventory buildup.
考虑到 1966 年第 4 季度的这些严重不利因素，我们被迫决定关闭梭箱织机业务，并在 1966 年 10 月 9 日也关闭了位于新贝德福德市的合成部门，从而避免了库存大量积压。截至撰写本股东信之时，纺织市场还没有复苏迹象，削减产能以避免库存积压就显得非常必要。
The growth of our Home Fabrics Division over the past few years is, in large part, due to our development of both new products and new application of old products. In the past year, we have increased our expenditures for development so as to provide fabrics that will yield more stable prices and volumes.
过去几年，家居纺织品部门的业绩增长在很大程度上得益于新产品开发和对老产品的创新应用。去年，我们为发展这个部门增加了更多的资本支出，以期纺织品价格和销售更加稳健。
In early 1966, we signed a contract with the Textile Workers Union of America AFL-CIO for three years ending April 15, 1969. This contract covers wages and benefits with no reopening clause.
1966 年初，我们与美国劳工联合会—产业工会联合会下的美国纺织工人工会签订了一份为期 3 年的新合同，截止日期为 1969 年 4 月 15 日。该合同条款涵盖了工资和福利政策，未增加二次谈判的条款。
We have spent approximately $970,000 for purchase and installation of new equipment in order to lower costs, improve quality, and increase our manufacturing flexibility.
我们花费了大约 97 万美元购置新机器，以期降低成本、提高产品质量并提高我们的制造灵活性。
During fiscal 1966, we disposed of the remainder of our unused property.
在 1966 财年，我们已处置剩余的闲置机器。
All but a small portion of our tax carryforward has been used as of the end of fiscal 1966. We therefore will incur income tax liability with respect to future earnings.
截至 1966 财年末，除了一小部分税收额度结转外，其余部分已全部使用。因此，我们在未来盈利时将需要缴纳公司所得税。
As one might expect, in a business as highly cyclical as the textile business, the past decade for Berkshire Hathaway has been a recurring story of a period of earnings followed by a period of relatively heavy losses. The past year has been a significant one in this history because, not only was 1966 a year of profitable operations, but, also, it witnessed the restoration of our financial strength to the level that existed at the end of 1960. You will recall that the heavy losses of the years 1957 and 1958 had not yet been fully recouped by the profitable operations of the years 1959 and 1960, when our business was again hit with a three-year period of loss operations.
正如人们所预料的那样，伯克希尔哈撒韦公司身处具有高度周期性的纺织品行业中，其过去十年经常出现盈利的年份，其后几年出现相对巨大的亏损。过去一年在这段历史中是一个重要年份，因为 1966 年不仅是业务盈利的一年，而且它见证了我们的财务实力已恢复到 1960 年底的水平。你或许记得 1959 年和 1960 年的盈利尚未完全挽回 1957 年和 1958 年产生的巨大亏损，当时我们的业务再次遭受三年亏损的打击。
Not only did our financial condition in these years suffer from the inroads created by these losses, but it also had to absorb the impact of our heavy capital expenditure program of the early 1960s.
这些年来，我们的财务状况不仅受到这些损失的影响，而且还必须承受我们 1960 年代初重大资本支出计划的影响。
The following table summarizes the change in the net worth position of Berkshire Hathaway,Inc. during the past six years:
下表概括了过去 6 年伯克希尔哈撒韦账面价值的变化：
| Items | Amount |
|---|---|
| Net Worth October 1,1960 | $ 37,981,820 |
| Net Earnings 1961-1966 (after reflecting $6,200,000 losses on disposal of fixed assets) | $ 40,476 |
| Less Dividends Paid 1961-1966 | 1,366,273 |
| Excess of Dividends over Net Earnings 1961-1966 | 1,325,797 |
| 36,656,023 | |
| Repurchases of a total of 607,972 shares of Capital Stock 1961-1966 | 7,161,103 |
| Net Worth October 1,1966 | $ 29,494,920 |
You will note that while dividends exceeded net earnings during this six-year period, the major reason for the 22% decrease in net worth has been the repurchase by the Company of its own stock, pursuant to a program whereby the Company's outstanding shares have been1 reduced to 1,017,547 shares -- a 37% reduction compared with the shares outstanding on October 1,1960. This decrease in outstanding shares has been appropriate, considering the reduction in scale of the Company's operations due to closing of unprofitable mills.
你会注意到过去 6 年中支付的股息额度超过了净利润，账面价值下降 22% 的主要原因是公司回购自己的股票，因这一计划，公司的流通股缩减至 1,017,547 股，比 1960 年 10 月 1 日的流通股数量减少了 37%。考虑到公司因关闭不赚钱的工厂而导致业务规模缩小，因而流通股份的这种缩减是合理的。
The benefit to the present stockholders of this program of share repurchases is indicated, in part, by the fact that net worth per share of the Company's outstanding common stock on October 1, 1966 was $28.99, compared with $23.37 six years previously.
股票回购计划对当前股东是有好处的，这在每股账面价值数据方面有所体现，1966 年 10 月 1 日公司流通在外的普通股每股账面价值为 28.99 美元，而 6 年前为每股 23.37 美元。
In the year ended October 1, 1960, our sales totaled $62.6 million, whereas in 1966, they totaled $49.4 million, a decrease of approximately 21%. This corresponds to the 22% decrease in total net worth. The fact that the Company is now achieving approximately the same net worth turnover as existed at the beginning of this six-year period is again some indication of the restoration of its strength.
截至 1960 年 10 月 1 日的那一财年，我们的销售总额为 6,260 万美元，而在 1966 年只有 4,940 万美元，大约下降了 21%。这也与总账面价值 22% 的降幅基本一致。公司目前基本实现了与 6 年前持平的账面价值周转率，这一事实再次表明公司在恢复其实力。
It has always been among the goals of Berkshire Hathaway to maintain a strong financial condition. Indeed, it has been this practice that has enabled the Company to survive in the light of the highly cyclical nature of its business. The present strength of the Company's financial condition is demonstrated by its $23,158,187 of working capital at October 1, 1966. This figure is about equal to the Company's working capital on October 1, 1960 although on a per share basis, because of the reduction in the number of shares through repurchasing, our working capital is now $22.76 compared with $14.41 six years ago.
保持健康的财务状况一直是伯克希尔哈撒韦的目标之一。确实如此，公司依靠这一切实原则在其所处的高度周期性产业中存活了下来。截至 1966 年 10 月 1 日，公司持有营运资本多达 23,158,187 美元，这是公司财务状况健康的直接证据。这一数据，若按每股为基础计算，相当于公司在 1960 年 10 月 1 日的营运资本 2343 万。因为期间进行了股票回购导致股票缩减，目前每股营运资本为 22.76 美元，而 6 年前每股营运资本为 14.41 美元。
In addition to the cyclical nature of our business, there are other reasons why a strong financial condition is advisable. As you have been advised previously, the Company has been searching for suitable acquisitions within, and conceivably without, the textile field. Although to date none has been success- fully concluded, we continue to have an active interest in such acquisitions. The present state of the money market, in which funds are virtually unobtainable for acquisition purposes, makes it imperative that we have available the liquid assets with which to consummate such acquisitions, should the hoped-for opportunities present themselves. Present uncertainties such as war, tax rates and decreased level of business activity also all combine to emphasize the continuing need for a strong financial condition.
促使公司保持健康财务状况的原因不仅在于公司的业务具备周期性特点，而且还有其他几个考虑。如前所述，公司在考虑纺织业内或者其他行业的潜在合适收购机会。尽管目前还无法给出具体日期，但是我们肯定对这种收购有强烈意向。目前很难在货币市场融资到收购所需要的资金，公司为准备收购而保持流动资产就势在必行，万一突然出现心仪的收购机会呢。目前还有诸如越南战争、税率升高，和商业活动萎缩等外部风险，所有这些风险都特别要求公司持续保持健康的财务状况。
A second area in which substantial investment may be necessary is our fast-growing Home Fabrics Division. Home Fabrics' sales have nearly doubled in the past three years. Should a corresponding increase be attained in the coming years, we may be called upon to invest up to $7 million in additional inventory and receivables.
另外，我们快速成长的家用纺织品部门可能有较大的投资需求。在过去三年，我们的家用纺织品部门营业额几近翻倍。万一未来几年实现相应的成长，那么我们可能需要投资多达 700 万美元在增量库存和应收账款上。
Finally, the threat of technological change is ever present in the textile field. We have an investment of $24.4 million ($6.3 million after accrued depreciation) in plant and equipment. This is an investment which the textile machinery industry is constantly striving to render obsolete. An important change at any level of our manufacturing process could require major capital expenditures at tomorrow's replacement prices. We shall continue to weigh most carefully the possible rewards and risks of any capital expenditure program. However, should we decide that it is in our best interests to make capital expenditures, we must be in a financial position to do so. Sufficient working capital would be particularly necessary if the advent of important cost-cutting equipment coincided with a period of depressed textile earnings, making outside capital difficult or impossible to obtain.
最后，纺织业一直存在技术升级的威胁。我们在工厂和设备方面的投资为 2,440 万美元(扣除应计折旧后为 630 万美元)。这是纺织机械行业持续努力应对技术落后而做的投资。我们的制造工艺在任何程度上的重要更新都需要按照未来的重置价格来进行大额资本支出。我们会持续仔细权衡所有资本支出计划的潜在回报和风险。然而，一旦我们认为资本支出符合我们的最大利益，那么必须保持健康的财务状况才能实施。如果重要的降低成本设备的出现恰逢纺织行业盈利的低迷期，那时难以甚至无法获得外部资本，所以保持充足的营运资本相当必要。
It is these considerations which caused the Company at year end to include in its working capital $5.4 million of marketable securities, composed of short-term municipal bonds, commercial paper and common stock. Because of the uncertainties in knowing when the Company may be called upon to produce substantial sums of cash, and the possibility that this might not occur for a considerable period of time, your directors have felt that we should be as zealous to achieve a realistic return on this portion of our capital as we are on the other funds that are at the time invested in plant, inventories, receivables, etc. Accordingly, it is the present intention of the directors to proceed toward the interim investment of a major portion of these funds in marketable common stocks. This should hold promise not only of greater income than can be achieved through alternative investment possibilities in the field of non- equity marketable securities, but also provides us with the opportunity to participate in earnings derived outside of our textile business, even if only temporarily and indirectly.
正是出于这些考虑，公司在年底的营运资本中包含了 540 万美元的有价证券(包括短期市政债券、商业票据和普通股)。由于不知道什么时候公司才会需要大量现金，并且可能在相当长一段时间内不会发生这种情况，你们的董事们认为，我们应该像投资于工厂、库存和其他资本金一样，积极实现这部分资本的实际回报。因此，董事们目前的意向是继续把这些资金中很大一部分暂时投资于普通股。这不仅可以带来比非权益类有价证券领域的其他替代投资机会更高的收益，而且还有机会让我们参与纺织业务以外的收益机会，即便只是短期且间接的。
This restoration of the Company's financial position now permits a dividend policy reflecting the distribution to our stockholders of a reasonable proportion of current after-tax earnings. Such a policy, however, must be consistent with the need for preserving the strength of our present financial position.
目前公司财务状况有所恢复，这使得向我们的股东分配一定比例的当期税后利润这一股息政策具备实施条件。然而这一股息政策绝对不能以损害当前的财务健康程度为代价。
To implement this policy, a dividend of 10é per share was declared on November 14, 1966, payable January 3, 1967 to stockholders of record on December 2, 1966.
股息政策已于 1966 年 11 月 14 日公布，其分配方案为每股股息 10 美分，股权登记日为 1966 年 12 月 2 日，股息支付日为 1967 年 1 月 3 日。
Malcolm G. Chace, Jr.
马尔科姆·G·蔡斯二世
Chairman of the Board
董事长
Kenneth V. Chace
肯尼斯·V·蔡斯
President
总裁