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查理跟我是在买下喜斯糖果五分钟之后，决定为Chuck Huggins负责这家公司的管理，在看过他这些年来的绩效之后，你可能会怀疑为何我们要考虑那么久！
At Fechheimer； the Heldmans … Bob； George； Gary； Roger and Fred … are the Cincinnati counterparts of the Blumkins。 Neither furniture retailing nor uniform manufacturing has inherently attractive economics。 In these businesses； only exceptional managements can deliver high returns on invested capital。 And that exactly what the five Heldmans do。 （As Mets announcer Ralph Kiner once said when paring pitcher Steve Trout to his father； Dizzy Trout； the famous Detroit Tigers pitcher： here a lot of heredity in that family。？
在费区海默，Heldmans家族就好象是B太太家族的辛辛那提版，不管是家具业或者是制服业都不会很有吸引力的行业，也只有好的管理才能让股东们获得好的投资报酬，这正是Heldmans五位家族成员为Berkshire所作的贡献，身为职棒大都会队的发言人，Ralph Kiner曾说比较该队投手Steve Trout与他的父亲Dizzy Trout也是老虎队名投手，你就会发现虎父无犬子。
Fechheimer made a fairly good…sized acquisition in 1988。 Charlie and I have such confidence in the business savvy of the Heldman family that we okayed the deal without even looking at it。 There are very few managements anywhere … including those running the top tier panies of the Fortune 500 … in which we would exhibit similar confidence。
费区海默在1988年进行了一项规模颇大的购并案，查理跟我对于他们相当有信心，所以我们连看都没有看就同意了这项交易，很少有经营阶层，即便是财星五百大企业也好，能得到我们这样的信任。
Because of both this acquisition and some internal growth； sales at Fechheimer should be up significantly in 1989。
因为这项购并案与内部本身的成长，费区海默的营业额可望大幅成长。
All of the operations managed by Ralph Schey … World Book； Kirby； and The Scott Fetzer Manufacturing Group … performed splendidly in 1988。 Returns on the capital entrusted to Ralph continue to be exceptional。
所有Ralph Schey所管理的事业，包含世界百科全书、寇比吸尘器与史考特费兹制造集团，在1988年的表现皆相当出色，投资其上的资金也获得相当不错的报酬。
Within the Scott Fetzer Manufacturing Group； particularly fine progress was recorded at its largest unit； Campbell Hausfeld。 This pany； the country leading producer of small and medium…sized air pressors； has more than doubled earnings since 1986。
在史考特费兹制造集团当中，又以Campbell家用器具最突出，这家全美最大的中小型压缩机自从1986年来每年盈余都呈倍数成长。
Unit sales at both Kirby and World Book were up significantly in 1988； with export business particularly strong。 World Book became available in the Soviet Union in September； when that country largest American book store opened in Moscow。 Ours is the only general encyclopedia offered at the store。
寇比吸尘器与世界百科全书的1988年销售数量都大幅成长，尤其在外销部份更是强劲，世界百科全书在九月配合莫斯科当地最大的一家美国百货公司开幕，正式在苏联推出，成为该店唯一展示的一套百科全书。
Ralph personal productivity is amazing： In addition to running 19 businesses in superb fashion； he is active at The Cleveland Clinic； Ohio University； Case Western Reserve； and a venture capital operation that has spawned sixteen Ohio…based panies and resurrected many others。 Both Ohio and Berkshire are fortunate to have Ralph on their side。
Ralph个人的工作效率真是惊人，除了同时经营19项事业之外，他还投入相当的时间在克里夫兰医院、Ohio大学等单位，另外还负责一个创投，创设了16家位于Ohio的新公司，他可以称的上是Ohio与Berkshire之宝。
Borsheim
波仙珠宝
It was in 1983 that Berkshire purchased an 80％ interest in The Nebraska Furniture Mart。 Your Chairman blundered then by neglecting to ask Mrs。 B a question any schoolboy would have thought of： are there any more at home like you？？Last month I corrected the error： We are now 80％ partners with another branch of the family。
Berkshire是在1983年买下内布拉斯加家具店80％的股权，当时我忘了问B太太一个连小学生都会想到的问题，你还有没有其它兄弟姊妹，上个月我补救了这个错误，现在我们又成为另一个家族分支80％的股东。
After Mrs。 B came over from Russia in 1917； her parents and five siblings followed。 （Her two other siblings had preceded her。） Among the sisters was Rebecca Friedman who； with her husband； Louis； escaped in 1922 to the west through Latvia in a journey as perilous as Mrs。 B earlier odyssey to the east through Manchuria。 When the family members reunited in Omaha they had no tangible assets。 However； they came equipped with an extraordinary bination of brains； integrity； and enthusiasm for work … and that all they needed。 They have since proved themselves invincible。
当B太太1917年从苏俄往东经满州一路逃到美国之后，她的双亲与五位兄弟姊妹也陆续来到美国，其中她有一个姊妹Rebecca在1922年跟着丈夫Friedman冒着生命危险往西途经拉脱维亚，当家族在奥玛哈重新团聚时大家一无所有且身无分文，然而只要身具智能、品格与热情一切就已足够，后来证明他们所向无敌。
In 1948 Mr。 Friedman purchased Borsheim； a small Omaha jewelry store。 He was joined in the business by his son； Ike； in 1950 and； as the years went by； Ike son； Alan； and his sons…in…law； Marvin Cohn and Donald Yale； came in also。
1948年Friedman先生买下奥玛哈地区一家叫波仙的小珠宝店，后来他的儿子与女婿陆续加入。
You won’t be surprised to learn that this family brings to the jewelry business precisely the same approach that the Blumkins bring to the furniture business。 The cornerstone for both enterprises is Mrs。 B creed： sell cheap and tell the truth。？Other fundamentals at both businesses are： （1） single store operations featuring huge inventories that provide customers with an enormous selection across all price ranges； （2） daily attention to detail by top management； （3） rapid turnover； （4） shrewd buying； and （5） incredibly low expenses。 The bination of the last three factors lets both stores offer everyday prices that no one in the country es close to matching。
你应该不难预料，这个家族为当地珠宝业所带来的影响与B太太的情况相近，两家店共同的特色就是东西实在又价美物廉，另外共通的特色还有（1）单店经营，但货品样式价格种类齐全，满足消费者各式需求（2）老板每天专心经营（3）货品周转快速（4）精明的采购（5）费用开销难以想象地低。后面三项特点让店内产品的售价，全美其它地方都得比。
Most people； no matter how sophisticated they are in other matters； feel like babes in the woods when purchasing jewelry。 They can judge neither quality nor price。 For them only one rule makes sense： If you don know jewelry； know the jeweler。
大部分的人们不管在其它行业多么学有专精，但是遇到买珠宝首饰时，就像是迷失在森林里的小孩子一样，不会判断东西的品质好坏与价格高低，对这些人来说，只要记住一条，不懂珠宝没有关系，只要认识珠宝商就好。
I can assure you that those who put their trust in Ike Friedman and his family will never be disappointed。 The way in which we purchased our interest in their business is the ultimate testimonial。 Borsheim had no audited financial statements； nevertheless； we didn take inventory； verify receivables or audit the operation in any way。 Ike simply told us what was so and on that basis we drew up a one…page contract and wrote a large check。
我敢保证大家只要放心交给Friedman家族，一定不会让各位失望，我们购买波仙股权的方式就是最好的证明，波仙没有会计师查核报告，也没有盘点存货、验证应收帐款或是做任何方式的查核，他们只是简单地告诉我们如何如何，于是双方就草拟的一页简单的合约，并由我们开出一大笔金额的支票。
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