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d cause a conventional debt ratio to produce a result falling somewhere between temporary anguish and default。
另外我们一贯保守财务政策可能也是一种错误，不过就我个人的看法却不认为如此，回想起来，很明显的我们只要能够再多用一点财务杠杆操作（虽然较之他人还是很保守），就可以得到远比现在每年平均23。8％还要高的投资报酬率，即使是在1965年我们也可以百分之九十九地确定高一点的财务杠杆绝对只有好处没有坏处，但同时我们可能也会有百分之一的机会，不管是从内部或是外部所引发令人异想不到的因素，使得我们负债比率提高到介于一时冲高到负债倒闭之间。
We wouldn't have liked those 99：1 odds … and never will。 A small chance of distress or disgrace cannot； in our view； be offset by a large chance of extra returns。 If your actions are sensible； you are certain to get good results； in most such cases； leverage just moves things along faster。 Charlie and I have never been in a big hurry： We enjoy the process far more than the proceeds … though we have learned to live with those also。
我们一点都不会想要有那种99比1的可能性，以后也不会，一点挫败或是侮辱小小的可能性永远没有办法可以用很有可能大捞一笔的大好机会来弥补，只要你的行为合理，你就一定能够得到好的结果，在大部分的状况下，融资杠杆顶多只会让你移动的更快，查理跟我从来都不会着急，我们享受过程更甚于结果，虽然我们也必须学会去承担后者。
We hope in another 25 years to report on the mistakes of the first 50。 If we are around in 2015 to do that； you can count on this section occupying many more pages than it does here。
我们希望25年后还能向各位报告Berkshire头50年所犯的错误，我想公元2015年的年报，大家应该可以确定这一部份将占据更多的版面。
Miscellaneous
其它事项
We hope to buy more businesses that are similar to the ones we have； and we can use some help。 If you have a business that fits the following criteria； call me or； preferably； write。
我们希望能够买进更多像我们现在拥有一样的企业，当然我们可以透过大家的协助，如果你拥有符合以下条件的企业，记得打电话或者是写信告诉我。
Here's what we're looking for：
（1） Large purchases （at least 10 million of after…tax earnings）；
（2） demonstrated consistent earning power （future projections are of little interest to us； nor are 〃turnaround〃 situations）；
（3） businesses earning good returns on equity while employing little or no debt；
（4） management in place （we can't supply it）；
（5） simple businesses （if there's lots of technology； we won't understand it）；
（6） an offering price （we don't want to waste our time or that of the seller by talking； even preliminarily； about a transaction when price is unknown）。
We will not engage in unfriendly takeovers。 We can promise plete confidentiality and a very fast answer … customarily within five minutes … as to whether we're interested。 We prefer to buy for cash； but will consider issuing stock when we receive as much in intrinsic business value as we give。 Our favorite form of purchase is one fitting the Blumkin…Friedman…Heldman mold。 In cases like these； the pany's owner…managers wish to generate significant amounts of cash； sometimes for themselves； but often for their families or inactive shareholders。 At the same time； these managers wish to remain significant owners who continue to run their panies just as they have in the past。 We think we offer a particularly good fit for owners with such objectives。 We invite potential sellers to check us out by contacting people with whom we have done business in the past。
我们想要找的企业条件
（1）巨额交易（每年税后盈余至少有一千万美元）
（2）持续稳定获利（我们对有远景或具转机的公司没兴趣）
（3）高股东报酬率（并且甚少举债）
（4）具备管理阶层（我们无法提供）
（5）简单的企业（若牵涉到太多高科技，我们弄不懂）
（6）合理的价格（在价格不确定前，我们不希望浪费自己与对方太多时间）
我们不会进行敌意的购并，并承诺完全保密并尽快答复是否感兴趣（通常不超过五分钟） ，我们倾向采现金交易，除非我们所换得的内含价值跟我们付出的一样多，否则不考虑发行股份。我们最喜欢的交易对象之一是像B太太… Heldman家族那样，公司经营者希望能马上有一大笔现金，不管是给自己、家人或是其它股东，最好这些经营者如往常一样能够继续留在公司，我想我们可以提供具有以上想法的经营者，一个满意的方式，我们也欢迎可能的卖方与那些过去与我们合作过的对象打听。
Charlie and I frequently get approached about acquisitions that don't e close to meeting our tests： We've found that if you advertise an interest in buying collies； a lot of people will call hoping to sell you their cocker spaniels。 Our interest in new ventures； turnarounds； or auction…like sales can best be expressed by a Goldwynism： 〃Please include me out。〃
另一方面查理跟我也常常接到一些不符合我们条件的询问，包括新事业、转机股、拍卖案以及最常见的中介案。我们发现如果你登广告要买牧羊犬，结果却有一大堆人打电话来要卖你长耳猎犬，在此重申我们对这些交易，只有高德温的另一句话可以形容，请把我排除在外。
Besides being interested in the purchase of businesses as described above； we are also interested in the negotiated purchase of large； but not controlling； blocks of stock parable to those we hold in Capital Cities； Salomon； Gillette； USAir and Champion。 Last year we said we had a special interest in large purchases of convertible preferreds。 We still have an appetite of that kind； but it is limited since we now are close to the maximum position we feel appropriate for this category of investment。
除了以上买下整家公司的购并案外，我们也会考虑买进一大部份不具控制权的股份，就像我们在资本城、所罗门、吉列、美国航空与冠军企业这几个Case一样的公司，去年我曾告诉各位我们对于买进大笔金额的可转换特别股相当有兴趣，到现在这种态度还是没改变，只不过由于目前这部份的部位已经接近我们认为适当的水位。
Two years ago； I told you about Harry Bottle； who in 1962 quickly cured a major business mess at the first industrial pany I controlled； Dempster Mill Manufacturing （one of my 〃bargain〃 purchases） and who 24 years later had reappeared to again rescue me； this time from problems at K&W Products； a small Berkshire subsidiary that produces automotive pounds。 As I reported； in short order Harry reduced capital employed at K&W； rationalized production； cut costs； and quadrupled profits。 You might think he would then have paused for breath。 But last year Harry； now 70； attended a bankruptcy auction and； for a pittance； acquired a product line that is a natural for K&W。 That pany'sprofitability may well be increased 50％ by this coup。 Watch this space for future bulletins on Harry's triumphs。
两年前，我曾跟各位提到Harry Bottle这个人，他在1962年曾帮我解决我个人所控制的第一家公司Dempster纺织制造公司（又是一个便宜货），一个大难题，接着在24年后又重出江湖来拯救我，那次换做K&W一家Berkshire所属专门生产自动组件的小公司，就像我曾提到的，Harry很快地就有效地降低K&W的资金负担、大砍成本使获利倍增，你或许认为任务完成后，他铁定要休息一下喘口气，但是去年高龄70岁的他，又参与一家破产公司的拍卖，以极少数的资金取得符合K&W使用的产品线，经过这次斩获，公司的获利又因此将增加50％以上，请大家好好拭目以待，这个专门替Harry准备的专栏。
With more than a year behind him of trading Berkshire's stock on the New York Stock Exchange； our specialist； Jim Maguire of Henderson Brothers； Inc。 （〃HBI〃）； continues his outstanding performance。 Before we listed； dealer spreads often were 3％ or more of market price。 Jim has maintained the spread at 50 points or less； which at current prices is well under 1％。 Shareholders who buy or sell benefit significantly from this reduction in transaction costs。
Henderson 兄弟公司的Jim Maguire是纽约证交所专门帮我们买卖Berkshire股票的交易员，一年下来他的表现相当称职，在Berkshire上市挂牌之前，公司股份买卖的价差多在3％甚至以上，但Jim却能将价差维持在50点以下，这使得股东在买卖本公司股份的交易成本降到1％以下。
Because we are delighted by our experience with Jim； HBI and the NYSE； I said as much in ads that have been run in a series placed by the NYSE。 Normally I shun testimonials； but I was pleased in this instance to publicly pliment the Exchange。
因为我们与Jim、NYSE与纽约证交所这次合作愉快的经验，使我尽可能在纽约证交所安排的活动中免费帮他们打广告，通常我种场合我是能免则免，但这次我很高兴能够公开地赞扬交易所的表现。
Last summer we sold the corporate jet that we purchased for 850；000 three years ago and bought another used jet for 6。7 million。 Those of you who recall the mathematics of the multiplying bacteria on page 5 will understandably panic： If our net worth continues to increase at current rates； and the cost of replacing planes also continues to rise at the