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See's Candies 31；693 17；363
Wesco Financial Corporation…Parent 6；209 4；978
World Book 25；745 15；136
Amortization of Goodwill （2；862） （2；862）
Interest on Debt （11；474） （5；905）
Shareholder's Contribution （4；938） （2；963）
Other 16；914 7；152
0 280；919 214；745
Realized Securities Gain 27；319 19；807
Total Earnings…all entities 0 308；238 234；552
Gypsy Rose Lee在她晚年的一场生日宴会上宣布：「我还是拥有去年所有的一切，现在唯一的差别是全部都矮了两吋。」如同本表所示，在1987年几乎我们所有的事业都又成长的一岁。
Gypsy Rose Lee announced on one of her later birthdays： 〃I have everything I had last year； it's just that it's all two inches lower。〃 As the table shows； during 1987 almost all of our businesses aged in a more upbeat way。
我们旗下这些事业实在是没有什么新的变化可以特别提出报告的，所谓没有消息就是好消息，剧烈的变动通常不会有特别好的绩效，当然这与大部分的投资人认为的刚好相反，大家通常将最高的本益比给予那些擅长画大饼的企业，这些美好的远景会让投资人不顾现实经营的情况，而一昧幻想未来可能的获利美梦，对于这种爱做梦的投资人来说，任何路边的野花，都会比邻家的女孩来的具吸引力，不管后者是如何贤慧。
There's not a lot new to report about these businesses … and that's good； not bad。 Severe change and exceptional returns usually don't mix。 Most investors； of course； behave as if just the opposite were true。 That is； they usually confer the highest price…earnings ratios on exotic…sounding businesses that hold out the promise of feverish change。 That prospect lets investors fantasize about future profitability rather than face today's business realities。 For such investor…dreamers； any blind date is preferable to one with the girl next door； no matter how desirable she may be。
经验显示，能够创造盈余新高的企业，现在做生意的方式通常与其五年前甚至十年前没有多大的差异，当然管理当局绝对不能够太过自满，因为企业总有不断的机会可以改善本身的服务、产品线、制造能力等等，且绝对必须要好好把握，不过一家公司若是为了改变而改变，反而可能增加犯错的机会，讲的更深入一点，在一块动荡不安的土地之上，是不太可能建造一座固若金汤的城堡，而具有这样稳定特质的企业却是持续创造高获利的关键。
Experience； however； indicates that the best business returns are usually achieved by panies that are doing something quite similar today to what they were doing five or ten years ago。 That is no argument for managerial placency。 Businesses always have opportunities to improve service； product lines； manufacturing techniques； and the like； and obviously these opportunities should be seized。 But a business that constantly encounters major change also encounters many chances for major error。 Furthermore； economic terrain that is forever shifting violently is ground on which it is difficult to build a fortress…like business franchise。 Such a franchise is usually the key to sustained high returns。
先前提到财星杂志的研究，可以充分支持我的论点，在1977年到1986年间，总计1；000家中只有25家能够达到连续十年平均股东权益报酬率达到20％的标准，且没有一年低于15％的双重标准，而这些优质企业同时也是股票市场上的宠儿，在所有的25家中有24家的表现超越S&P500指数。
The Fortune study I mentioned earlier supports our view。 Only 25 of the 1；000 panies met two tests of economic excellence … an average return on equity of over 20％ in the ten years； 1977 through 1986； and no year worse than 15％。 These business superstars were also stock market superstars： During the decade； 24 of the 25 outperformed the S&P 500。
这些财富之星可能让你大开眼界，首先相对于本身支付利息的能力，他们所运用的财务杠杆极其有限，一家真正好的公司是不需要借钱的，第二除了有一家是所谓的高科技公司，另外少数几家属于制药业以外，大多数的公司产业相当平凡普通，大部分现在销售的产品或服务与十年前大致相同，（虽然数量或是价格、或是两者都有，比以前高很多），这些公司的记录显示，充分运用现有产业地位，或是专注在单一领导的产品品牌之上通常是创造企业暴利的不二法门。
The Fortune champs may surprise you in two respects。 First； most use very little leverage pared to their interest…paying capacity。 Really good businesses usually don't need to borrow。 Second； except for one pany that is 〃high…tech〃 and several others that manufacture ethical drugs； the panies are in businesses that； on balance； seem rather mundane。 Most sell non…sexy products or services in much the same manner as they did ten years ago （though in larger quantities now； or at higher prices； or both）。 The record of these 25 panies confirms that making the most of an already strong business franchise； or concentrating on a single winning business theme； is what usually produces exceptional economics。
事实上我们在Berkshire的经验正是如此，我们的专业经理人所以能够缔造优异的成绩，所从事的业务相当平凡，但重点是把它们做到极致，经理人致力于保护企业本身、控制成本，基于现有能力寻找新产品与新市场来巩固既有优势，他们从不受外界诱惑，钜细靡遗地专注于企业之上，而其成绩有目共睹。
Berkshire's experience has been similar。 Our managers have produced extraordinary results by doing rather ordinary things … but doing them exceptionally well。 Our managers protect their franchises； they control costs； they search for new products and markets that build on their existing strengths and they don't get diverted。 They work exceptionally hard at the details of their businesses； and it shows。
以下是近况报导
Here's an update：
克里思蒂小姐嫁给一位考古学家，她曾说︰「配偶最理想的职业就是考古学家，因为你越老，他就越有兴趣」，事实上应该是商学院而非考古学系的学生，需要多多研究B太太…这位NFM高龄94岁的负责人。
o Agatha Christie； whose husband was an archaeologist； said that was the perfect profession for one's spouse： 〃The older you bee； the more interested they are in you。〃 It is students of business management； not archaeologists； who should be interested in Mrs。 B （Rose Blumkin）； the 94…year…old chairman of Nebraska Furniture Mart。
五十年以前B太太以五百块美金创业，到如今NFM已是全美远近驰名的家具量贩店，但是B太太还是一样从早到晚，一个礼拜工作七天，掌管采购、销售与管理，我很确定她现在正蓄势待发，准备在未来的五到十年内，全力冲刺再创高峰，也因此我已说服董事会取消一百岁强迫退休的年龄上限，（也该是时候了，随着时光的流逝，越来我越相信这个规定是该修改了）
Fifty years ago Mrs。 B started the business with 500； and today NFM is far and away the largest home furnishings store in the country。 Mrs。 B continues to work seven days a week at the job from the opening of each business day until the close。 She buys； she sells； she manages … and she runs rings around the petition。 It's clear to me that she's gathering speed and may well reach her full potential in another five or ten years。 Therefore； I've persuaded the Board to scrap our mandatory retirement…at…100 policy。 （And it's about time： With every passing year； this policy has seemed sillier to me。）
去年（1987年） NFM的销货净额是一亿四千多万美元，较前一年度成长8％，这是全美独一无二的一家店，也是全美独一无二的家族，B太太跟她三个儿子拥有天生的生意头脑、品格与冲劲，且分工合作，团结一致。
Net sales of NFM were 142。6 million in 1987； up 8％ from 1986。 There's nothing like this store in the country； and there's nothing like the family Mrs。 B has produced to carry on： Her son Louie； and his three boys； Ron； Irv and Steve； possess the business instincts； integrity and drive of Mrs。 B。 They work as a team and； strong as each is individually； the whole is far greater than the sum of the parts。
B太太家族的杰出表现，不但让身为股东的我们受益良多，NFM的客户们更受惠更大，只要选择NFM的产品据估计光是1987年就可省下至少三千万美元，换句话说若客户到别处去买可能要贵上这么多钱。
The superb job done by the Blumkins benefits us as owners； but even more dramatically benefits NFM's customers。 They saved about 30 million in 1987 by buying from NFM。 In other words； the goods they bought would have cost that much more if purchased elsewhere。
去年我接到一封无名氏所写的相当有趣的信︰「很遗憾看到Berkshire第二季的获利下滑，想要提高 贵公司的获利吗？ 有一个不错的法子，去查查NFM的产品售价，你会发现他们把一、两成的获利空间白白奉送给客户，算算一年一亿四千万的营业额，那可是二千八百万的利润，这个数字实在是相当可观，再看看别家家具、地毯或是电器用品的价格，你就会发现把价格调回来是再合理不过了。谢谢
一位竞争同业留」
You'll enjoy an anonymous letter I received last August： 〃Sorry to see Berkshire profits fall in the second quarter。 One way