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of each investee will profit over the years ahead from our preferred…stock purchase。 The help will e from the fact that each pany now has a major； stable； and interested shareholder whose Chairman and Vice Chairman have； through Berkshire's investments； indirectly mitted a very large amount of their own money to these undertakings。 In dealing with our investees； Charlie and I will be supportive； analytical； and objective。 We recognize that we are working with experienced CEOs who are very much in mand of their own businesses but who nevertheless； at certain moments； appreciate the chance to test their thinking on someone without ties to their industry or to decisions of the past。
这需要靠好的经营团队再加上可以忍受的产业环境，不过我们相信Berkshire本身对这四家公司的资金挹注，也能够对这些公司与其股东的长远利益有所帮助，这是由于他们可以确信现在这些公司的背后有一个稳定又关心公司的大股东在默默地支持他们，再与我们被投资公司相处时，我们通常会采取支持、客观并给予分析建议的态度，我们了解这些公司的CEO对于其所处的产业都相当的清楚，但我想他们应该有会很珍惜我们这些与产业背景完全不相关的客观人士所给他们的经验交流。
As a group； these convertible preferreds will not produce the returns we can achieve when we find a business with wonderful economic prospects that is unappreciated by the market。 Nor will the returns be as attractive as those produced when we make our favorite form of capital deployment； the acquisition of 80％ or more of a fine business with a fine management。 But both opportunities are rare； particularly in a size befitting our present and anticipated resources。
这些可转换特别股的报酬当然比不上那些具有经济优势却还没被市场发现的好股票，或许也比不上那些我们可以买下80％以上股权的优良企业购并案，但大家要知道后面这两种投资机会相当的稀少，实在是可遇不可求，尤其是以我们现在的资金规模，实在是很难找的到适合的投资标的。
In summation； Charlie and I feel that our preferred stock investments should produce returns moderately above those achieved by most fixed…ine portfolios and that we can play a minor but enjoyable and constructive role in the investee
panies。
总而言之，查理跟我认为这类的可转换特别股投资应该可以让我们获得比一般固定收益债券更好的投资利益，同时我们也可以在这些被投资公司扮演好具建设性的少数关键角色。
Zero…Coupon Securities
零息债券
In September； Berkshire issued 902。6 million principal amount of Zero…Coupon Convertible Subordinated Debentures； which are now listed on the New York Stock Exchange。 Salomon Brothers handled the underwriting in superb fashion； providing us helpful advice and a flawless execution。
去年九月，Berkshire发行了9亿美元的零息可转换次顺位债券，目前并已在纽约证券交易所挂牌交易，由所罗门公司负责本次的债券承销工作，提供了我们宝贵的建议与完美无缺的执行结果。
Most bonds； of course； require regular payments of interest； usually semi…annually。 A zero…coupon bond； conversely； requires no current interest payments； instead； the investor receives his yield by purchasing the security at a significant discount from maturity value。 The effective interest rate is determined by the original issue price； the maturity value； and the amount of time between issuance and maturity。
大部分的债券当然需要按时支付利息，通常是每半年一次，但是零息债券却不须要马上支付利息，而是由投资人在以相当大的折价幅度在取得债券时预先扣除，实质的利率则取决于发行的债券价格、到期面值与发行时间的长短而定。
In our case； the bonds were issued at 44。314％ of maturity value and are due in 15 years。 For investors purchasing the bonds； that is the mathematical equivalent of a 5。5％ current payment pounded semi…annually。 Because we received only 44。31 cents on the dollar； our proceeds from this offering were 400 million （less about 9。5 million of offering expenses）。
以我们这次发行的债券来说，发行价是面额的44。314％，十五年到期，对于买下这次债券的投资人，约可获得相当于5。5％的年报酬率，因为我们只拿到44。31每分，所以这次扣除950万美元的发行费用，我们实得的款项是4亿美元。
The bonds were issued in denominations of 10；000 and each bond is convertible into 。4515 shares of Berkshire Hathaway。 Because a 10；000 bond cost 4；431； this means that the conversion price was 9；815 per Berkshire share； a 15％ premium to the market price then existing。 Berkshire can call the bonds at any time after September 28； 1992 at their accreted value （the original issue price plus 5。5％ pounded semi…annually） and on two specified days； September 28 of 1994 and 1999； the bondholders can require Berkshire to buy the securities at their accreted value。
这次发行的债券面额是10；000美元，每张债券可以申请转换为0。4515股的Berkshire股份，因为每张债券的发行价大约是4；431美元，所以代表转换为Berkshire的价格大概是9；815美元，约为现在市价15％的溢价，同时Berkshire有权在1992年9月28日以后加计利息（5。5％的年利率）赎回这些债券，至于债券持有人也有权在1994年与1999年的9月28日要求公司加计利息买回其所持有的债券。
For tax purposes； Berkshire is entitled to deduct the 5。5％ interest accrual each year； even though we make no payments to the bondholders。 Thus the net effect to us； resulting from the reduced taxes； is positive cash flow。 That is a very significant benefit。 Some unknowable variables prevent us from calculating our exact effective rate of interest； but under all circumstances it will be well below 5。5％。 There is meanwhile a symmetry to the tax law： Any taxable holder of the bonds must pay tax each year on the 5。5％ interest； even though he receives no cash。
就税负的观点而言，虽然没有马上支付利息，但Berkshire每年仍可享受5。5％利息支出的所得税扣抵，由于减少了税负支出，所以就现金流量的角度而言，我们每年还有现金净流入，这是一项不错的好处，当然一些不可知的变处，使我们无法确定这次发行真正的资金成本，但不管怎样，应该都低于5。5％，而相对的债券持有人每年还是要支付5。5％的利息所得税，虽然他们根本没有收到任何的现金利息收入。
Neither our bonds nor those of certain other panies that issued similar bonds last year （notably Loews and Motorola） resemble the great bulk of zero…coupon bonds that have been issued in recent years。 Of these； Charlie and I have been； and will continue to be； outspoken critics。 As I will later explain； such bonds have often been used in the most deceptive of ways and with deadly consequences to investors。 But before we tackle that subject； let's travel back to Eden； to a time when the apple had not yet been bitten。
去年我们与其它公司所发行的类似债券（尤其是Loews与摩托罗拉公司），与这几年盛行的零息债券有相当大的差异，对于后者，查理跟我一直有相当的意见，后面我会再详加说明，我们认为这些债券隐藏着欺骗行为，对买下他们的投资人有相当不利的影响，不过在谈论这个话题之前，让我们回溯时光到亚当还未引诱夏娃啃下苹果之前的时代。
If you're my age you bought your first zero…coupon bonds during World War II； by purchasing the famous Series E U。 S。 Savings Bond； the most widely…sold bond issue in history。 （After the war； these bonds were held by one out of two U。 S。 households。） Nobody； of course； called the Series E a zero…coupon bond； a term in fact that I doubt had been invented。 But that's precisely what the Series E was。
如果你像我这样的年纪曾在二次世界大战期间第一次买进最有名的E系列美国储蓄零息债券，（这种广为流传的债券几乎每两个家庭最会有人持有），当然在当时没有人会把它当作是零息债券的一种，因为这名词根本就还未出现，但基本上它就是一种零息债券。
These bonds came in denominations as small as 18。75。 That amount purchased a 25 obligation of the United States government due in 10 years； terms that gave the buyer a pounded annual return of 2。9％。 At the time； this was an attractive offer： the 2。9％ rate was higher than that generally available on Government bonds and the holder faced no market…fluctuation risk； since he could at any time cash in his bonds with only a minor reduction in interest。
这种债券的面额最小的只有18。75美元，买下10年后美国政府必须偿还25美元，投资人大概可以获得2。9％的年投资报酬率，在当时这是相当不错的一项投资，2。9％的年利率远高于普通的政府债券利率，且持有人不必担心利率波动的风险，而且他可以随时予以变现，利息不会被打折太多。
A second form of zero…coupon U。 S。 Treasury issue； also benign and useful； surfaced in the last decade。 One problem with a normal bond is that even though it pays a given interest rate … say 10％ … the holder cannot be assured that a pounded 10％ return will be realized。 For that rate to materialize； each semi…annual coupon must be reinvested at 10％ as it is received。 If cur