查询词典 look through

We also believe that investors can benefit by focusing on their own look-through earnings.

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)我们也相信投资人可以透过研究自己的透视盈余而受益，在算这个东西时，他们就会了解到其个别投资组合所应分配到的真正盈余的合计数，所有投资人的目标，应该是要建立一项投资组合可以让其透视盈余在从现在开始的十年内极大化。

If our intrinsic value is to grow at our target rate of 15%, our look-through earnings, over time, must also increase at about that pace.

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)。

Reported earnings, though, we employ the concept of "look-through"earnings. As we calculate these, they consist of:(1) the operating

为了要能更真实的反应Berkshire实际的经营状况，于是乎我们运用了完整透视盈余

" I believe the best way to think about our earnings is in terms of "look-through results, calculated as follows: Take $250 million, which is roughly our share of the 1990 operating earnings retained by our investees; subtract $30 million, for the incremental taxes we would have owed had that $250 million been paid to us in dividends; and add the remainder,$220 million, to our reported operating earnings of $371 million.

我个人相信最好的方式是利用透视的方法来衡量伯克希尔的盈余，2 亿 5，000 万美元大概是我们在 1990 年可以从被投资公司那边未分配到的营业利润，扣除 3，000 万的额外股利所得税，再将剩下的 2 亿 2，000 万美元加到本来的帐列盈余 3 亿 7，100 万，所得的 5 亿 9，000 万大概就是我们经过透视的真正盈余。

To depict something closer to economic reality at Berkshire than reported earnings, though, we employ the concept of "look-through" earnings.

在这里我们所谓的营业盈余系已扣除资本利得，特别会计调整与企业其它非常态的项目。

STUDY SELECTION: After primary look-through for the data, the original articles about the study on Blocking-up Hypothesis of exercise-induced fatigue were included, and those about repetitive studies were excluded.

资料选择：对资料进行初审、选择与堵塞学说有关的运动性疲劳方面的文章，排除重复研究的文章。

The following table sets forth our 1997 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls.

年的购并活动 1997 年我们同意买下星辰家具与国际乳品皇后(后者在 1998 年初正式敲定)，两家公司都完全符合我们的标准，产业性质单纯，拥有绝佳的竞争优势且由杰出的人才所经营。

The following table sets forth our 2000 look-through earnings, though I warn you that the figures can be no more than approximate, since they are based on a number of judgment calls. The dividends paid to us by these investees have been included in the operating earnings itemized on page 15, mostly under Insurance Group: Net Investment Income.

第 42 页共 56 页 www.buffettism.com 巴菲特研究中心 Research Centre for Buffettism 各位可以从下表看出我们是如何计算出 2000 年透视盈余的，不过我还是要提醒各位这些数字只不过是估计数，很多都是基于简单的判断，(被投资公司所分配的股利收入已经列在 15 页的营业利益之内，大部分包含在保险事业的净投资收益项下)。

The after-tax earnings in 1990 from our preferred had been about $45 million, an amount somewhat higher than the combination in 1991 of three months of dividends on our preferred plus nine months of look-through earnings on the common.

首先我告诉各位旗下媒体事业的盈余，不管是帐面直接或是间接透视一定会减少，而事实证明确是如此，第二个因素发生在 4 月 1 号我们吉列特别股被要求转为普通股，1990 年来自特别股的税后盈余是 4，500 万美元，大概比 1991 年一季的股利总和加上三季的普通股透视盈余还多一点。

Two other outcomes that I did not foresee also hurt look-through earnings in 1991. First, we had a break-even result from our interest in Wells Fargo (dividends we received from the company were offset by negative retained earnings). Last year I said that such a result at Wells was a low-level possibility - not a likelihood.

另外有二项我没有意料到的结果，也影响到我们 1991 年的透视盈余，首先我们在 Well-Fargo 的利益大概仅维持损益两平(所收到的股利收入被其累积亏损所抵消)，去年我说这样的可能性很低的说法，其可信度存疑，第二我们的保险业盈余虽然算是不错，但还是比往年低。

I didn't watch TV last night, because it .

昨晚我没有看电视，因为电视机坏了。

Since this year, in a lot of villages of Beijing, TV of elevator liquid crystal was removed.

今年以来，在北京的很多小区里，电梯液晶电视被撤了下来。