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oan crisis。 Also； take special note of Dave Hillstrom performance at Precision Steel Warehouse； a Wesco subsidiary。 Precision operates in an extremely petitive industry； yet Dave consistently achieves good returns on invested capital。 Though data is lacking to prove the point； I think it is likely that his performance； both in 1988 and years past； would rank him number one among his peers。
年报中还有企业个别部门的信息，有关Wesco公司的信息，我强烈建议大家可以看看查理孟格所写的年报，里头包含我看过对储贷机构危机事件写得最贴切的一篇文章，另外也可以顺便看看Precision钢铁厂，这家Wesco的子公司所处的产业竞争相当激烈，但经理人Dave仍然努力创造相当不错的绩效，虽然手头上缺乏资料来证明，但我相信他的表现绝对不比其它同侪逊色。
1988 Unit：US'000
Earnings Before Ine Tax After Ine Tax
Percent Total Berkshire Share Berkshire Share
Earnings from Operation
Insurance Group
Underwriting #DIV/0！ （11；081） （1；045）
Net Investment Ine #DIV/0！ 231；250 197；779
Buffalio News #DIV/0！ 42；429 25；462
Fechheimer 14；152 7；720
Kirby 26；891 17；842
Nebraska Furniture Mart #DIV/0！ 18；439 9；099
Scott Fetzer…Diversified 28；542 17；640
See's Candies #DIV/0！ 32；473 19；671
Wesco Financial Corporation…Parent #DIV/0！ 16；133 10；650
World Book 27；890 18；021
Amortization of Goodwill （2；806） （2；806）
Interest on Debt （35；613） （23；212）
Shareholder's Contribution （4；966） （3；217）
Other 34；717 19；837
0 418；450 313；441
Realized Securities Gain 131；671 85；829
Total Earnings…all entities 0 550；121 399；270
*不包含史考特飞兹金融集团的利息费用
*Excludes interest expense of Scott Fetzer Financial Group。
我们旗下各项营运事业所创造的盈余，不管是依绝对值或是与同业相较，实在是相当出色，对此我们衷心感谢这些辛苦的经理人，你我应该感到庆幸能与他们一起共事。
The earnings achieved by our operating businesses are superb； whether measured on an absolute basis or against those of their petitors。 For that we thank our operating managers： You and I are fortunate to be associated with them。 At Berkshire； associations like these last a long time。 We do not remove superstars from our lineup merely because they have attained a specified age … whether the traditional 65； or the 95 reached by Mrs。 B on the eve of Hanukkah in 1988。 Superb managers are too scarce a resource to be discarded simply because a cake gets crowded with candles。 Moreover； our experience with newly…minted MBAs has not been that great。 Their academic records always look terrific and the candidates always know just what to say； but too often they are short on personal mitment to the pany and general business savvy。 It difficult to teach a new dog old tricks。
在Berkshire，这样的关系可以维持相当长久，我们不会因为这些杰出优秀的明星经理人年纪到了一定程度就把他们给换掉，不管是65岁或是B太太在1988年所打破的95岁上限，明星的经理人实在是可遇不可求的稀罕珍宝，他们就像是插满蜡烛的蛋糕，如何叫人舍得把他们丢弃，相较之下，我们对于新进的MBA企管硕士的评价就没有那么高了，他们的学术经历看起来总是很吓人，讲起话来头头是道，但个人对于企业长期发展的投入却相当有限，实在是很难去教菜狗那套老伎俩。
Here an update on our major non…insurance operations：
以下是我们非保险部门的最新营运状况︰
At Nebraska Furniture Mart； Mrs。 B （Rose Blumkin） and her cart roll on and on。 She been the boss for 51 years； having started the business at 44 with 500。 （Think what she would have done with 1；000！） With Mrs。 B； old age will always be ten years away。
在内布拉斯加家具店方面，B太太坐着她的轮椅持续运转，自从44岁那年以500块美金开始创业当老板，至今已有51个年头，（要是当初是用1；000块的话，现在可能更不得了），对于B太太来说，就是再多十岁也不嫌老。
The Mart； long the largest home furnishings store in the country； continues to grow。 In the fall； the store opened a detached 20；000 square foot Clearance Center； which expands our ability to offer bargains in all price ranges。
这家全美最大的家具量贩店到现在还在持续成长，去年秋天，又新开了一家占地20；000平方英呎的清洁用品中心，让我们的产品线不论是各种价格都应有尽有。
Recently Dillard； one of the most successful department store operations in the country； entered the Omaha market。 In many of its stores； Dillard runs a full furniture department； undoubtedly doing well in this line。 Shortly before opening in Omaha； however； William Dillard； chairman of the pany； announced that his new store would not sell furniture。 Said he； referring to NFM： we don’t want to pete with them。 We think they are about the best there is。？
最近Dillard一家在全美地区经营相当成功的百货公司打算进军奥玛哈地区，在它其它主要的分店都设有家具部门，事实上他们在这方面也做的相当成功，不过就在其奥玛哈分店开幕的前夕，Dillard总裁William先生却宣布这家分店决定不卖家具，他特别提到NFM，表示你绝对不会想要与它竞争，我想它在当地已经是最强的了。
At the Buffalo News we extol the value of advertising； and our policies at NFM prove that we practice what we preach。 Over the past three years NFM has been the largest ROP advertiser in the Omaha World…Herald。 （ROP advertising is the kind printed in the paper； as contrasted to the preprinted…insert kind。） In no other major market； to my knowledge； is a home furnishings operation the leading customer of the newspaper。 At times； we also run large ads in papers as far away as Des Moines； Sioux City and Kansas City … always with good results。 It truly does pay to advertise； as long as you have something worthwhile to offer。
水牛城报纸我们赞扬广告的价值，而我们在NFM的政策则是证明我们所宣扬的确实可行，过去三年来，NFM是奥玛哈世界先锋报的最大广告客户，（ROP是指直接印在报纸而非夹报式的广告），据我所知，除此之外没有一家报纸的主要广告客户是家具商，同时我们也在堪萨斯等地区刊登广告，所得到的反应也相当不错，广告当然有其效果，只要你所要介绍的东西值得推荐。
Mrs。 B’s son； Louie； and his boys； Ron and Irv； plete the winning Blumkin team。 It a joy to work with this family。 All its members have character that matches their extraordinary abilities。
B太太的儿子路易，还有他几个小孩组成了一支梦幻队伍，跟他们一起共事实在是一种享受，所有的成员品格与才能兼具。
Last year I stated unequivocally that pre…tax margins at The Buffalo News would fall in 1988。 That forecast would have proved correct at almost any other newspaper our size