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所以在我们的合并资产负债表当中，这些持股将以成本而非市价列示。
We continue to concentrate our investments in a very few panies that we try to understand well。 There are only a handful of businesses about which we have strong long…term convictions。 Therefore； when we find such a business； we want to participate in a meaningful way。 We agree with Mae West： too much of a good thing can be wonderful。？
我们持续将投资集中在少数我们能够了解的公司之上，只有少部份是我们想要长期投入的，因为当我们好不容易找到这样的公司时，我们会想要达到一定的参与程度，我们同意Mae West的看法，好东西当然是多多益善。
We reduced our holdings of medium…term tax…exempt bonds by about 100 million last year。 All of the bonds sold were acquired after August 7； 1986。 When such bonds are held by property…casualty insurance panies； 15％ of the ax…exempt？ interest earned is subject to tax。
去年我们减少在中期免税债券约一亿美元的投资，所有卖出的债券都是在1986年之后才取得的，当这些债券由产险公司所持有的时候，其中15％的利息收入是要课税的。
The 800 million position we still hold consists almost entirely of bonds randfathered？under the Tax Reform Act of 1986； which means they are entirely tax…exempt。 Our sales produced a small profit and our remaining bonds； which have an average maturity of about six years； are worth modestly more than carrying value。
剩下我们仍持有约8亿美元的债券，都是属于适用1986年租税改革法案完全免税的祖父级债券，出售的债券将有些许的获利，而继续持有的债券平均到期日大概是六年，其市价大概略高于帐面价值。
Last year we described our holdings of short…term and intermediate…term bonds of Texaco； which was then in bankruptcy。 During 1988； we sold practically all of these bonds at a pre…tax profit of about 22 million。 This sale explains close to 100 million of the reduction in fixed…ine securities on our balance sheet。
去年我们曾提及我们所持有的已破产的Texaco短期与中期公司债券，1988年我们已经将所有的部位处分，获利约2；200万美元，此举将使得我们在固定收益债券的投资部位减少1亿美元。
We also told you last year about our holdings of another security whose predominant characteristics are those of an intermediate fixed…ine issue： our 700 million position in Salomon Inc 9％ convertible preferred。 This preferred has a sinking fund that will retire it in equal annual installments from 1995 to 1999。 Berkshire carries this holding at cost。 For reasons discussed by Charlie on page 69； the estimated market value of our holding has improved from moderately under cost at the end of last year to moderately over cost at 1988 year end。
去年我们还提到了另外一个深具固定收益特色的投资：亦即所罗门公司9％可转换特别股，这种特别股特别要求公司提拨偿债基金，自1995年到1999年间分批赎回，Berkshire将这些投资以成本列示在帐上，基于查理所提的原因，现在的估计市价以从前一年度略低于成本，转变为1988年的略高于成本。
The close association we have had with John Gutfreund； CEO of Salomon； during the past year has reinforced our admiration for him。 But we continue to have no great insights about the near； intermediate or long…term economics of the investment banking business： This is not an industry in which it is easy to forecast future levels of profitability。 We continue to believe that our conversion privilege could well have important value over the life of our preferred。 However； the overwhelming portion of the preferred value resides in its fixed…ine characteristics； not its equity characteristics。
我们与所罗门CEO… John Gutfreund之间良好的关系，随着几年来的合作日益增进，但我们还是无法判断投资银行业的前景，不管是短期、中期或是长期皆然，这是一个难以预估未来获利程度的产业，我们仍然相信我们所拥有的转换权利会在其有效期间内，对我们产生相当大的贡献，然而这种特别股的价值主要还是来自于其固定收益，而不是股权特性之上。
We have not lost our aversion to long…term bonds。 We will bee enthused about such securities only when we bee enthused about prospects for long…term stability in the purchasing power of money。 And that kind of stability isn in the cards： Both society and elected officials simply have too many higher…ranking priorities that conflict with purchasing…power stability。 The only long…term bonds we hold are those of Washington Public Power Supply Systems （WPPSS）。 A few of our WPPSS bonds have short maturities and many others； because of their high coupons； are likely to be refunded and paid off in a few years。 Overall； our WPPSS holdings are carried on our balance sheet at 247 million and have a market value of about 352 million。
我们对于长期债券的规避依旧不变，唯有当我们对于货币的长期购买力有信心时，我们才会对这类的债券有兴趣，但这种稳定却根本没办法预期，因为不管是社会或是选出来的官员实在是有太多的优先事项是与购买力的稳定性相冲突的。所以目前我们唯一持有的长期债券就是WPPSS华盛顿功用电力供应系统，其中有些属于短期，有一些则是分几年赎回的高票息，目前资产负债表上帐列成本为2。47亿美元，目前市价约为3。52亿美元。
We explained the reasons for our WPPSS purchases in the 1983 annual report； and are pleased to tell you that this mitment has worked out about as expected。 At the time of purchase； most of our bonds were yielding around 17％ after taxes and carried no ratings； which had been suspended。 Recently； the bonds were rated AA… by Standard & Poor。 They now sell at levels only slightly below those enjoyed by top…grade credits。
我们在1983年年报中曾经解释过购买WPPSS的理由，现在很高兴跟大家报告结果完全符合我们当初的预期，在买进的时候，债券的评等被暂时取消，估计税后的投资报酬率约为17％，最近它被史坦普评等机构评为AA…等级，目前的市价大概只有比最高等级债信的投资报酬好一点。
In the 1983 report； we pared the economics of our WPPSS purchase to those involved in buying a business。 As it turned out； this purchase actually worked out better than did the general run of business acquisitions made in 1983； assuming both are measured on the basis of unleveraged； after tax returns achieved through 1988。
在1983年的年报中，我们比较了投资WPPSS与一般企业的差异，结果显示这次的投资要比当时同期间所从事购并案还要好，假设两者皆以为无财务杠杆的基础下进行。
Our WPPSS experience； though pleasant； does nothing to alter our negative opinion about long…term bonds。 It only makes us hope that we run into some other large stigmatized issue； whose troubles have caused it to be significantly misappraised by the market。
不过我们在WPPSS的愉快经验并未能改变我们对于长期债券的负面看法，除非再让我们碰到暂时僵住的大案子，因为短暂的问题使得其市价严重的被低估。
Arbitrage
套利
In past reports we have told you that our insurance subsidiaries sometimes engage in arbitrage as an alternative to holding short…term cash equivalents。 We prefer； of course； to make major long…term mitments； but we often have more cash than good ideas。 At such times； arbitrage sometimes promises much greater returns than Treasury Bills and； equally important； cools any temptation we may have to relax our standards for long…term investments。 （Charlie sign off after wee talked about an arbitrage mitment is usually： kay； at least it will keep you out of bars。？
在过去的报告中我曾经告诉各位保险子公司有时也会从事套利的操作，以作为短期资金的替代，当然我们比较喜欢长期的投入，但可惜资金总是多过于点子，与此同时，套利的报酬有时会多过于政府公债，同时很重要的一点是可以稍微缓和我们对于寻找长期资金去处的压力，（每次在我们谈完套利投资之后，查理总是会附带一句，这样也好，至少能让你暂时远离市场）
During 1988 we made unusually large profits from arbitrage； measured both by absolute dollars and rate of return。 Our pre…tax gain was about 78 million on average invested funds of about 147 million。
在1988年我们在套利部份斩获不少，不论是金额或是投资报酬率，总计投入1。47亿美元的资金，赚取7；800万美元的获利。
This level of activity makes some detailed discussion of arbitrage and our approach to it appropriate。 Once； the word applied only to the simultaneous purchase and sale of securities or foreign exchange in two different markets。 The goal was to exploit tiny price differentials that might exist between； say； Royal Dutch stock trading in guilders in Amsterdam； pounds in London； and dollars in New York。 Some people might call this scalping； it won surprise you that practitioners opted for the French term； arbitrage。
如此的成绩使我们值得详细的描述一下，所谓的套利是指在不同的市场同时买卖相同的有价证券或是外汇，目的是为了撷取两者之间微小的差距，例如阿姆斯特丹的荷兰币、英国�