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Our 1989 gain of 1。5 billion was achieved after we took a charge of about 712 million for ine taxes。 In addition； Berkshire's share of the ine taxes paid by its five major investees totaled about 175 million。
事实上，1989年Berkshire 15亿美元的增加净值还是已扣除7。12亿美元估计应付所得税后的净额，此外这还不包含其五个主要被投资公司合计已缴1。75亿美元的所得税。
Of this year's tax charge； about 172 million will be paid currently； the remainder； 540 million； is deferred。 Almost all of the deferred portion relates to the 1989 increase in unrealized profits in our mon stock holdings。 Against this increase； we have reserved a 34％ tax。
在今年的所得税费用中，大约有1。72亿美元是马上要支付的，剩下的5。4亿则可以记帐递延处理，大部分是由于1989年我们持有的股票未实现利益，以34％的预估税率计算出来的数字。
We also carry reserves at that rate against all unrealized profits generated in 1987 and 1988。 But； as we explained last year； the unrealized gains we amassed before 1987 … about 1。2 billion … carry reserves booked at the 28％ tax rate that then prevailed。
另外我们也1987年及1988年的未实现资本利得依照前项税率补提准备，但如同去年解释过的，我们在1987年所累积的未实现利益约12亿美元仍依照当时28％的税率提列准备。
A new accounting rule is likely to be adopted that will require panies to reserve against all gains at the current tax rate； whatever it may be。 With the rate at 34％； such a rule would increase our deferred tax liability； and decrease our net worth； by about 71 million … the result of raising the reserve on our pre…1987 gain by six percentage points。 Because the proposed rule has sparked widespread controversy and its final form is unclear； we have not yet made this change。
新的会计原则有可能会要求公司将所有的利得以现行的税率估算（不管实际可能会是多少），若以34％来计（等于将税率提高6个百分点），这样的规则可能会大幅增加我们帐列递延所得税的数字，并使我们的帐面净值减少约7；100万美元，由于新提出的规定引发相当大的争议，最后的结果尚难定论，所以目前公司帐上尚未做此反应。
As you can see from our balance sheet on page 27； we would owe taxes of more than 1。1 billion were we to sell all of our securities at year…end market values。 Is this 1。1 billion liability equal； or even similar； to a 1。1 billion liability payable to a trade creditor 15 days after the end of the year？ Obviously not … despite the fact that both items have exactly the same effect on audited net worth； reducing it by 1。1 billion。
大家可以从资产负债表上看到，若是年底我们一口气将所有的有价证券按市价全部出清，则我们要支付的所得税将高达11亿美元，但这11亿的负债真的就跟15天后要付给厂商的货款，一样或是相近吗？ 很显然的并非如此，虽然在财务报表上计算的净值的方式都一样，只是很简单地减掉11亿美元。
On the other hand； is this liability for deferred taxes a meaningless accounting fiction because its payment can be triggered only by the sale of stocks that； in very large part； we have no intention of selling？ Again； the answer is no。
从另一个角度来看，难道这项估计所得税负债，会因为我们从来没有意愿要把股票卖掉，所以政府课不到所得税，就表示它不具重大的意义吗？ 答案很显然也不是。
In economic terms； the liability resembles an interest…free loan from the U。S。 Treasury that es due only at our election （unless； of course； Congress moves to tax gains before they are realized）。 This 〃loan〃 is peculiar in other respects as well： It can be used only to finance the ownership of the particular； appreciated stocks and it fluctuates in size … daily as market prices change and periodically if tax rates change。 In effect； this deferred tax liability is equivalent to a very large transfer tax that is payable only if we elect to move from one asset to another。 Indeed； we sold some relatively small holdings in 1989； incurring about 76 million of 〃transfer〃 tax on 224 million of gains。
就经济实质而言，这种所得税负债就好象是美国国库借给我们的无息贷款，且到期日由我们自己来决定，（当然除非国会把课税时点提早到未实现时），这种贷款还有一项很奇怪的特点，它只能被用来购买某些特定涨价的股票，而且额度会随时市场价格来变动，有时也会因为税率变动而改变，事实上这种递延所得税其实有点类似于资产移转时所要缴交的交易税，事实上我们在1989年只做了一小部份的变动，总共产生了2。24亿的资本利得，因此发生了7；600万的交易税。
Because of the way the tax law works； the Rip Van Winkle style of investing that we favor … if successful … has an important mathematical edge over a more frenzied approach。 Let's look at an extreme parison。
由于税法运作的方式，如果情况许可的话，我们偏爱李伯大梦式的投资，因为较之疯狂短线进出的方法，它有一个很重要的利基点，让我们举一个很极端的例子来做说明。
Imagine that Berkshire had only 1； which we put in a security that doubled by yearend and was then sold。 Imagine further that we used the after…tax proceeds to repeat this process in each of the next 19 years； scoring a double each time。 At the end of the 20 years； the 34％ capital gains tax that we would have paid on the profits from each sale would have delivered about 13；000 to the government and we would be left with about 25；250。 Not bad。 If； however； we made a single fantastic investment that itself doubled 20 times during the 20 years； our dollar would grow to 1；048；576。 Were we then to cash out； we would pay a 34％ tax of roughly 356；500 and be left with about 692；000。
假设Berkshire只有1块美金的投资，但它每年却可以有一倍的报酬，假设我们将卖掉后所得的资金，用同样的方式再重复19年，结果20年下来，依照34％的税率总共贡献给国库13；000美元，而我们自己则可以拿到25；250美元，看起来还不错，然而要是我们简单一点，只做一项不变的投资，但是它同样可以赚每年一倍，则最后的金额却高达1；048；576美元，在扣除34％ 356；500的所得税之后，实得约692；000美元。
The sole reason for this staggering difference in results would be the timing of tax payments。 Interestingly； the government would gain from Scenario 2 in exactly the same 27：1 ratio as we … taking in taxes of 356；500 vs。 13；000 … though； admittedly； it would have to wait for its money。
之所以会有如此大的差异唯一的理由就是所得税支付的时点，有趣的是政府从后面那种情况所抽的税金还比前者高，当然政府必须等到最后才能拿到这笔税金。
We have not； we should stress； adopted our strategy favoring long…term investment mitments because of these mathematics。 Indeed； it is possible we could earn greater after…tax returns by moving rather frequently from one investment to another。 Many years ago； that's exactly what Charlie and I did。
必须强调的是我们并不是因为这种简单的算术就倾向采用长期投资的态度，没错经常性的变动有可能会使我们的税后报酬高一些，事实上在几年之前，查理跟我就是这样在做的。
Now we would rather stay put； even if that means slightly lower returns。 Our reason is simple： We have found splendid business relationships to be so rare and so enjoyable that we want to retain all we develop。 This decision is particularly easy for us because we feel that these relationships will producegood … though perhaps not optimal … financial results。 Considering that； we think it makes little sense for us to give up time with people we know to be interesting and admirable for time with others we do not know and who are likely to have human qualities far closer to average。 That would be akin to marrying for money … a mistake under most circumstances； insanity if one is already rich。
但现在我们觉得一动不如一静，虽然这样的投资报酬看起来可能会少一点，其中的理由很简单，我们已经找到相当难得的商业合作关系，并珍惜我们彼此间所发展出来的情感，做这种决定对我们来说一点都不困难，因为我们相信这样的关系一定会让我们有一个满意的投资成果，虽然它可能不是最佳的。也因此我们觉得实在没有意义要舍弃原来我们熟悉欣赏的人，而把时间浪费在我们不认识且人格可能会在水准以下的人身上，那不等于一个有钱人竟然还为了金钱而结婚，这未免有些精神错乱。
Sources of Reported Earnings
帐列盈余的来源
The table below shows the major sources of Berkshire's reported earnings。 In this presentation； amortization of Goodwill and other major purchase…price accounting adjustments are not charged against the specific businesses to which they apply； but are instead aggregated and shown separately。 This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them。 I've explained in past reports why this form of presentation seems to us to be more useful to investors and managers than one utilizing generally accepted accounting principles （GAAP）； which requir