原文信息：
- 标题：1967 Letter to Berkshire Shareholders
- 作者：Malcolm Chace & Kenneth Chace
- 发表时间：1968-03-08
- 链接：PDF
- 中文翻译参考：芒格书院共读群友
- 整理：Terrellchen
- 校译：
March 8, 1968
1968 年 3 月 8 日
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔·哈撒韦公司全体股东：
The Company has adopted a calendar year for accounting purposes. This new calendar year end substitutes for the previous September 30 year end. The change was effective December 30, 1967. This report covers the fifteen months ended December 30, 1967.
出于会计考虑，公司决定采用日历年度作为财年。以往采用每年 9 月 30 日作为财年的年底，今年用日历年底取而代之。此变更已从 1967 年 12 月 30 日开始生效。本报告含盖的时间跨度为截至 1967 年 12 月 30 日之前的 15 个月。
Total sales showed a decline from $49.4 million in fiscal 1966 to $39 million in fiscal 1967. The cause of the drop in dollar volume was a combination of a decrease in yardage demand in all divisions and a sharp drop in prices in all areas except the Home Fabrics Division. Although sales and profits of our Home Fabrics Division were down substantially, this area demonstrated the greatest resistance to the depressed conditions of the textile markets in which we operate. Berkshire Hathaway does not produce coarse goods such as heavy ducks, which is the segment of the textile business that was the strongest in 1967.
总体销售呈下滑趋势，从 1966 财年的 4,940 万美元降低到 1967 财年的 3,900 万美元。销售额下降的原因是所有业务部门都面临市场码数需求的萎缩，而且除家用纺织品部门以外，所有产品线价格锐减，尽管我们的家用纺织品部门的营业额和利润也下降了，但相比我们经营的纺织品行业低迷状况，该业务板块表现出最强抵抗力。伯克希尔哈撒韦公司并不生产厚帆布这样的粗制品，它是 1967 年表现最强劲的细分纺织业务。
During the year, we curtailed our production about 15 per cent in an attempt to avoid building inventories. We maintained satisfactory inventory levels but our curtailment resulted in the loss of certain categories of skilled help which will be required if we are to fully utilize our plant capacity. Therefore, abnormally high training costs will be incurred before we again run full.
本财年中，为避免库存积压我们削减了约 15％ 的产能。我们保持了令人满意的库存水平，但是我们的减产导致失去几类熟练技工，如果我们要充分利用工厂产能，这些技工将会用到。因此，在我们再次满负荷运行之前，将会产生异常高的培训费用。
By the end of the fiscal year, there was some indication that the general textile market was improving with the exception of that for our fine combed lawns, which we manufacture at our King Philip D Division in Warren, Rhode Island. This fabric remained in poor demand, with depressed prices throughout the year. A market survey indicated that the demand for cotton lawn fabrics was gradually being displaced by a demand for polyester blend fabrics.
到本财年结束时，除了我们在罗德岛州沃伦市的菲利普国王工厂 D 分厂 (Warren, Rhode Island) 生产的精梳面料外，有一些迹象表明整体纺织市场正在改善。这种纺织品仍然需求不佳，全年价格低迷。有一项市场调查显示，市场对涤棉混纺面料的需求将逐步取代对精梳棉面料的需求。
On the positive side, we expanded our Home Fabrics products line into a wider variety of fabrics and also expanded our sales force in this area. In addition to this, we started an Apparel Fabrics Division, selling finished yarn-dyed box loom goods into the women's apparel market. Both of these moves were part of our general policy of attempting to establish product lines away from areas of direct competition with staple fabric producers. We intend to further implement this policy.
从积极的方面来说，我们将家用纺织品产品线扩展为更多种类的面料，并扩大了我们在该领域的销售队伍。除此之外，我们还开设了服装面料部门，将梭箱织机色织成品销售到女装市场。这两项举措都是我们总体策略的一部分，我们试图在与主要面料生产商直接竞争领域之外建立产品线。我们打算进一步落实这项政策。
Because of reduced levels of production, smaller individual orders, and more frequent loom shifts, manufacturing costs were materially higher than in the last several years. A return to full operation should correct this situation to a great extent. Although product development and diversification of fabrics will result in higher manufacturing costs, these higher costs should be more than offset by higher prices for the fabrics and result in greater profits.
由于产能下降，订单减少，织机更换频繁，导致制造成本大大高于往年。恢复全面运营应该能在很大程度上纠正这种情况。虽然产品开发和面料的多样化将导致更高的制造成本，但是这些更高的成本应该能被面料的更高售价抵消，并带来更高的利润。
Labor relations remain satisfactory. Our labor contract will carry us through until April of 1969. A general wage rate increase is called for by this contract in April of 1968. The current labor market is a difficult one,as for most industries, with relatively fewer job applications being received from persons possessing the requisite training and skills.
劳资关系仍旧令人满意。我们的劳动合同将持续到 1969 年 4 月。在 1968 年 4 月，将按合同要求提高总体工资水平。目前的劳动力市场就像大多数行业一样，多数求职者都缺乏必要的培训和技能。
This quarter showed a very definite increase in demand in all divisions except King Philip D. We operated at close to normal levels, with some equipment idle only because of our inability to quickly obtain and train sufficient people. Our new Apparel Fabrics Division was off to a good start and our Home Fabrics Division renewed its historical strong growth pattern. Based on current market conditions, we expect a significant improvement in textile operating profits during 1968. Our operating loss carryforward has been fully utilized and any future net profit we realize will be subject to normal federal income taxes.
本季度除菲利普国王工厂 D 分厂之外所有业务部门都呈现需求走强态势。公司目前的运营接近正常水平，其中因未能及时招聘和培训足够的人力而导致部分设备处于停机状态。我们预计新成立的服装面料部门有一个良好的开局，而家用纺织品部门则继续保持其历史最强增长局面。根据对当前市场状况的评估，我们预计 1968 年的纺织品市场利润水平将明显改善。我们的运营亏损结转已得到充分利用，无论未来能赚到多少净利润，都必须按照正常情况缴纳联邦所得税。
The portion of our business which proved unsatisfactory was the cotton lawn business. As a result of a second market survey, it was decided to close the King Philip D Division in Warren,Rhode Island where these goods were manufactured. The plant was an efficient one for the manufacture of fine combed lawns, which, unfortunately, are no longer in any sort of demand. The equipment at this plant had little adaptability to other end products, thereby making a conversion attempt uneconomical. The decision to terminate operations was hastened by the very large increase in the cost of new crop cotton, which could not be reflected in increased finished product prices. Any loss from termination of operations at King Philip D will be reflected as incurred in 1968. At this point in time, we can only speculate as to the amount of this loss but we do not envision that it will exceed $1 million pre-tax.
目前确实令人不满的业务是精梳棉面料业务。经过第二次市场调查后，决定关闭位于罗德岛州沃伦市的菲利普国王工厂 D 分厂，这些产品是在那里生产的。该工厂是生产精梳面料的高效工厂，不幸的是市场对它的需求荡然无存。该工厂的设备对其他面料的适用性很低，因此对其转换改造并不划算。新的天然棉花的成本大幅增加，而这个成本也不能转嫁到上涨的成品价格中，因此我们迅速决定终止这一业务。菲利普国王工厂 D 分厂的关闭所造成的任何损失将体现在 1968 年财报数据中。此时，我们只能推测这一损失金额，不过我们预计税前损失不会超过 100 万美元。
We are highly pleased with the results of our insurance subsidiaries since their acquisition in March 1967. These two companies,National Indemnity Company and National Fire and Marine Insurance Company, continue under the very able management of Mr. Jack Ringwalt who has guided them since inception.
我们对保险子公司自 1967 年 3 月收购以来的业绩非常满意。这两家公司国民保险公司和国民火灾与海事保险公司继续由杰克·林沃尔特先生 (Jack Ringwalt) 精心管理，他自公司成立以来一直负责管理此项业务。
Gross premium volume increased only slightly during 1967, but termination of certain re-insurance arrangements resulted in a substantial gain in net premium volume. Underwriting was conducted at a good profit margin and investment income increased substantially,reflecting both a greater base of assets and the higher yields that prevailed throughout the year in the fixed income sector. All earnings of the insurance subsidiaries are being retained to build additional capital strength.
在 1967 年，保费总额略有增加，但是因终止部分再保险业务的安排导致净保费收入大幅增加。保险承保业务的利润率良好，而且投资收益也大幅增加，这既反映出更高的资产基础，又反映出固定收益部门全年普遍较高的收益率。保险子公司的所有收益将被保留以提高其资本实力。
Our investment in the insurance companies reflects a first major step in our efforts to achieve a more diversified base of earning power. The success of this effort is indicated by the attainment of earnings in the subsidiaries during 1967 which substantially exceeded the earnings attributable to a larger capital investment in the textile business. We expect that there will be years in the future when the order of relative profitability is reversed, reflecting different stages in both the insurance and textile cycles.However, we believe it is an added factor of strength to have these two unrelated sources of earnings rather than to be solely exposed to the conditions of one industry, as heretofore.
我们对保险公司的投资是我们努力实现盈利来源多元化的第一个重要步骤。 1967 年，这一努力的成功表现在，保险子公司实现的收益，大大超过了资本支出较大的纺织业务所带来的收益。我们预计未来几年相对盈利能力的顺序将会逆转，这反映了保险业和纺织业周期处于不同阶段。然而，我们认为拥有这两个不相关的收益来源是一个额外的有利因素，而不是像以前那样仅靠一个行业获利的状态。
Management continues to be alert to opportunities to expand our operations in either the textile business, the insurance business or unrelated areas. We feel it is essential that we not repeat the history of the 1956-1966 period, when over-all earnings on average invested capital of over $30 million were something less than zero. Our present liquid resources held in readily marketable common stocks are available for either acquisition of new businesses or for application toward greater profit opportunities in our present operations. In addition, we will not hesitate to borrow money to take advantage of attractive opportunities. Our goal is to obtain a reasonably stable and substantial level of earning power commensurate with the capital employed in the business.
管理层将继续留意机会以扩大我们的业务，无论是纺织业，保险业还是不相关的领域。我们认为，重要的是我们不要重复 1956~1966 年间的历史，当时平均投入资本超过 3,000 万美元，而总收益却是亏损的。我们目前持有的高流动性资金为可随时出售的普通股，可用于收购新业务或用于在我们目前的业务中获得更大利润的机会。此外，我们会毫不犹豫地举债来抓住有吸引力的机会。我们的目标是获得与公司营运资本相称的，一个相当稳定且可观的盈利能力。
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
沃伦·巴菲特 执笔