in our business lifetimes。
去年我们所做的乃是基于1991年买进HH布朗鞋业…一家管理良善的鞋子、靴子制造公司的续曲，布朗鞋业成为一家真正成功的赢家，虽然一开始我们就对他就有相当高的标准，但是在Frank与其它经理人的努力之下，这家公司的表现甚至还超过我们的预期，基于我们对Frank团队的信心，接着在1992年年底我们又买下Lowell鞋业，Lowell是一家女鞋与护士鞋的老牌制造公司，不过他的管理还需要改进，再一次他的表现又超乎我们的预期，所以我们立刻又再接再厉在去年又趁机买下缅因州的Dexter鞋业，一家专门制造高级男女鞋的品牌，这次我可以向大家保证Dexter并不需要改造，Dexter是查理跟我在职业生涯中，所见过最好的公司之一。
Harold Alfond； who started working in a shoe factory at 25 cents an hour when he was 20； founded Dexter in 1956 with 10；000 of capital。 He was joined in 1958 by Peter Lunder； his nephew。 The two of them have since built a business that now produces over 7。5 million pairs of shoes annually； most of them made in Maine and the balance in Puerto Rico。 As you probably know； the domestic shoe industry is generally thought to be unable to pete with imports from low…wage countries。 But someone forgot to tell this to the ingenious managements of Dexter and H。 H。 Brown and to their skilled labor forces； which together make the U。S。 plants of both panies highly petitive against all ers。
话说Harold Alfond从20岁以时薪25美分开始到制鞋工厂做工，并在1956年靠着一万美元的资本创立Dexter，1958年他的侄子Peter加入，从此两人建立起年产750万双鞋子的企业，大部分的鞋子都在缅因州生产，其余的则在波多黎各，就像大家都知道的，国内的制鞋业，一般被认为无法与国外进口低价产品竞争，但是大家似乎忘记提醒布朗鞋业与Dexter经营团队有这么一回事，是他们让两家公司位于美国的工厂拥有高度的竞争力以对抗外来的入侵者。
Dexter's business includes 77 retail outlets； located primarily in the Northeast。 The pany is also a major manufacturer of golf shoes； producing about 15％ of U。S。 output。 Its bread and butter； though； is the manufacture of traditional shoes for traditional retailers； a job at which it excels： Last year both Nordstrom and J。C。 Penney bestowed special awards upon Dexter for its performance as a supplier during 1992。
Dexter还包含77家的零售门市，主要集中在西北地区，该公司同时也是高尔夫球鞋的主要制造商，全美的市场占有率约为15％，不过他的主要业务还是传统通路商的传统鞋类，这也是它最擅长的领域，去年Dexter还获得Nordstrom与JC Penny所颁发的年度最佳供货商奖项。
Our 1993 results include Dexter only from our date of merger； November 7th。 In 1994； we expect Berkshire's shoe operations to have more than 550 million in sales； and we would not be surprised if the bined pre…tax earnings of these businesses topped 85 million。 Five years ago we had no thought of getting into shoes。 Now we have 7；200 employees in that industry； and I sing 〃There's No Business Like Shoe Business〃 as I drive to work。 So much for strategic plans。
Berkshire只能从1993年11月7号购并日后开始计入Dexter的业绩，在1994年我们预计Berkshire光是在鞋类方面的销售额就达到5。5亿美元，而总计税前获利极有可能超过8；500万，记得在五年前我们根本就没想到会跨进鞋类这一行，现在光是在这个产业所雇用的员工就超过7；200人，现在我每天上班，都会边开车边唱，没有一个行业会像卖鞋这一行，策略计画还有很多发挥的空间。
At Berkshire； we have no view of the future that dictates what businesses or industries we will enter。 Indeed； we think it's usually poison for a corporate giant's shareholders if it embarks upon new ventures pursuant to some grand vision。 We prefer instead to focus on the economic characteristics of businesses that we wish to own and the personal characteristics of managers with whom we wish to associate … and then to hope we get lucky in finding the two in bination。 At Dexter； we did。
在Berkshire，对于将来会进入那个产业，我们并没有特定的看法，事实上，我们常在想对于一家大型企业的股东来说，与其追求具有远景的新创事业有时反而有害，所以我们比较偏爱专注于那些我们想要拥有的经济型态以及我们喜爱一起共事的经理人，剩下的就只看我们有没有足够的运气，找到同时拥有这两项特点的组合了，在Dexter我们确实找到了。
And now we pause for a short mercial： Though they owned a business jewel； we believe that Harold and Peter （who were not interested in cash） made a sound decision in exchanging their Dexter stock for shares of Berkshire。 What they did； in effect； was trade a 100％ interest in a single terrific business for a smaller interest in a large group of terrific businesses。 They incurred no tax on this exchange and now own a security that can be easily used for charitable or personal gifts； or that can be converted to cash in amounts； and at times； of their own choosing。 Should members of their families desire to； they can pursue varying financial paths without running into the plications that often arise when assets are concentrated in a private business。
接下来让我们休息一下，进段小广告，虽然他们拥有商业界的宝石，但我们也相信Harold与Peter（他们对于现金都不感兴趣）做了一个正确的决定，将Dexter的股份转为Berkshire的股份，他们所做的，实际上等于将一家规模小的好公司的全部权益转成一家大规模好公司的一部份权益，这样的转换并不会产生租税负担，同时还可享有依个人意愿随时进行赠与或变现的好处，如果他们的家族成员有意愿，他们可以依照自己的想法追求不同的目标，而不必像过去那样所有的资产全部绑在一家私人的企业。
For tax and other reasons； private panies also often find it difficult to diversify outside their industries。 Berkshire； in contrast； can diversify with ease。 So in shifting their ownership to Berkshire； Dexter's shareholders solved a reinvestment problem。 Moreover； though Harold and Peter now have non…controlling shares in Berkshire； rather than controlling shares in Dexter； they know they will be treated as partners and that we will follow owner…oriented practices。 If they elect to retain their Berkshire shares； their investment result from the merger date forward will exactly parallel my own result。 Since I have a huge percentage of my net worth mitted for life to Berkshire shares … and since the pany will issue me neither restricted shares nor stock options … my gain…loss equation will always match that of all other owners。
基于租税规划以及其它理由，私人企业通常很难透过延伸本业以外的投资达到分散风险的目的，相对的，在Berkshire我们可以很轻易地就多角化，因此藉由经营权移转至Berkshire，Dexter的股东可以很轻易地就解决转投资的问题，更重要的是，虽然Harold与Peter现在持有的是Berkshire无控制权的股份，而不是原先Dexter具控制权的股份，但他们很清楚自己将被视为真正的合伙人，同时我们也会以经营者的心态参与，所以一旦他们决定将自己的投资转为Berkshire的股份，那么从合并那天开始，他们就可以确定本身的投资成果将会与我个人的投资成果相当，而因为我个人绝大部份的身家都摆在Berkshire，也因为我个人从不会自公司身上取得特殊的股份或员工认股权，所以我个人的成败得失也将与其它所有公司股权持有人一致。
Additionally； Harold and Peter know that at Berkshire we can keep our promises： There will be no changes of control or culture at Berkshire for many decades to e。 Finally； and of paramount importance； Harold and Peter can be sure that they will get to run their business … an activity they dearly love … exactly as they did before the merger。 At Berkshire； we do not tell 。400 hitters how to swing。
此外，Harold与Peter也相当了解，在Berkshire我们言出必行，在可见的未来几十年内，Berkshire的控制权与文化将不会有所改变，最后同时也是最重要的一点，Harold与Peter可以确定将能够继续经营原来的企业，这是他们最喜爱的工作，这点不会因为合并案完成而有任何的改变，在Berkshire，我们不会鸡婆地去提醒打击率高达四成的强打者应该要如何挥棒。
What made sense for Harold and Peter probably makes sense for a few other owners of large private businesses。 So； if you have a business that might fit； let me hear from you。 Our acquisition criteria are set forth in the appendix on page 22。
我想这些的道理同样也适合其它大型私人企业的所有者，所以如果你有公司的情况符合我们的标准的，请务必让我知道，在年报的后段有我们拟购并企业的标准。
Sources of Reported Earnings帐列盈余的来源
The table below shows the major sources of Berkshire's reported earnings。 In this presentation； amortization of Goodwill and other major purchase…price accounting adjustments are not charged against the specific businesses to which they apply； but are instead aggregated and shown separately。 This procedure lets you view the earnings of our businesses as they would have been reported had we not purchased them。 I've explained in past reports why this form of presentation seems to us t