股利

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)。

" 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。

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。

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？

That happens because the acquirer typically gives up more intrinsic value than it receives. Do that enough, says John Medlin, the retired head of Wachovia Corp., and "you are running a chain letter in reverse." Over time, the skill with which a company's managers allocate capital has an enormous impact on the enterprise's value. Almost by definition, a really good business generates far more money than it can use internally. The company could, of course, distribute the money to shareholders by way of dividends or share repurchases.

就长期而言，公司经理然滥用公司资金将会对企业的价值有很大的影响，我们认为一家好公司所能贡献出的现金，一定会超过其本身内部所需，而公司当然可以透过分配股利或买回股份的方式回馈给股东，但是通常企业的 CEO 会要求公司策略企划部门，顾问或是投资银行，做出购并一，两家公司的必要性报告，这样的做法就好象是问你的室内设计师，你是否应该增添一条五万美元的地毯。

Sun Microsystems raised its dividend 10% this year.

我们公司今年的股利有10%。

In 1961 Miller and Modigliani brought forward the famous "uncorrelation theory".

由于历史的原因，我国对股利理论的研究一直十分贫乏。

The split between the two groups can hardly be papered over.

这两个团体间的分歧难以掩饰。

This approach not only encourages a greater number of responses, but minimizes the likelihood of stale groupthink.

这种做法不仅鼓励了更多的反应，而且减少跟风的可能性。