收益

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)。

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)。

Look-Through Earnings Reported earnings are a poor measure of economic progress at Berkshire, in part because the numbers shown in the table presented earlier include only the dividends we receive from investees -- though these dividends typically represent only a small fraction of the earnings attributable to our ownership. Not that we mind this division of money, since on balance we regard the undistributed earnings of investees as more valuable to us than the portion paid out.

完整透视盈余我们认为帐列盈余很难表现伯克希尔实际的营运状况，部份原因在于列示在本公司帐上的股利收入，事实上仅占被投资公司收益的一小部份，其实我们并不要求盈余一定要分配，事实上对我们而言，我们更重视未分配的那一部份，因为他们极可能为我们创造出更高的价值，原因很简单，因为我们的被投资公司往往比母公司更有机会把资金投入到高投资报酬的用途之上，既然如此又何必一定要强迫他们把盈余分配回来呢？

If you end up with more winning trades than losing ones, you can do very well with a 60% win to loss ratio.

如果你以盈多亏少结束交易，你会因为60％的盈亏比获得相当大的收益。

Both unequal power dyads and high-high power dyads obtained higher joint benefit than low-low power dyads.

结果表明，总体上，权力不平等的谈判比权力平等的谈判获得了更多的联合收益。

Home Depot now trades at 17 times expected 2009 earnings and Lowe's at 16 times.

按照2009年的预期收益计算，目前家得宝的市盈率是17倍，而Lowe's是16倍。

Summary: The common parts rights' attach and lucre is always a complication and question.

共用部分产权的归属与收益的分配一直是广大业主和物业管理企业，有时甚至包括开发商之间的分歧和纠纷频发点之一。

We will simply take the lush earnings of the business and use them to buy similar businesses elsewhere.

我们只需简单地把这些生意中获得的可观收益，去购买别处类似的企业。

We will simply take the lush earnings of the business and use them

我们需要做的只是坐享其收益并用它来购买其他地方同类的企

It was Napoleon, the immense somnambulist of this dream which had crumbled, essaying once more to advance.

那人便是拿破仑，梦游中的巨人，他还想往前走，去追寻那崩塌了的幻境。

This method alleviates the highly dependent on domain knowledge experts. The quality and efficiency of the KBS were improved.

使用这种设计方法减小了对领域知识专家的严重依赖，提高了知识系统开发的质量和效率。