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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 or larger。 But Stan Lipsey … bless him … has managed to make me look foolish。
去年我曾明确地表示水牛城日报1988年的税前盈余一定会下滑，事实证明要不是有Stan Lipsey，结果可能会如我所预测，与其它同规模的报纸同样地沉沦，很高兴Stan让我看起来很愚蠢。
Though we increased our prices a bit less than the industry average last year； and though our newsprint costs and wage rates rose in line with industry norms； Stan actually improved margins a tad。 No one in the newspaper business has a better managerial record。 He has achieved it； furthermore； while running a paper that gives readers an extraordinary amount of news。 We believe that our ewshole？percentage … the portion of the paper devoted to news … is bigger than that of any other dominant paper of our size or larger。 The percentage was 49。5％ in 1988 versus 49。8％ in 1987。 We are mitted to keeping it around 50％； whatever the level or trend of profit margins。
虽然我们去年我们调涨的价格较同业水准略低，同时印刷与工资成本调整的幅度与同业一致，但Stan还是硬生生让毛利率又扩大一些，在新闻业没有其它人可以像他这样有更好的经营绩效，且同时还能够让读者得到如此丰富的新闻，我们相信我们自己的新闻比率，绝对是同样规模或甚至更大报纸中最高的，1988年49。5％，不管获利状况如此，我们一定会努力将这个比率维持在50％上下。
Charlie and I have loved the newspaper business since we were youngsters； and we have had great fun with the News in the 12 years since we purchased it。 We were fortunate to find Murray Light； a top…flight editor； on the scene when we arrived and he has made us proud of the paper ever since。
查理跟我在年轻的时候就很热爱新闻事业，而买下水牛城报纸的12年来，让我们渡过许多快乐时光，我们很幸运能够找到像Murray这样杰出的总编辑，让我们一入主水牛城报纸后，便深深引以为傲。
See’s Candies sold a record 25。1 million pounds in 1988。 Prospects did not look good at the end of October； but excellent Christmas volume； considerably better than the record set in 1987； turned the tide。
喜斯糖果在1988年总共销售了2；510万磅重的糖果，本来在十月前整个销售前景看起来不太乐观，但拜圣诞节旺季特别旺所致，整个局势跟着扭转。
As we have told you before； See’s business continues to bee more Christmas…concentrated。 In 1988； the pany earned a record 90％ of its full…year profits in December： 29 million out of 32。5 million before tax。 （It enough to make you believe in Santa Claus。） December deluge of business produces a modest seasonal bulge in Berkshire corporate earnings。 Another small bulge occurs in the first quarter； when most World Book annuals are sold。
就像我们以前告诉各位的，喜斯的糖果旺季越来越向圣诞节集中，去年光是12月的税前获利2；900万就占全年度3；250万的90％，（如此你应该相信圣诞老公公真的存在了吧），十二月的旺季使得Berkshire第四季的盈余看起来相当不错，另外第一季则是因为世界百科全书年度出版所以也会有一波小高潮。
Charlie and I put Chuck Huggins in charge of See about five minutes after we bought the pany。 Upon reviewing his record； you may wonder what took us so long。
查理跟我是在买下喜斯糖果五分钟之后，决定为Chuck Huggins负责这家公司的管理，在看过他这些年来的绩效之后，你可能会怀疑为何我们要考虑那么久！
At Fechheimer； the Heldmans … Bob； George； Gary； Roger and Fred … are the Cincinnati counterparts of the Blumkins。 Neither furniture retailing nor uniform manufacturing has inherently attractive economics。 In these businesses； only exceptional managements can deliver high returns on invested capital。 And that exactly what the five Heldmans do。 （As Mets announcer Ralph Kiner once said when paring pitcher Steve Trout to his father； Dizzy Trout； the famous Detroit Tigers pitcher： here a lot of heredity in that family。？
在费区海默，Heldmans家族就好象是B太太家族的辛辛那提版，不管是家具业或者是制服业都不会很有吸引力的行业，也只有好的管理才能让股东们获得好的投资报酬，这正是Heldmans五位家族成员为Berkshire所作的贡献，身为职棒大都会队的发言人，Ralph Kiner曾说比较该队投手Steve Trout与他的父亲Dizzy Trout也是老虎队名投手，你就会发现虎父无犬子。
Fechheimer made a fairly good…sized acquisition in 1988。 Charlie and I have such confidence in the business savvy of the Heldman family that we okayed the deal without even looking at it。 There are very few managements anywhere … including those running the top tier panies of the Fortune 500 … in which we would exhibit similar confidence。
费区海默在1988年进行了一项规模颇大的购并案，查理跟我对于他们相当有信心，所以我们连看都没有看就同意了这项交易，很少有经营阶层，即便是财星五百大企业也好，能得到我们这样的信任。
Because of both this acquisition and some internal growth； sales at Fechheimer should be up significantly in 1989。
因为这项购并案与内部本身的成长，费区海默的营业额可望大幅成长。
All of the operations managed by Ralph Schey … World Book； Kirby； and The Scott Fetzer Manufacturing Group … performed splendidly in 1988。 Returns on the capital entrusted to Ralph continue to be exceptional。
所有Ralph Schey所管理的事业，包含世界百科全书、寇比吸尘器与史考特费兹制造集团，在1988年的表现皆相当出色，投资其上的资金也获得相当不错的报酬。
Within the Scott Fetzer Manufacturing Group； particularly fine progress was recorded at its largest unit； Campbell Hausfeld。 This pany； the country leading producer of small and medium…sized air pressors； has more than doubled earnings since 1986。
在史考特费兹制造集团当中，又以Campbell家用器具最突出，这家全美最大的中小型压缩机自从1986年来每年盈余都呈倍数成长。
Unit sales at both Kirby and World Book were up significantly in 1988； with export business particularly strong。 World Book became available in the Soviet Union in September； when that country largest American book store opened in Moscow。 Ours is the only general encyclopedia offered at the store。
寇比吸尘器与世界百科全书的1988年销售数量都大幅成长，尤其在外销部份更是强劲，世界百科全书在九月配合莫斯科当地最大的一家美国百货公司开幕，正式在苏联推出，成为该店唯一展示的一套百科全书。
Ralph personal productivity is amazing： In addition to running 19 businesses in superb fashion； he is active at The Cleveland Clinic； Ohio University； Case Western Reserve； and a venture capital operation that has spawned sixteen Ohio…based