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If we are to hit the bull's…eye； we will need markets that allow the purchase of businesses and securities on sensible terms。 Right now； markets are difficult； but they can … and will … change in unexpected ways and at unexpected times。 In the meantime； we'll try to resist the temptation to do something marginal simply because we are long on cash。 There's no use running if you're on the wrong road。
如果我们想要命中靶心，那么我们绝对需要有能以合理价格买到好的公司与股份的市场，不过对我们来说，现在市场上的情况并不理想，当然这种情况随时都有可能会改变，在此同时，我们也会尽量避免手上闲钱太多而去做那些浪费工夫的蠢事，若方向不对，再怎么努力冲刺也是白费力气。
The following table shows how we calculate look…through earnings； though I warn you that the figures are necessarily very rough。 （The dividends paid to us by these investees have been included in the operating earnings itemized on page 8； mostly under 〃Insurance Group： Net Investment Ine。〃）
各位可以从下表看出我们是如何计算透视盈余的，不过我还是要提醒各位这些数字有点粗糙，（被投资公司所分配的股利收入已经包含在保险事业的净投资收益项下）。
Berkshire's Share of Undistributed
Berkshire's Approximate Operating Earnings
Berkshire's Major Investees Ownership at Yearend （in millions）
Capital Cities/ABC； Inc The Coca…Cola pany Federal Home Loan Mortgage Corp。 GEICO Corp General Dynamics Corp The Gillette pany Guinness PLC The Washington Post pany Wells Fargo & pany
1993 13。0％ 7。2％ 6。8％（1） 48。4％ 13。9％ 10。9％ 1。9％ 14。8％ 12。2％
1992 18。2％ 7。1％ 8。2％（1） 48。1％ 14。1％ 10。9％ 2。0％ 14。6％ 11。5％
1993 83（2） 94 41（2） 76（3） 25 44 8 15 53（2）
1992 70 82 29（2） 34（3） 11（2） 38 7 11 16（2）
Berkshire's share of undistributed earnings of major investees 439 298
Hypothetical tax on these undistributed investee earnings（4） （61） （42）
Reported operating earnings of Berkshire 478 348
Total look…through earnings of Berkshire 856 604
（1） Does not include shares allocable to the minority interest不包含Wesco的少数股权
（2） Calculated on average ownership for the year以年平均持有股权比例计算
（3） Excludes realized capital gains； which have been both recurring and significant扣除重复发生且金额大的已实现资本利得，
（4） The tax rate used is 14％； which is the rate Berkshire pays on the dividends it receives适用的税率为14％，这是Berkshire收到现金股利时的平均税率。
We have told you that we expect the undistributed； hypothetically…taxed earnings of our investees to produce at least equivalent gains in Berkshire's intrinsic value。 To date； we have far exceeded that expectation。 For example； in 1986 we bought three million shares of Capital Cities/ABC for 172。50 per share and late last year sold one…third of that holding for 630 per share。 After paying 35％ capital gains taxes； we realized a 297 million profit from the sale。 In contrast； during the eight years we held these shares； the retained earnings of Cap Cities attributable to them … hypothetically taxed at a lower 14％ in accordance with our look…through method … were only 152 million。 In other words； we paid a much larger tax bill than our look…through presentations to you have assumed and nonetheless realized a gain that far exceeded the undistributed earnings allocable to these shares。
我曾告诉过各位，我们预估这些已依估计税率调整过的未分配盈余至少可以为Berkshire创造出同等的实质价值，而到目前为止，其真正的结果甚至超乎我们的预期，举例来说，我们在1986年以每股172。5美元的价格买进300万股资本城/ABC公司的股份，去年我们以每股630美元的价格处分了其中的三分之一，在支付35％的资本利得税后，我们实现2。97亿美元的税后盈余，相对地，在我们持有这些股份的八年期间，经由这些股份资本城公司分配给我们的透视盈余在扣除估计14％的所得税之后，只有1。52亿美元，换句话说，透过出售这些股份，所获取的利益，即便在扣除较高的所得税负之后，还是比原先透过持股所分配到的盈余还要高出许多。
We expect such pleasant outes to recur often in the future and therefore believe our look…through earnings to be a conservative representation of Berkshire's true economic earnings。
而我们也预期这样的情况在未来还会持续发生，因此我们相信Berkshire所计算的透视盈余，算是相当保守的表达方式。
Taxes税负
As our Cap Cities sale emphasizes； Berkshire is a substantial payer of federal ine taxes。 In aggregate； we will pay 1993 federal ine taxes of 390 million； about 200 million of that attributable to operating earnings and 190 million to realized capital gains。 Furthermore； our share of the 1993 federal and foreign ine taxes paid by our investees is well over 400 million； a figure you don't see on our financial statements but that is nonetheless real。 Directly and indirectly； Berkshire's 1993 federal ine tax payments will be about 1/2 of 1％ of the total paid last year by all American corporations。
就像是刚刚提到的资本城股份出售案，Berkshire可以说是联邦政府的缴税大户，总计在1993年，我们总共缴了3。9亿美元的所得税，其中2亿属于本业获利，另外1。9亿则源自于资本利得，此外我们的被投资公司另外向联邦政府与国外政府又缴交了超过4亿美元的所得税，这是你在本公司的财务报表上看不到，但却又确实存在的，直接再加上间接合计，Berkshire占去年所有美国企业缴给联邦政府所得税总额的1。5％。
Speaking for our own shares； Charlie and I have absolutely no plaint about these taxes。 We know we work in a market…based economy that rewards our efforts far more bountifully than it does the efforts of others whose output is of equal or greater benefit to society。 Taxation should； and does； partially redress this inequity。 But we still remain extraordinarily well…treated。
对于这个比例，查理跟我本人一点怨言也没有，我们知道我们是在一个市场导向的经济社会，我们努力所收到的报酬，其比例甚至比一些对这个社会有更多贡献的人还要多，透过租税政策，多多少少可以降低这种不合理性，不过即便是如此，我们还是认为自己受到特别优厚的待遇。
Berkshire and its shareholders； in bination； would pay a much smaller tax if Berkshire operated as a partnership or 〃S〃 corporation； two structures often used for business activities。 For a variety of reasons； that's not feasible for Berkshire to do。 However； the penalty our corporate form imposes is mitigated … though far from eliminated … by our strategy of investing for the long term。 Charlie and I would follow a buy…and…hold policy even if we ran a tax…exempt institution。 We think it the soundest way to invest； and it also goes down the grain of our personalities。 A third reason to favor this policy； however； is the fact that taxes are due only when gains are realized。
虽然Berkshire若是以合伙或S型企业的形式来经营，（在美国许多商业活动确实是以这两种形态在运作），Berkshire跟其所有的股东，总的来说可以大大减少所需负担的税负，但基于许多理由，那样的做法并不适合Berkshire的运作，所幸我们以企业形态运作的模式所受到的租税惩罚，因为我们采取长期投资的策略而稍稍减轻，虽然就算是证交所得免税，查理跟我还是会坚持遵照买进并持有的策略，这是我们认为最好的投资方式，同时也最符合我们的个人特质，当然第三个好处就是因为这样做可以使我们只有在实现资本利得时才需要缴税。
Through my favorite ic strip； Li'l Abner； I got a chance during my youth to see the benefits of delayed taxes； though I missed the lesson at the time。 Making his readers feel superior； Li'l Abner bungled happily； but moronically； through life in Dogpatch。 At one point he became infatuated with a New York temptress； Appassionatta Van Climax； but despaired of marrying her because he had only a single sil