[{"data":1,"prerenderedAt":1679},["ShallowReactive",2],{"library-1972-ba-fei-te-zhi-gu-dong-xin":3,"library-sidebar-buffett":143,"library-sidebar-dao":1145,"library-sidebar-models":1447},{"id":4,"title":5,"body":6,"category":129,"date":130,"description":131,"extension":132,"meta":133,"navigation":134,"order":135,"path":136,"seo":137,"seoDescription":131,"seoTitle":138,"slug":139,"stem":140,"__hash__":141,"_collection":142},"buffett\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1972-ba-fei-te-zhi-gu-dong-xin.md","1972 巴菲特致股东信",{"type":7,"value":8,"toc":119},"minimark",[9,13,17,20,23,26,29,32,36,39,42,44,47,50,53,56,59,62,65,68,71,73,76,79,82,84,87,90,93,96,99,101,104,107,110,113,116],[10,11,5],"h1",{"id":12},"_1972-巴菲特致股东信",[14,15,16],"p",{},"致伯克希尔·哈撒韦公司全体股东：",[14,18,19],{},"1972年伯克希尔·哈撒韦 (Berkshire Hathaway) 的经营收益令人振奋，达到年初股东权益的19.8%，成绩相当亮眼。我们所有主要业务都取得了显著进步，其中进步最为突出的是保险承保利润。由于多重有利因素罕见地同时出现——汽车事故频率下降、事故严重程度趋缓，以及全年未发生重大灾难——承保利润率远超以往平均水平，也远超我们对未来的预期。",[14,21,22],{},"虽然我们预计1973年经营收益会略有回落，但可以肯定的是，近年来的多元化布局已为公司奠定了明显更高的正常盈利基础。现任管理层于1965年5月接手公司。八年后，1972年的经营收益达到11,116,256美元，比我们若将资本全部投入纺织业务所能产生的回报高出许多倍。1964财年末，伯克希尔的股东权益合计22,138,753美元。自那以后，我们没有向外部引入任何新增股权资本，无论是现金增发还是通过并购。恰恰相反，我们还回购了一部分股票，使流通股数减少了14%。每股账面价值从1964财年末的19.46美元增长至1972年末的69.72美元，年复合增长率约为16.5%。",[14,24,25],{},"近年来我们完成的三项主要收购，无论从财务还是人的角度来看，结果都堪称出色。三笔交易里，创始人均为主要卖家，以现金形式套现了可观的资金——而且三位同样的人，杰克·林沃特 (Jack Ringwalt)、吉恩·阿贝格 (Gene Abegg) 和维克·罗伯 (Vic Raab)，都继续以饱满的精力和创造力经营着各自的业务，在此前已经相当优秀的记录上继续精益求精。",[14,27,28],{},"我们将继续寻找与现有业务合乎逻辑的延伸方向，同时也积极物色新的业务机会，确保资本得到有效运用。",[30,31],"hr",{},[33,34,35],"h3",{"id":35},"纺织业务",[14,37,38],{},"正如去年年报所预告的，纺织行业在1972年有所回暖。过去几年里，肯·蔡斯 (Ken Chace) 和拉尔夫·里格比 (Ralph Rigby) 建立起了一支出色的销售团队，在服务质量和可靠性方面口碑越来越好。生产能力也经过重组，更好地配合了我们的销售优势。",[14,40,41],{},"借助行业复苏的东风，我们在1972年开始收获这些努力的成果。库存管理得当，既把关线损失压到最低，也降低了资本占用需求；产品结构也得到了大幅优化。行业整体盈利水平始终是决定我们纺织业务收益的首要因素，但我们相信，我们在行业内的相对竞争地位已有明显提升。1973年的前景值得期待。",[30,43],{},[33,45,46],{"id":46},"保险承保业务",[14,48,49],{},"1972年，国民保险公司 (National Indemnity Company) 在我们传统保险业务的核心领域创下了出色的承保利润，但这里面有一个值得深思的悖论。这份利润大幅拉高了1972年的整体公司盈利，然而正是产生这种利润的市场环境，吸引了大量新竞争者以我们认为难以为继的费率水平蜂拥入市。从长远来看，如果今年的利润没有这样大幅飙升，我们未来五年的前景反而可能更好。",[14,51,52],{},"去年年报中我们已经预告了竞争加剧的趋势，1972年保费量确实如预期般有所下滑。我们认为，行业承保利润率将在1973年或1974年大幅收窄，但这最终可能会形成一种新格局，让我们过去的那种历史性增长得以重现。遗憾的是，承保业绩恶化与竞争趋缓之间存在一段时滞。在这段时间里，我们预计传统业务的保费量仍将继续萎缩。以杰克·林沃特 (Jack Ringwalt) 和菲尔·利舍 (Phil Liesche) 为首的经验丰富的管理团队，将坚守承保盈利的底线——虽然利润水平无法重现1972年的高峰——我们的定价依据是长期预期而非短期憧憬。这一做法在过去曾导致保单量时有起伏，但长期而言已经产生了极为出色的业绩。",[14,54,55],{},"再保险业务也和去年年报的预判一样，在1972年遭遇了许多同样的竞争压力。大量新机构涌入这个历来规模不大的市场，费率往往被大幅压低，我们认为这是不理性的，在巨灾领域尤为如此。好在过去这一年巨灾发生极少，我们的承保业绩表现不错。",[14,57,58],{},"乔治·杨 (George Young) 仅用几年时间便建立起一项规模可观、盈利稳健的再保险业务。从长远看，我们计划在再保险领域成为举足轻重的重要力量。但在费率持续恶化的背景下，贸然扩大规模并不明智。在我们看来，目前的承保风险敞口比以往任何时候都大。一旦这些潜在损失成为现实，市场将重新定价，到那时才是我们大举扩张的好时机。",[14,60,61],{},"“本土化”业务方面，我们历史最悠久、规模最大的内布拉斯加州居民意外险公司 (Cornhusker Casualty Company) 仅在内布拉斯加州开展业务，取得了良好的承保业绩。这项业务进入第二个完整年度，其市场竞争力已经得到验证——承保量已相当于在该州深耕数十年的”老牌”巨头的三分之一左右。",[14,63,64],{},"我们在明尼苏达州和得克萨斯州的两家规模较小的公司，在极小的保费量上却产生了令人不满意的损失赔付比率。这些本土化公司的管理层清楚地知道：承保盈利是衡量成功的唯一标尺，只有在承保业务真正做对了的前提下，才能谈得上大规模扩张。新公司的费用比率偏高，这在发展初期是可以理解的。",[14,66,67],{},"约翰·林沃特 (John Ringwalt) 在启动这项业务方面做得非常出色，并计划在1973年将业务至少扩展到另外一个州。眼下还有许多工作要做，但本土化保险业务的长期潜力相当可观。",[14,69,70],{},"去年报告中提到，我们收购了位于芝加哥的家庭和汽车保险公司 (Home and Automobile Insurance Company)。当时我们就对这笔收购感觉良好，现在感觉更好。由维克·罗伯 (Vic Raab) 领导，该公司在1972年继续保持了出色的业绩记录。1973年，我们计划进入佛罗里达州戴德县 (Dade County) 和加州洛杉矶 (Los Angeles) 市场，提供那套在库克县 (Cook County) 已成功实践的专业城市汽车险业务。维克拥有掌管更大规模公司的管理能力。我们预期，家庭和汽车保险公司将在未来几年实现大幅扩张。",[30,72],{},[33,74,75],{"id":75},"保险投资业务",[14,77,78],{},"我们非常幸运，在1969年至1971年间，保费收入大幅增长与历史高位附近的利率水平恰好同时出现。大量可投资资金在此时涌入，恰好得以投向收益极为可观的资产。大部分资金被配置在免税债券上，因此我们的投资收益虽然从1969年的2,025,201美元增长至1972年的6,755,242美元，实际税率却相当低。",[14,80,81],{},"我们的债券投资组合拥有异常出色的赎回保护，未来多年将持续受益于当前组合的高平均收益率。然而，目前保费增长乏力，将使未来数年内投资收益的增速明显放缓。",[30,83],{},[33,85,86],{"id":86},"银行业务",[14,88,89],{},"我们的银行子公司——伊利诺伊州银行及信托公司 (The Illinois Bank and Trust Co.) 罗克福德 (Rockford) 分行，在盈利水平上继续保持行业领先地位。1972年，税后收益占平均存款的2.2%，结合以下几个制约因素来看，这一数字更显难能可贵：(1) 定期存款组合中有50%的比重集中于消费者储蓄工具，全部按照法定最高利率支付；(2) 始终保持强劲的流动性头寸，不依赖货币市场借款；(3) 贷款政策极为审慎，过去两年的净坏账冲销率仅相当于普通商业银行平均水平的5%左右。这份成绩，是对吉恩·阿贝格 (Gene Abegg) 和鲍勃·克莱因 (Bob Kline) 领导力的最好褒奖——在他们掌舵的这家银行，股东和储户都能吃得好、睡得好。",[14,91,92],{},"1972年，我们向储户支付的利息是1969年的两倍。我们积极争取消费者定期存款，但没有刻意追逐大额”货币市场”存单——尽管过去几年这类存单往往是成本更低的定期资金来源。",[14,94,95],{},"过去一年，客户贷款规模扩大了约38%。这一增幅比附上的资产负债表所呈现的数字要显著得多——因为1971年贷款总额中包含了1090万美元的短期商业票据，而1972年末则没有任何此类票据。",[14,97,98],{},"1972年，我们”罗克福德领先银行”的地位进一步巩固。然而，目前的利率结构、美联储新的资金清算程序导致可投资资金减少，以及本已可观的非联邦税可能进一步增加，都使得伊利诺伊州银行在1973年提升盈利变得相当困难。",[30,100],{},[33,102,103],{"id":103},"融资",[14,105,106],{},"1973年3月15日，伯克希尔向20家机构投资人借款2000万美元，年利率8%。该笔借款于1993年3月1日到期，本金自1979年3月1日起开始分期偿还。借款所得中，900万美元用于偿还银行贷款，余款将注入保险子公司。我们预期，未来将周期性地出现大幅扩展保险业务的好机会，我们要确保届时有充足的财务资源，将这些机会的价值最大化。",[14,108,109],{},"我们的银行和保险子公司对客户承担着重要的信托责任。在这些业务中，我们维持着远高于行业标准的资本实力，同时仍能在这部分资本上实现良好的盈利水平。我们将继续坚守前者的目标，并竭尽全力保持后者的成绩。",[14,111,112],{},"沃伦·E·巴菲特 (Warren E. Buffett)",[14,114,115],{},"董事长",[14,117,118],{},"1973年3月16日",{"title":120,"searchDepth":121,"depth":121,"links":122},"",2,[123,125,126,127,128],{"id":35,"depth":124,"text":35},3,{"id":46,"depth":124,"text":46},{"id":75,"depth":124,"text":75},{"id":86,"depth":124,"text":86},{"id":103,"depth":124,"text":103},"致股东信",null,"1972年巴菲特致股东信，汇报经营收益创新高、保险承保利润大幅增长及喜诗糖果表现","md",{},true,43,"\u002Fbuffett\u002Fberkshire\u002Fgu-dong-xin\u002F1972-ba-fei-te-zhi-gu-dong-xin",{"title":5,"description":131},"1972 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巴菲特致合伙人信","1958-ba-fei-te-zhi-he-huo-ren-xin",{"title":170,"slug":171,"category":152,"order":124},"巴菲特：1957年我最看好的股票：人寿保险","ba-fei-te-1957nian-wo-zui-kan-hao-de-gu-piao-ren-shou-bao-xian",{"title":173,"slug":174,"category":156,"order":124},"1996年伯克希尔股东大会","1996nian-bo-ke-xi-er-gu-dong-da-hui",{"title":176,"slug":177,"category":147,"order":178},"1959 巴菲特致合伙人信","1959-ba-fei-te-zhi-he-huo-ren-xin",4,{"title":180,"slug":181,"category":152,"order":178},"巴菲特：1957年最看好的股票：油气资产管理公司","ba-fei-te-1957nian-zui-kan-hao-de-gu-piao-you-qi-zi-chan-guan-li-gong-si",{"title":183,"slug":184,"category":156,"order":178},"1997年伯克希尔股东大会","1997nian-bo-ke-xi-er-gu-dong-da-hui",{"title":186,"slug":187,"category":147,"order":188},"1960 巴菲特致合伙人信","1960-ba-fei-te-zhi-he-huo-ren-xin",5,{"title":190,"slug":191,"category":152,"order":188},"巴菲特：1972年巴菲特谈喜诗糖果","ba-fei-te-1972nian-ba-fei-te-tan-xi-shi-tang-guo",{"title":193,"slug":194,"category":156,"order":188},"1998年伯克希尔股东大会","1998nian-bo-ke-xi-er-gu-dong-da-hui",{"title":196,"slug":197,"category":147,"order":198},"1961 巴菲特致合伙人信","1961-ba-fei-te-zhi-he-huo-ren-xin",6,{"title":200,"slug":201,"category":152,"order":198},"巴菲特：1974年击球啊,你这个笨蛋","ba-fei-te-1974nian-ji-qiu-a-ni-zhe-ge-ben-dan",{"title":203,"slug":204,"category":156,"order":198},"1999年伯克希尔股东大会","1999nian-bo-ke-xi-er-gu-dong-da-hui",{"title":206,"slug":207,"category":147,"order":208},"1961年中 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巴菲特致股东信","1984-ba-fei-te-zhi-gu-dong-xin",55,{"title":624,"slug":625,"category":152,"order":622},"巴菲特：2005年加州大学问答纪要","ba-fei-te-2005nian-jia-zhou-da-xue-luo-shan-ji-fen-xiao-an-de-sen-guan-li-xue-yuan-nan-jia-zhou-da-xue-ma-xie-er-shang-xue-yuan-wen-da-ji-yao",{"title":627,"slug":628,"category":129,"order":629},"1985 巴菲特致股东信","1985-ba-fei-te-zhi-gu-dong-xin",56,{"title":631,"slug":632,"category":152,"order":629},"巴菲特：2005年与塔克商学院学生对谈","ba-fei-te-2005nian-yu-ta-ke-shang-xue-yuan-xue-sheng-dui-tan",{"title":634,"slug":635,"category":129,"order":636},"1986 巴菲特致股东信","1986-ba-fei-te-zhi-gu-dong-xin",57,{"title":638,"slug":639,"category":152,"order":636},"巴菲特：2005年回忆进入证券行业","ba-fei-te-2005nian-hui-yi-jin-ru-zheng-quan-xing-ye",{"title":641,"slug":642,"category":129,"order":643},"1987 巴菲特致股东信","1987-ba-fei-te-zhi-gu-dong-xin",58,{"title":645,"slug":646,"category":152,"order":643},"巴菲特：2005年对话内布拉斯加大学学生","ba-fei-te-2005nian-dui-hua-nei-bu-la-si-jia-da-xue-xue-sheng",{"title":648,"slug":649,"category":129,"order":650},"1988 巴菲特致股东信","1988-ba-fei-te-zhi-gu-dong-xin",59,{"title":652,"slug":653,"category":152,"order":650},"巴菲特：2005年对话堪萨斯大学学生","ba-fei-te-2005nian-dui-hua-kan-sa-si-da-xue-xue-sheng",{"title":655,"slug":656,"category":129,"order":657},"1989 巴菲特致股东信","1989-ba-fei-te-zhi-gu-dong-xin",60,{"title":659,"slug":660,"category":152,"order":657},"巴菲特：2005年对话范德比尔特大学学生","ba-fei-te-2005nian-dui-hua-fan-de-bi-er-te-da-xue-xue-sheng",{"title":662,"slug":663,"category":129,"order":664},"1990 巴菲特致股东信","1990-ba-fei-te-zhi-gu-dong-xin",61,{"title":666,"slug":667,"category":152,"order":664},"巴菲特：2006年与沃顿商学院学生问答","ba-fei-te-2006nian-yu-wo-dun-shang-xue-yuan-xue-sheng-wen-da",{"title":669,"slug":670,"category":129,"order":671},"1991 巴菲特致股东信","1991-ba-fei-te-zhi-gu-dong-xin",62,{"title":673,"slug":674,"category":152,"order":671},"巴菲特：2006年巴菲特慈善捐赠专访","ba-fei-te-2006nian-ba-fei-te-ci-shan-juan-zeng-zhuan-fang",{"title":676,"slug":677,"category":129,"order":678},"1992 巴菲特致股东信","1992-ba-fei-te-zhi-gu-dong-xin",63,{"title":680,"slug":681,"category":152,"order":678},"巴菲特：2006年慈善捐赠承诺","ba-fei-te-2006nian-ci-shan-juan-zeng-cheng-nuo",{"title":683,"slug":684,"category":129,"order":685},"1993 巴菲特致股东信","1993-ba-fei-te-zhi-gu-dong-xin",64,{"title":687,"slug":688,"category":152,"order":685},"巴菲特：2006年我为什么慷慨解囊","ba-fei-te-2006nian-wo-wei-shi-me-kang-kai-jie-nang",{"title":690,"slug":691,"category":129,"order":692},"1994 巴菲特致股东信","1994-ba-fei-te-zhi-gu-dong-xin",65,{"title":694,"slug":695,"category":152,"order":692},"巴菲特：2006年给全体经理人备忘录","ba-fei-te-2006nian-gei-quan-ti-jing-li-ren-bei-wang-lu",{"title":697,"slug":698,"category":129,"order":699},"1995 巴菲特致股东信","1995-ba-fei-te-zhi-gu-dong-xin",66,{"title":701,"slug":702,"category":152,"order":699},"巴菲特：2007年11月和比尔·盖茨、大学生对话实录（节目《富豪面对面》）","ba-fei-te-2007nian-11yue-he-bi-er-gai-ci-da-xue-sheng-dui-hua-shi-lu-jie-mu-fu-hao-mian-dui-mian",{"title":704,"slug":705,"category":129,"order":706},"1996 巴菲特致股东信","1996-ba-fei-te-zhi-gu-dong-xin",67,{"title":708,"slug":709,"category":152,"order":706},"巴菲特：2007年对话佐治亚大学学生","ba-fei-te-2007nian-dui-hua-zuo-zhi-ya-da-xue-xue-sheng",{"title":711,"slug":712,"category":129,"order":713},"1997 巴菲特致股东信","1997-ba-fei-te-zhi-gu-dong-xin",68,{"title":715,"slug":716,"category":152,"order":713},"巴菲特：2007年巴菲特接见Dardashti","ba-fei-te-2007nian-ba-fei-te-jie-jian-dardashti",{"title":718,"slug":719,"category":129,"order":720},"1998 巴菲特致股东信","1998-ba-fei-te-zhi-gu-dong-xin",69,{"title":722,"slug":723,"category":152,"order":720},"巴菲特：2007年接受央视专访","ba-fei-te-2007nian-jie-shou-yang-shi-zhuan-fang",{"title":725,"slug":726,"category":129,"order":727},"1999 巴菲特致股东信","1999-ba-fei-te-zhi-gu-dong-xin",70,{"title":729,"slug":730,"category":152,"order":727},"巴菲特：2007年接受欧洲MBA学生专访（珍贵精彩实录）","ba-fei-te-2007nian-jie-shou-ou-zhou-mbaxue-sheng-zhuan-fang-zhen-gui-jing-cai-shi-lu",{"title":732,"slug":733,"category":129,"order":734},"2000 巴菲特致股东信","2000-ba-fei-te-zhi-gu-dong-xin",71,{"title":736,"slug":737,"category":152,"order":734},"巴菲特：2007年查理罗斯专访","ba-fei-te-2007nian-cha-li-luo-si-zhuan-fang",{"title":739,"slug":740,"category":129,"order":741},"2001 巴菲特致股东信","2001-ba-fei-te-zhi-gu-dong-xin",72,{"title":743,"slug":744,"category":152,"order":741},"巴菲特：2008年21 世纪经济领导者采访","ba-fei-te-2008nian-21-shi-ji-jing-ji-ling-dao-zhe-cai-fang",{"title":746,"slug":747,"category":129,"order":748},"2002 巴菲特致股东信","2002-ba-fei-te-zhi-gu-dong-xin",73,{"title":750,"slug":751,"category":152,"order":748},"巴菲特：2008年买入美国正当时","ba-fei-te-2008nian-mai-ru-mei-guo-zheng-dang-shi",{"title":753,"slug":754,"category":129,"order":755},"2003 巴菲特致股东信","2003-ba-fei-te-zhi-gu-dong-xin",74,{"title":757,"slug":758,"category":152,"order":755},"巴菲特：2008年对话IVEY 商学院学生","ba-fei-te-2008nian-dui-hua-ivey-shang-xue-yuan-xue-sheng",{"title":760,"slug":761,"category":129,"order":762},"2004 巴菲特致股东信","2004-ba-fei-te-zhi-gu-dong-xin",75,{"title":764,"slug":765,"category":152,"order":762},"巴菲特：2008年对话商学院学生","ba-fei-te-2008nian-dui-hua-shang-xue-yuan-xue-sheng",{"title":767,"slug":768,"category":129,"order":769},"2005 巴菲特致股东信","2005-ba-fei-te-zhi-gu-dong-xin",76,{"title":771,"slug":772,"category":152,"order":769},"巴菲特：2008年对话瑞士洛桑国际管理学院","ba-fei-te-2008nian-dui-hua-rui-shi-luo-sang-guo-ji-guan-li-xue-yuan",{"title":774,"slug":775,"category":129,"order":776},"2006 巴菲特致股东信","2006-ba-fei-te-zhi-gu-dong-xin",77,{"title":778,"slug":779,"category":152,"order":776},"巴菲特：2008年怀念恩师格雷厄姆","ba-fei-te-2008nian-huai-nian-en-shi-ge-lei-e-mu",{"title":781,"slug":782,"category":129,"order":783},"2007 巴菲特致股东信","2007-ba-fei-te-zhi-gu-dong-xin",78,{"title":785,"slug":786,"category":152,"order":783},"巴菲特：2008年给保尔森的信","ba-fei-te-2008nian-gei-bao-er-sen-de-xin",{"title":788,"slug":789,"category":129,"order":790},"2008 巴菲特致股东信","2008-ba-fei-te-zhi-gu-dong-xin",79,{"title":792,"slug":793,"category":152,"order":790},"巴菲特：2008年解析经济危机","ba-fei-te-2008nian-jie-xi-jing-ji-wei-ji",{"title":795,"slug":796,"category":129,"order":797},"2009 巴菲特致股东信","2009-ba-fei-te-zhi-gu-dong-xin",80,{"title":799,"slug":800,"category":152,"order":797},"巴菲特：2008年财富杂志：沃伦之思","ba-fei-te-2008nian-cai-fu-za-zhi-wo-lun-zhi-si",{"title":802,"slug":803,"category":129,"order":804},"2010 巴菲特致股东信","2010-ba-fei-te-zhi-gu-dong-xin",81,{"title":806,"slug":807,"category":152,"order":804},"巴菲特：2009年CNBC 专访","ba-fei-te-2009nian-cnbc-zhuan-fang",{"title":809,"slug":810,"category":129,"order":811},"2011 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