英文早读第168篇，选自巴菲特年度信，友才翻译。
April 3, 1970
1970年4月3日
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔哈撒韦股东：
Four years ago your management committed itself to the development of more substantial and more consistent earning power than appeared possible if capital continued to be invested exclusively in the textile industry. The funds for this program were temporarily utilized in marketable securities, pending the acquisition of operating businesses meeting our investment and management criteria.
四年前你们的管理团队致力于发展更大规模更可持续盈利能力，相比于如果资本继续专门投资在纺织工业可能的结果。这个项目的资金临时应用于市场化股市，直到收购满足我们的投资和管理标准的运营业务为止。
The policy has proved reasonably successful - particularly when contrasted with results achieved by firms which have continued to commit large sums to textile expansion in the face of totally inadequate returns. We have been able to conclude two major purchases of operating businesses, and their successful operations enabled Berkshire Hathaway to achieve an over-all return of more than 10% on average stochholders' equity last year in the face of less than a 5% return from the portion of our capital employed in the textile business. We have liquidated our entire holdings of marketable securities over the last two years at a profit of more than 5 million after taxes. These gains provided important funds to facilitate our major purchase of 1969, when borrowed money to finance acquisitions was generally most difficult to obtain.
这个政策证明是合乎成功的——特别是相比于那些继续将大量资金用于纺织业务扩张面临整体不够的回报率的结果。我们已经达成了两项主要运营业务的收购，他们的成功运营使伯克希尔哈撒韦去年实现了平均股东资产整体超过10%的回报率，在面临纺织业务应用的资金回报率少于5%的情况下。我们能够使我们在市场化股票的整个持股在过去两年盈利超过税后500万美金。这些利润为我们在1969年的主要收购提供了重要资金协助，当借款难以获得用于财务收购时。
We anticipate no further purchases of marketable securities, but our search for desirable acquisitions continues. Any acquisition will, of course, be dependent upon obtaining appropriate financing.
我们不会参与进一步购买市场化股票的购买，但是我们会继续寻找理想的收购。任何收购当然，都会取决于可以得到合理的融资。
1.criteria：标准；原则
2.inadequate：不足的；不够的；不胜任的
3.conclude：结束；终止；断定；达成；订立
4.acquisition：收购；获得；购置
5.facilitate：促进；促使
网友评论