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Non…Insurance Operations
非保险营运
In the past； we have labeled our major manufacturing； publishing and retail operations 〃The Sainted Seven。〃 With our acquisition of Borsheim's early in 1989； the challenge was to find a new title both alliterative and appropriate。 We failed： Let's call the group 〃The Sainted Seven Plus One。〃
在过去我们将主要的制造、出版与零售业昵称为七个圣徒，在1989年波仙珠宝加入后，马上面临的一个问题就是要找到一个贴切又好听的名词，但到目前为止我们还没有想到，现在姑且将他们称作为「七加一个圣徒」吧。
This divine assemblage … Borsheim's； The Buffalo News； Fechheimer Bros。； Kirby； Nebraska Furniture Mart； Scott Fetzer Manufacturing Group； See's Candies； World Book … is a collection of businesses with economic characteristics that range from good to superb。 Its managers range from superb to superb。
这神圣的组合…波仙珠宝、水牛城日报、费区海默、寇比吸尘器、内布拉斯加家具、史考特费兹、喜斯糖果与世界百科全书等公司，可以说是模范企业的绝佳组合，他们的管理人也可以说是好的不能再好了。
Most of these managers have no need to work for a living； they show up at the ballpark because they like to hit home runs。 And that's exactly what they do。 Their bined financial statements （including those of some smaller operations）； shown on page 49； illustrate just how outstanding their performance is。 On an historical accounting basis； after…tax earnings of these operations were 57％ on average equity capital。 Moreover； this return was achieved with no net leverage： Cash equivalents have matched funded debt。 When I call off the names of our managers … the Blumkin； Friedman and Heldman families； Chuck Huggins； Stan Lipsey； and Ralph Schey … I feel the same glow that Miller Huggins must have experienced when he announced the lineup of his 1927 New York Yankees。
大部分的管理人根本就不需要为了讨生活而工作，他们参加球队的原因只是为了要击出全垒打，事实上这正是他们常常有的表现，他们合并的财务报表（加上一些较小的事业），显示他们的表现是如此的优异，以历史投资成本做基准，他们现在每年的税后盈余高达平均股东权益的57％，更甚者，他们并不靠举债，帐上所拥有的现金就足以清偿所有的借款，当我念到这些管理人的名字… the Blumkin； Friedman； Heldman families； Chuck Huggins； Stan Lipsey 与 Ralph Schey，这感觉就好象是名教练Miller Huggins 在宣布1927纽约洋基队的先发阵容一样。
Let's take a look； business by business：
现在让我们逐一来检视。
o In its first year with Berkshire； Borsheim's met all expectations。 Sales rose significantly and are now considerably better than twice what they were four years ago when the pany moved to its present location。 In the six years prior to the move； sales had also doubled。 Ike Friedman； Borsheim's managing genius … and I mean that … has only one speed： fast…forward。
在波仙珠宝加入Berkshire的第一年，它达到我们所有的预期目标，营业额大幅成长，较四年前刚搬到现址的时候要好上一倍，事实上在搬来之的六年前，它的业绩早已成长了一倍，Ike Friedman 波仙珠宝的管理天才，只有一种速度，那就是全速前进！
If you haven't been there； you've never seen a jewelry store like Borsheim's。 Because of the huge volume it does at one location； the store can maintain an enormous selection across all price ranges。 For the same reason； it can hold its expense ratio to about one…third that prevailing at jewelry stores offering parable merchandise。 The store's tight control of expenses； acpanied by its unusual buying power； enable it to offer prices far lower than those of other jewelers。 These prices； in turn； generate even more volume； and so the circle goes 'round and 'round。 The end result is store traffic as high as 4；000 people on seasonally…busy days。
如果你还没有到过那里，你一定没有看过有珠宝店像波仙那样，由于销量非常大，所以在那里你可以看到各式各样、各种价格的种类，同样的理由，它的营业费用开销大概只有一般同类型珠宝店的三分之一，对于费用的严格控管，加上优异的采购能力，使得它所贩售的商品要比其它珠宝店要来的便宜许多，而便宜的价格又吸引更多的顾客上门，良性循环的结果，使得该店在忙季的单日人潮流量高达四千人。
Ike Friedman is not only a superb businessman and a great showman but also a man of integrity。 We bought the business without an audit； and all of our surprises have been on the plus side。 〃If you don't know jewelry； know your jeweler〃 makes sense whether you are buying the whole business or a tiny diamond。
Ike Friedman 不但是个优秀的商人、表演者，更是品格高尚的人，买下这家店时，我们没有查帐，事后所有的惊奇完全都是正面的，有句话说不懂珠宝没有关系，但你一定要有认识的珠宝商，这句话真的好有道理，不管是你要买一颗小小的钻石或是要买下一整家店都一样。
A story will illustrate why I enjoy Ike so much： Every two years I'm part of an informal group that gathers to have fun and explore a few subjects。 Last September； meeting at Bishop's Lodge in Santa Fe； we asked Ike； his wife Roz； and his son Alan to e by and educate us on jewels and the jewelry business。
有一段故事可以说明为何我个人如此喜爱Ike，每两年我都会参加一个非正式的聚会，大家一起同乐并探索新事物，去年九月，在圣塔菲与主教会面，我邀请Ike跟他的太太与儿子为大家讲解珠宝。
Ike decided to dazzle the group； so he brought from Omaha about 20 million of particularly fancy merchandise。 I was somewhat apprehensive … Bishop's Lodge is no Fort Knox … and I mentioned my concern to Ike at our opening party the evening before his presentation。 Ike took me aside。 〃See that safe？〃 he said。 〃This afternoon we changed the bination and now even the hotel management doesn't know what it is。〃 I breathed easier。 Ike went on： 〃See those two big fellows with guns on their hips？ They'll be guarding the safe all night。〃 I now was ready to rejoin the party。 But Ike leaned closer： 〃And besides； Warren；〃 he confided； 〃the jewels aren't in the safe。〃
Ike为了加深大家的印象，所以特地从奥玛哈带了总值超过2；000万美元的各式珠宝，当时我个人有点担心，因为主教的住所并非像福克斯堡那般坚固，所以当晚在活动开始之前，我特别向Ike表达个人的关切，Ike把我拉到一旁说，看到那保险箱没？？ 下午时我们早已掉过包，所以根本没有人可能分得清真或假，听到这话，我放心多了，Ike接着又说，看到旁边那两个腰配枪枝的彪形大汉没？？ 他们会整晚守护着这只保险箱，正当我舒口气准备会到宴会中时，Ike小声说到更重要的，真正的珠宝并不在保险箱里！
How can we miss with a fellow like that … particularly when he es equipped with a talented and energetic family； Alan； Marvin Cohn； and Don Yale。
我们怎么能够错过这样一号人物呢？？ 尤其是当他背后还有一个兼具才能与活力的家族。
At See's Candies we had an 8％ increase in pounds sold； even though 1988 was itself a record year。 Included in the 1989 performance were excellent same…store poundage gains； our first in many years。
喜斯糖果去年糖果的销售磅数再创新高，比前一年度又增加了8％，而且单店的平均销售磅数经过好几年来，首次呈现正成长。
Advertising played an important role in this outstanding performance。 We increased total advertising expenditures from 4 million to 5 million and also got copy from our agency； Hal Riney & Partners； Inc。； that was 100％ on the money in conveying the qualities that make See's special。
广告在这家杰出的企业中扮演着很重要的角色，去年我们的广告预算从原先的400万增加到500万美元，透过我们的广告代理商Hal Riney 将钱百分之百花在传达喜斯糖果之所以能够如此特别的品质之上。
In our media businesses； such as the Buffalo News； we sell advertising。 In other businesses； such as See's； we are buyers。 When we buy； we practice exactly wha