ÓÑÇéÌáʾ£ºÈç¹û±¾ÍøÒ³´ò¿ªÌ«Âý»òÏÔʾ²»ÍêÕû£¬Çë³¢ÊÔÊó±êÓÒ¼ü¡°Ë¢Ð¡±±¾ÍøÒ³£¡ÔĶÁ¹ý³Ì·¢ÏÖÈκδíÎóÇë¸æËßÎÒÃÇ£¬Ð»Ð»£¡£¡ ±¨¸æ´íÎó
´Î´ÎС˵ ·µ»Ø±¾ÊéĿ¼ ÎÒµÄÊé¼Ü ÎÒµÄÊéÇ© TXTÈ«±¾ÏÂÔØ ½øÈëÊé°É ¼ÓÈëÊéÇ©

e8¶«µÄÐÅ _×÷Õß: ÃÀ ÎÖÂס¤°Í·ÆÌØ-µÚ64ÕÂ

°´¼üÅÌÉÏ·½Ïò¼ü ¡û »ò ¡ú ¿É¿ìËÙÉÏÏ·­Ò³£¬°´¼üÅÌÉ쵀 Enter ¼ü¿É»Øµ½±¾ÊéĿ¼ҳ£¬°´¼üÅÌÉÏ·½Ïò¼ü ¡ü ¿É»Øµ½±¾Ò³¶¥²¿£¡
¡ª¡ª¡ª¡ªÎ´ÔĶÁÍꣿ¼ÓÈëÊéÇ©ÒѱãÏ´μÌÐøÔĶÁ£¡



ǾõµÃʤËãÆÄ´óʱ£¬²Å»á¿¼Âǽø³¡¡£
o¡¡Leaving¡¡aside¡¡the¡¡three¡¡convertible¡¡preferreds¡¡discussed¡¡in¡¡the¡¡next¡¡section£»¡¡we¡¡substantially¡¡reduced¡¡our¡¡holdings¡¡in¡¡both¡¡medium¡­¡¡and¡¡long¡­term¡¡fixed¡­ine¡¡securities¡£¡¡In¡¡the¡¡long¡­terms£»¡¡just¡¡about¡¡our¡¡only¡¡holdings¡¡have¡¡been¡¡Washington¡¡Public¡¡Power¡¡Supply¡¡Systems¡¡£¨WPPSS£©¡¡bonds¡¡carrying¡¡coupons¡¡ranging¡¡from¡¡low¡¡to¡¡high¡£¡¡During¡¡the¡¡year¡¡we¡¡sold¡¡a¡¡number¡¡of¡¡the¡¡low¡­coupon¡¡issues£»¡¡which¡¡we¡¡originally¡¡bought¡¡at¡¡very¡¡large¡¡discounts¡£¡¡Many¡¡of¡¡these¡¡issues¡¡had¡¡approximately¡¡doubled¡¡in¡¡price¡¡since¡¡we¡¡purchased¡¡them¡¡and¡¡in¡¡addition¡¡had¡¡paid¡¡us¡¡15£¥¡­17£¥¡¡annually£»¡¡tax¡­free¡£¡¡Our¡¡prices¡¡upon¡¡sale¡¡were¡¡only¡¡slightly¡¡cheaper¡¡than¡¡typical¡¡high¡­grade¡¡tax¡­exempts¡¡then¡¡manded¡£¡¡We¡¡have¡¡kept¡¡all¡¡of¡¡our¡¡high¡­coupon¡¡WPPSS¡¡issues¡£¡¡Some¡¡have¡¡been¡¡called¡¡for¡¡redemption¡¡in¡¡1991¡¡and¡¡1992£»¡¡and¡¡we¡¡expect¡¡the¡¡rest¡¡to¡¡be¡¡called¡¡in¡¡the¡¡early¡¡to¡¡mid¡­1990s¡£¡¡
³ýÁ˺óÃæ»áÌáµ½µÄÈýÏî¿Éת»»Ìرð¹ÉͶ×ÊÖ®Í⣬ÎÒÃÇ´ó·ù¼õÉÙÔÚÖг¤ÆڵĹ̶¨ÊÕÒæծȯ²¿Î»£¬ÓÈÆäÊdz¤ÆÚ²¿·Ý£¬´ó¸Å¾ÍֻʣÏ»ªÊ¢¶Ù¹«ÓõçÁ¦ÏµÍ³Õ®È¯£¬È¥ÄêÎÒÃÇ´¦·ÖÁ˲¿·Ýµ±³õÒÔÏ൱µÍÕÛ¼ÛÂò½øµÄµÍÊÕÒæծȯ£¬´¦·Ö¼Û¸ñÓëÒ»°ãÐÅÓÃÆÀµÈ¼ÑµÄծȯ²î²»¶à£¬ÊÇԭʼͶ×ʳɱ¾µÄÒ»±¶£¬Íâ¼ÓÿÄê15£¥µ½17£¥µÄÃâË°ÀûÏ¢£¬ÖÁÓÚ¸ßÊÕÒæµÄծȯÔòÓèÒÔ±£Áô£¬ÓÐЩ¼´½«ÔÚ1991Äê»ò1992Äêµ½ÆÚ£¬Ê£ÏµÄÔò»áÔÚ1990ÄêÖÐÆÚµ½ÆÚÊê»Ø¡£
We¡¡also¡¡sold¡¡many¡¡of¡¡our¡¡medium¡­term¡¡tax¡­exempt¡¡bonds¡¡during¡¡the¡¡year¡£¡¡When¡¡we¡¡bought¡¡these¡¡bonds¡¡we¡¡said¡¡we¡¡would¡¡be¡¡happy¡¡to¡¡sell¡¡them¡¡¡­¡¡regardless¡¡of¡¡whether¡¡they¡¡were¡¡higher¡¡or¡¡lower¡¡than¡¡at¡¡our¡¡time¡¡of¡¡purchase¡¡¡­¡¡if¡¡something¡¡we¡¡liked¡¡better¡¡came¡¡along¡£¡¡Something¡¡did¡¡¡­¡¡and¡¡concurrently¡¡we¡¡unloaded¡¡most¡¡of¡¡these¡¡issues¡¡at¡¡modest¡¡gains¡£¡¡Overall£»¡¡our¡¡1989¡¡profit¡¡from¡¡the¡¡sale¡¡of¡¡tax¡­exempt¡¡bonds¡¡was¡¡about¡¡51¡¡million¡¡pre¡­tax¡£
ͬʱÎÒÃÇÒ²ÂôÁ˲»ÉÙÖÐÆÚµÄÃâ˰ծȯ£¬µ±³õÂòÏÂÕâЩծȯʱ¾ÍÔø˵¹ý£¬Ö»ÒªÊ±»ú³ÉÊìÕÒµ½¸üºÃµÄͶ×ʱêµÄ£¬ÎÒÃÇ»áºÜ¸ßÐ˵ذÑËûÃǸø´¦·Öµô£¬²»¹Ü½ìʱµÄ¼Û¸ñÊǸ߻òÊǵÍÓÚÎÒÃǵÄͶ×ʳɱ¾£¬Èç½ñʱ»úȷʵ³ÉÊìÁË£¬ËùÒÔÎÒÃDZ㽫´ó²¿·ÖµÄծȯ³öÇ壬ËùµÃµÄ±¨³ê»¹Ëã²»´í£¬×ܽáÏÂÀ´ÎÒÃÇ1989Äê´Ó³öÊÛÃâ˰ծȯËù»ñµÃµÄË°Ç°ÊÕÒæ´ó¸ÅÔÚ5£»100Íò×óÓÒ¡£
The¡¡proceeds¡¡from¡¡our¡¡bond¡¡sales£»¡¡along¡¡with¡¡our¡¡excess¡¡cash¡¡at¡¡the¡¡beginning¡¡of¡¡the¡¡year¡¡and¡¡that¡¡generated¡¡later¡¡through¡¡earnings£»¡¡went¡¡into¡¡the¡¡purchase¡¡of¡¡three¡¡convertible¡¡preferred¡¡stocks¡£¡¡In¡¡the¡¡first¡¡transaction£»¡¡which¡¡took¡¡place¡¡in¡¡July£»¡¡we¡¡purchased¡¡600¡¡million¡¡of¡¡The¡¡Gillette¡¡Co¡£¡¡preferred¡¡with¡¡an¡¡8¡¡3/4£¥¡¡dividend£»¡¡a¡¡mandatory¡¡redemption¡¡in¡¡ten¡¡years£»¡¡and¡¡the¡¡right¡¡to¡¡convert¡¡into¡¡mon¡¡at¡¡50¡¡per¡¡share¡£¡¡We¡¡next¡¡purchased¡¡358¡¡million¡¡of¡¡USAir¡¡Group£»¡¡Inc¡£¡¡preferred¡¡stock¡¡with¡¡mandatory¡¡redemption¡¡in¡¡ten¡¡years£»¡¡a¡¡dividend¡¡of¡¡9¡¡1/4£¥£»¡¡and¡¡the¡¡right¡¡to¡¡convert¡¡into¡¡mon¡¡at¡¡60¡¡per¡¡share¡£¡¡Finally£»¡¡late¡¡in¡¡the¡¡year¡¡we¡¡purchased¡¡300¡¡million¡¡of¡¡Champion¡¡International¡¡Corp¡£¡¡preferred¡¡with¡¡mandatory¡¡redemption¡¡in¡¡ten¡¡years£»¡¡a¡¡9¡¡1/4£¥¡¡dividend£»¡¡and¡¡the¡¡right¡¡to¡¡convert¡¡into¡¡mon¡¡at¡¡38¡¡per¡¡share¡£
ÎÒÃǽ«³öÊÛծȯËùµÃµÄÊÕÈëÁ¬Í¬ÆÚ³õÕÊÉϵÄÏÖ½ðÓëÄêÖÐËù׬ȡµÄÓ¯Ó࣬ͨͨÂò½øÈýÖÖ¿Éת»»Ìرð¹É£¬µÚÒ»ÖÖÊÇÔÚ7ÔÂÎÒÃÇͶ×Ê6ÒÚÃÀ½ðÔÚ¼ªÁйκúµ¶ÄêÀûÂÊ8ÓÖ3/4£¥Ê®ÄêÇ¿ÖÆÊê»ØµÄ¿Éת»»Ìرð¹É£¬×ª»»¼Û¸ñ¶©Îª50ÃÀÔª£»Ö®ºóÎÒÃÇÓÖ»¨ÁË3¡£58ÒÚÃÀ½ðͶ×ÊÃÀ¹úº½¿ÕÄêÀûÂÊ9ÓÖ1/4£¥Ê®ÄêÇ¿ÖÆÊê»ØµÄ¿Éת»»Ìرð¹É£¬×ª»»¼Û¸ñ¶©Îª60ÃÀÔª£»×îºóÎÒÃÇÔÚÄêµ×ÓÖÒÔ3ÒÚÃÀ½ðͶ×ʹھüÆóÒµÄêÀûÂÊ9ÓÖ1/4£¥Ê®ÄêÇ¿ÖÆÊê»ØµÄ¿Éת»»Ìرð¹É£¬×ª»»¼Û¸ñ¶©Îª38ÃÀÔª¡£
Unlike¡¡standard¡¡convertible¡¡preferred¡¡stocks£»¡¡the¡¡issues¡¡we¡¡own¡¡are¡¡either¡¡non¡­salable¡¡or¡¡non¡­convertible¡¡for¡¡considerable¡¡periods¡¡of¡¡time¡¡and¡¡there¡¡is¡¡consequently¡¡no¡¡way¡¡we¡¡can¡¡gain¡¡from¡¡short¡­term¡¡price¡¡blips¡¡in¡¡the¡¡mon¡¡stock¡£¡¡I¡¡have¡¡gone¡¡on¡¡the¡¡board¡¡of¡¡Gillette£»¡¡but¡¡I¡¡am¡¡not¡¡on¡¡the¡¡board¡¡of¡¡USAir¡¡or¡¡Champion¡£¡¡£¨I¡¡thoroughly¡¡enjoy¡¡the¡¡boards¡¡I¡¡am¡¡on£»¡¡but¡¡can't¡¡handle¡¡any¡¡more¡££©
²»ÏñÒ»°ãµÄ¿Éת»»Ìرð¹É£¬Õâ´ÎÎÒÃÇËùÓµÓеÄÔÚÏÞ¶¨Ê±¼äÄÚ²»µÃ³öÊÛ»òת»»µÄ£¬ËùÒÔ¶ÌÆÚ¼äÎÒÃÇÒª¿¿ÆÕͨ¹É·´×ª¶ø»ñÀûµÄ»ú»á²»´ó£¬ÎÒ²¢ÇÒÒѾ­¼ÓÈ뼪ÁеĶ­Ê»ᣬÖÁÓÚÃÀ¹úº½¿Õ»òÊÇChampion¹«Ë¾ÔòûÓУ¬£¨ÎÒºÜϲ»¶ÏÖÓмÓÈëµÄ¶­Ê»ᣬµ«¿ÉÊÇÓÉÓÚ·ÖÉí·¦Êõ¿ÉÄÜÎÞ·¨ÔÙ¼ÓÈëÆäËü¹«Ë¾µÄ¶­Ê»ᣩ¡£
Gillette's¡¡business¡¡is¡¡very¡¡much¡¡the¡¡kind¡¡we¡¡like¡£¡¡Charlie¡¡and¡¡I¡¡think¡¡we¡¡understand¡¡the¡¡pany's¡¡economics¡¡and¡¡therefore¡¡believe¡¡we¡¡can¡¡make¡¡a¡¡reasonably¡¡intelligent¡¡guess¡¡about¡¡its¡¡future¡£¡¡£¨If¡¡you¡¡haven't¡¡tried¡¡Gillette's¡¡new¡¡Sensor¡¡razor£»¡¡go¡¡right¡¡out¡¡and¡¡get¡¡one¡££©¡¡However£»¡¡we¡¡have¡¡no¡¡ability¡¡to¡¡forecast¡¡the¡¡economics¡¡of¡¡the¡¡investment¡¡banking¡¡business¡¡£¨in¡¡which¡¡we¡¡have¡¡a¡¡position¡¡through¡¡our¡¡1987¡¡purchase¡¡of¡¡Salomon¡¡convertible¡¡preferred£©£»¡¡the¡¡airline¡¡industry£»¡¡or¡¡the¡¡paper¡¡industry¡£¡¡This¡¡does¡¡not¡¡mean¡¡that¡¡we¡¡predict¡¡a¡¡negative¡¡future¡¡for¡¡these¡¡industries£º¡¡we're¡¡agnostics£»¡¡not¡¡atheists¡£¡¡Our¡¡lack¡¡of¡¡strong¡¡convictions¡¡about¡¡these¡¡businesses£»¡¡however£»¡¡means¡¡that¡¡we¡¡must¡¡structure¡¡our¡¡investments¡¡in¡¡them¡¡differently¡¡from¡¡what¡¡we¡¡do¡¡when¡¡we¡¡invest¡¡in¡¡a¡¡business¡¡appearing¡¡to¡¡have¡¡splendid¡¡economic¡¡characteristics¡£
¼ªÁÐÕâ¼Ò¹«Ë¾ÓëÎÒÃÇϲ°®µÄÀàÐͷdz£Ïà½ü£¬²éÀí¸úÎÒ¶¼ÊìϤÕâ¸ö²úÒµµÄ»·¾³£¬Òò´ËÎÒÃÇÏàÐÅ¿ÉÒÔ¶ÔÕâ¼Ò¹«Ë¾µÄδÀ´×öÒ»¸öºÏÀíµÄÔ¤¹À£¬£¨ÈôÊÇûÓÐÊÔ¹ý¼ªÁÐеĸÐӦʽ¹Îºúµ¶£¬¸Ï½ôÈ¥ÂòÒ»¸öÀ´ÊÔÊÔ£¡£©£¬µ«ÊÇÎÒÃǾÍû·¨×ÓÀ´Ô¤²âͶ×ÊÒøÐÐÒµ¡¢º½¿ÕÒµ»òÊÇÔìÖ½ÒµµÄδÀ´Ç°¾°£¬£¨ÎÒÃÇÔÚ1987ÄêÂòÏÂËùÂÞÃŹ«Ë¾µÄ¿Éת»»Õ®È¯£©¡¡£¬µ±È»Õâ²¢²»±íʾËûÃǵÄδÀ´¾ÍÊǸö¸ºÊý£¬»ù±¾ÉÏÎÒÃÇÊDz»¿ÉÖªÂÛÕߣ¬¶ø²»ÊÇÎÞÉñÂÛÕß¡£ËùÒÔÓÉÓÚÎÒÃÇÔÚÕâЩ²úÒµÉÏȱ·¦Ç¿¶øÓÐÁ¦µÄÂÛµãÖ§³ÖÎÒÃÇ£¬Òò´ËÎÒÃÇÔÚÕâЩ²úÒµÉÏËù²ÉµÄͶ×Ê·½Ê½¾Í±ØÐëÓëÄÇЩÏÔ¶øÒ×¼ûµÄºÃ¹«Ë¾ºÃ²úÒµÓÐËù²»Í¬¡£
In¡¡one¡¡major¡¡respect£»¡¡however£»¡¡these¡¡purchases¡¡are¡¡not¡¡different£º¡¡We¡¡only¡¡want¡¡to¡¡link¡¡up¡¡with¡¡people¡¡whom¡¡we¡¡like£»¡¡admire£»¡¡and¡¡trust¡£¡¡John¡¡Gutfreund¡¡at¡¡Salomon£»¡¡Colman¡¡Mockler£»¡¡Jr¡£¡¡at¡¡Gillette£»¡¡Ed¡¡Colodny¡¡at¡¡USAir£»¡¡and¡¡Andy¡¡Sigler¡¡at¡¡Champion¡¡meet¡¡this¡¡test¡¡in¡¡spades¡£
²»¹ýÔÚÁíÒ»·½Ã棬ÓÐÒ»µã»¹ÊǺÜÖØÒª£¬ÎÒÃÇÖ»¸úÎÒÃÇϲ»¶¡¢ÐÀÉÍÇÒÐÅÈεÄÈË´ò½»µÀ£¬ÏñÊÇËùÂÞÃŵÄJohn¡¡Gutfreund¡¢¼ªÁеÄColman¡¡Mockler¶þÊÀ¡¢ÃÀ¹úº½¿ÕµÄEd¡¡ColodnyÓëChampionÆóÒµµÄAndy¡¡Sigler¶¼ËãÊÇ·ûºÏÎÒÃǵıê×¼¡£
They¡¡in¡¡turn¡¡have¡¡demonstrated¡¡some¡¡confidence¡¡in¡¡us£»¡¡insisting¡¡in¡¡each¡¡case¡¡that¡¡our¡¡preferreds¡¡have¡¡unrestricted¡¡voting¡¡rights¡¡on¡¡a¡¡fully¡­converted¡¡basis£»¡¡an¡¡arrangement¡¡that¡¡is¡¡far¡¡from¡¡standard¡¡in¡¡corporate¡¡finance¡£¡¡In¡¡effect¡¡they¡¡are¡¡trusting¡¡us¡¡to¡¡be¡¡intelligent¡¡owners£»¡¡thinking¡¡about¡¡tomorrow¡¡instead¡¡of¡¡today£»¡¡just¡¡as¡¡we¡¡are¡¡trusting¡¡them¡¡to¡¡be¡¡intelligent¡¡managers£»¡¡thinking¡¡about¡¡tomorrow¡¡as¡¡well¡¡as¡¡today¡£¡¡
ͬʱËûÃǶÔÎÒÃÇÒ²Ï൱µÄÐÅÈΣ¬¼á³Ö¸øÎÒÃÇÎÞÏÞÖƵÄת»»È¨Àû£¬ÕâÔÚÒ»°ãÃÀ¹ú´óÆóÒµÈÚ×Ê°¸ÀïÍ·²¢²»¶à¼û£¬ÊÂʵÉÏËûÃÇÏàÐÅÎÒÃÇÊÇ´ÏÃ÷µÄÀϰ壬¿´µÄÊÇδÀ´¶ø²»ÊÇÏÖÔÚ£¬¾ÍÏñÎÒÃÇÏàÐÅËûÃÇÊÇ´ÏÃ÷µÄ¾­ÀíÈËÒ»Ñù£¬²»µ«»á¿´Î´À´Í¬Ê±Ò²»á¹Ë¼°ÏÖÔÚ¡£
The¡¡preferred¡­stock¡¡structures¡¡we¡¡have¡¡negotiated¡¡will¡¡provide¡¡a¡¡mediocre¡¡return¡¡for¡¡us¡¡if¡¡industry¡¡economics¡¡hinder¡¡the¡¡performance¡¡of¡¡our¡¡investees£»¡¡but¡¡will¡¡produce¡¡reasonably¡¡attractive¡¡results¡¡for¡¡us¡¡if¡¡they¡¡can¡¡earn¡¡a¡¡return¡¡parable¡¡to¡¡that¡¡of¡¡American¡¡industry¡¡in¡¡general¡£¡¡We¡¡believe¡¡that¡¡Gillette£»¡¡under¡¡Colman's¡¡management£»¡¡will¡¡far¡¡exceed¡¡that¡¡return¡¡and¡¡believe¡¡that¡¡John£»¡¡Ed£»¡¡and¡¡Andy¡¡will¡¡reach¡¡it¡¡unless¡¡industry¡¡conditions¡¡are¡¡harsh¡£
ÕâÖÖ¿Éת»»Ìرð¹ÉµÄͶ×Ê·½Ê½¿ÉÒÔÈ·±£¼´±ãÊÇÎÒÃǵı»Í¶×ʹ«Ë¾ÃæÁÙ²úҵǰ¾°²»¼ÑµÄ»·¾³Ê±£¬ÈÔÄÜÈ·±£ÎÒÃÇ¿ÉÒԵõ½Îȶ¨µÄÊÕÒ棬ͬʱÈô±»Í¶×ʹ«Ë¾±íÏÖ²»´íʱ£¬ÎÒÃÇÓÖ¿ÉÒÔ»ñµÃ±ÈͶ×ÊÒ»°ãÃÀ¹úÆóÒµ¸üºÃµÄ±¨³ê£¬ÎÒÃÇÏàÐżªÁÐÔÚColmanµÄÁ쵼֮ϣ¬Ò»¶¨»áÓв»´íµÄ±íÏÖ£¬ÁíÍâJohnÓëAndy¼´Ê¹ÊÇÃæÁÙ²úÒµ²»¼ÑµÄÇ°¾°£¬Ó¦¸ÃÒ²²»»áÈÃÎÒÃÇʧÍû¡£
Under¡¡almost¡¡any¡¡conditions£»¡¡we¡¡expect¡¡these¡¡preferreds¡¡to¡¡return¡¡us¡¡our¡¡money¡¡plus¡¡dividends¡£¡¡If¡¡that¡¡is¡¡all¡¡we¡¡get£»¡¡though£»¡¡the¡¡result¡¡will¡¡be¡¡disappointing£»¡¡because¡¡we¡¡will¡¡have¡¡given¡¡up¡¡flexibility¡¡and¡¡consequently¡¡will¡¡have¡¡missed¡¡some¡¡significant¡¡opportunities¡¡that¡¡are¡¡bound¡¡to¡¡present¡¡themselves¡¡during¡¡the¡¡decade¡£¡¡Under¡¡that¡¡scenario£»¡¡we¡¡will¡¡have¡¡obtained¡¡only¡¡a¡¡preferred¡­stock¡¡yield¡¡during¡¡a¡¡period¡¡when¡¡the¡¡typical¡¡preferred¡¡stock¡¡will¡¡have¡¡held¡¡no¡¡appeal¡¡for¡¡us¡¡whatsoever¡£¡¡The¡¡only¡¡way¡¡Berkshire¡¡can¡¡achieve¡¡satisfactory¡¡results¡¡from¡¡its¡¡four¡¡preferred¡¡issues¡¡is¡¡to¡¡have¡¡the¡¡mon¡¡stocks¡¡of¡¡the¡¡investee¡¡panies¡¡do¡¡well¡£¡¡
²»¹ÜÔÚÈκÎÇé¿ö֮ϣ¬ÎÒÃÇÔ¤ÆÚÕâЩ¿Éת»»Ìرð¹É¶¼¿ÉÒÔÈÃÎÒÃÇÊջر¾½ð¼ÓÉϹÉÀûÎÞÓÝ£¬È»¶øÈôÊÇÎÒÃÇÕæµÄÖ»ÄÜÊÕ»ØÕâЩ£¬ÄÇôÕâÑùµÄ½á¹ûÎãÄþÊÇÏ൱ÁîÎÒÃÇʧÍûµÄ£¬ÒòΪÎÒÃDZØÐë±»ÆÈÎþÉüÁ÷¶¯ÐÔ£¬ÕâÓÑ¿ÉÄÜÈÃÎÒÃÇÔÚÍùºóµÄÊ®ÄêÄÚ´íʧ¸üºÃµÄͶ×Ê»ú»á£¬ÔÚÕâÖÖÇé¿öÏ£¬ÎÒÃǾÍÖ»ÄÜ»ñµÃÒ»°ãÌرð¹ÉËùÄÜ»ñµÃµÄÀûÒ棬¶øºóÕßÈ´ÊÇÎÒÃǸù±¾¾Í²»»áÏëҪȥͶ×ʵģ¬ËùÒÔΨһ¶ÔBerkshire×îÓÐÒæ´¦µÄÊÇÎÒÃǵı»Í¶×ʹ«Ë¾±¾ÉíµÄÆÕͨ¹ÉÒ²ÄÜÓÐÓÅÒìµÄ±íÏÖ¡£
Good¡¡management¡¡and¡¡at¡¡least¡¡tolerable¡¡industry¡¡conditions¡¡will¡¡be¡¡needed¡¡if¡¡that¡¡is¡¡to¡¡happen¡£¡¡But¡¡we¡¡believe¡¡Berkshire's¡¡investment¡¡will¡¡also¡¡help¡¡and¡¡that¡¡the¡¡other¡¡shareholders¡¡of¡¡each¡¡investee¡¡will¡¡profit¡¡over¡¡the¡¡years¡¡ahead¡¡from¡¡our¡¡preferred¡­stock¡¡purchase¡£¡¡The¡¡help¡¡will¡¡e
·µ»ØĿ¼ ÉÏÒ»Ò³ ÏÂÒ»Ò³ »Øµ½¶¥²¿ ÔÞ£¨0£© ²È£¨0£©
δÔĶÁÍꣿ¼ÓÈëÊéÇ©ÒѱãÏ´μÌÐøÔĶÁ£¡
ÎÂÜ°Ìáʾ£º ο´Ð¡ËµµÄͬʱ·¢±íÆÀÂÛ£¬Ëµ³ö×Ô¼ºµÄ¿´·¨ºÍÆäËüС»ï°éÃÇ·ÖÏíÒ²²»´íŶ£¡·¢±íÊéÆÀ»¹¿ÉÒÔ»ñµÃ»ý·ÖºÍ¾­Ñé½±Àø£¬ÈÏÕæдԭ´´ÊéÆÀ ±»²ÉÄÉΪ¾«ÆÀ¿ÉÒÔ»ñµÃ´óÁ¿½ð±Ò¡¢»ý·ÖºÍ¾­Ñé½±ÀøŶ£¡