透视

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)。

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。

Now, however, expectations for media have moved toward the bob-around model. And, as our simplified example illustrates, valuations must change dramatically when expectations are revised. We have a significant investment in media - both through our direct ownership of Buffalo News and our shareholdings in The Washington Post Company and Capital Cities/ABC - and the intrinsic value of this investment has declined materially because of the secular transformation that the industry is experiencing. Cyclical factors have also hurt our current look-through earnings, but these factors do not reduce intrinsic value.

我们在媒体事业有相当大的投资，不管是百分之百拥有的水牛城日报或是在华盛顿邮报与资本城/ABC 的股票投资，而这些媒体事业的价值因为前面所提到的产业所面临的形态转变而大幅滑落，(景气循环因素也使得我们现在的透视盈余大受影响，虽然还不致于让实质价值减少)，然而就像是我们经营伯克希尔的企业原则所揭示的，我们不会只是因为还有其它更有利的资金用途，就随便将已被列为永恒的事业或主要投资出售，(当然之前我们也确实卖了一些媒体股，不过规模相对较小)。

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？

First, it points out the internal need to enact CFC Legislation under U.S. tax law. Then it describes the definition of CFC, the taxable income, the taxpayer and anti-evasion methods under U.S. CFC Legislation. Thereafter it addresses the latest development of U.S. CFC Legislation focusing on the so-called"Check-the-box Rule"and"Look-through Rule". Chapter 3 considers the referenceable merits of U.S.

首先，从美国税法中寻找制定CFC立法的内在需要；其次，从受控外国公司的定义、纳税所得、纳税主体以及反规避措施四个方面介绍美国CFC立法的主要内容；最后，以自选规则与透视规则为切入点，关注美国CFC立法的最新发展。

This paper analyzes Macpherson's political thoughts in details.

本文就麦克弗森政治思想中的这一主要观点及其内容进行透视

All of this is part of our work to make PivotTables easier to explore and manipulate.

我们所做的这些工作是为了让透视表更易于探寻和操作。

Mannerism An artistic style of the late 16th century characterized by distortion of elements such as scale and perspective.

Mannerism 风格主义：16世纪欧洲的一种艺术风格，特点是比例和透视因素的扭曲

With lateral fluoroscopic guidance and the aid of preoperative planning, polyaxial screws with a diameter of 3.5 mm and a length of 26 mm were inserted in a trajectory of 10° medially in C1, and 20° medially and superiorly toward the superior-medial quadrant of the C2 lateral mass in C2. Then the 2 screws were fixed with rods.

在侧位透视导向和术前手术方案的帮助下，直径3.5mm、长26mm的多轴螺钉在C1向内偏10°，在C2侧块的内上象限向内、向上偏20°拧入钉道，再用2颗螺钉固定棒。

Ask: The lack of a fixed point of view that Mondrian described is perhaps linked to a northern vision and representation.

问： 蒙德里安对固定的视点的透视的批判也许是因为存在一些容易被忽视的视角。

According to the clear water experiment, aeration performance of the new equipment is good with high total oxygen transfer coefficient and oxygen utilization ratio.

曝气设备的动力效率在叶轮转速为120rpm～150rpm时取得最大值，此时氧利用率和充氧能力也具有较高值。

The environmental stability of that world - including its crushing pressures and icy darkness - means that some of its most famous inhabitants have survived for eons as evolutionary throwbacks, their bodies undergoing little change.

稳定的海底环境─包括能把人压扁的压力和冰冷的黑暗─意谓海底某些最知名的栖居生物已以演化返祖的样态活了万世，形体几无变化。