伯克希爾哈撒韋 世界最高的股價 卻很便宜（下）
8、製造業、服務業和零售業
2018 年，伯克希爾公司製造業、服務業和零售業收入為1409.09億元，其中製造業收入為618.83億美元，佔比43.92%；服務業營業收入為789.26億元，佔比56.01%。
2018年伯克希爾公司的營業收入為2254億美元，伯克希爾公司製造業、服務業和零售業的收入總額佔公司營業收入總額的62.52%。
在利潤方面，2018年公司製造業和服務業的稅前利潤為123.08億美元，其中製造業稅前利潤為93.66億美元，佔比76.1%；服務業和零售業稅前利潤為29.42億美元，佔比23.9%。
2018年公司製造業和服務業的利潤為93.64億美元。
根據2016年數據，公司製造業、服務業和零售業利潤為68.03億元，而公司淨利潤為240.7億元，製造業、服務業和零售業利潤佔比28.26%。
2018年伯克希爾公司的服務業收入高達133.33億美元，佔公司營業收入的5.9%;
2018年，伯克希爾公司擬的零售業務的收入高達156.06億美元，佔公司營業收入的6.9%；
McLane Company的營業收入高達499.87億美元，佔伯克希爾公司營業收入的22.17%。
9、服務
Our service business group offers fractional ownership programs for general aviation aircraft (NetJets) and high technology training to operators of aircraft (FlightSafety). We also distribute electronic components (TTI) and franchise and service a network of quick service restaurants (Dairy Queen). Other service businesses include transportation equipment leasing (XTRA) and furniture leasing (CORT), electronic news distribution, multimedia and regulatory filings (Business Wire), publication of newspapers and other publications (Buffalo News and the BH Media Group) and operation of a television station in Miami, Florida (WPLG). We also offer third party logistics services that primarily serve the petroleum and chemical industries (Charter Brokerage).
公司的服務業務集團為通用航空飛機（NetJets）提供部分所有權項目，併為飛機運營商（FlightSafety）提供高科技培訓。公司還經銷電子元件（TTI），特許經營和服務快速服務餐廳（乳製品皇后區）網絡。其他服務業務包括運輸設備租賃（XTRA）和傢俱租賃（CORT）、電子新聞發佈、多媒體和監管文件（商業電報）、報紙和其他出版物的出版（Buffalo News和BH Media Group）以及佛羅里達州邁阿密的一家電視臺的運營（WPLG）。我們還提供第三方物流服務，主要服務於石油和化學工業（包機經紀）。
Berkshire’s service businesses employ approximately 51,000 people. Information concerning these activities follows.
伯克希爾的服務業僱傭了大約5.1萬人。
Revenues of the service group were approximately $13.3 billion in 2018, an increase of approximately $1.2 billion (9.7%) compared to 2017. TTI’s revenues in 2018 increased approximately 33.7% compared to 2017, reflecting industry-wide increases in demand for electronic components in many geographic markets around the world, and the effects of recent business acquisitions and favorable foreign currency translation effects.
在2018，服務集團的收入約為133億美元，同比增長9.7%。TTI在2018的收入增加了大約33.7%，這反映了全球範圍內許多地區的電子組件的行業需求的增加，以及最近的商業併購和有利的外幣轉換效果的影響。
While TTI’s revenue increase in 2018 was significant, revenue growth began to moderate in the fourth quarter, in part attributable to the impact of U.S. trade tariffs.
雖然TTI在2018年的收入增長顯著，但第四季度收入增長開始放緩，部分原因是美國貿易關稅的影響。
WPLG generated a revenue increase of 20.8% in 2018 over 2017, primarily due to increased political advertising revenue. Revenues of Charter Brokerage increased 53.3%, reflecting increased fees and product mix changes.
WPLG在2018年的收入增長了20.8%，主要原因是政治廣告收入的增加。特許經紀業務收入增長53.3%，反映出費用增加和產品結構變化。
Revenues of our leasing businesses increased 8.4% in 2018 compared to 2017 due to increased over-the road trailer units on lease (XTRA) and increased furniture rental income (CORT).
2018年公司的租賃業務收入增長了8.4%，原因是租賃的道路拖車單元（XTRA）和傢俱租賃收入（CORT）增加。
Pre-tax earnings of the service group in 2018 were approximately $1.8 billion, an increase of $317 million (20.9%) compared to 2017. The comparative earnings increase was primarily due to TTI, which accounted for almost 84% of the increase.
在2018，服務集團的稅前利潤約為18億美元，同比增長20.9%。主要是由於TTI，佔增長的近84%。
<strong>【McLane Company】
McLane operates a wholesale distribution business that provides grocery and non-food consumer products to retailers and convenience stores (“grocery”) and to restaurants (“foodservice”).
McLane經營批發分銷業務，向零售商和便利店（“雜貨店”）以及餐廳（“餐飲服務”）提供食品和非食品消費品。
McLane also operates businesses that are wholesale distributors of distilled spirits, wine and beer (“beverage”). The grocery and foodservice businesses generate high sales and very low profit margins. These businesses have several significant customers, including Walmart, 7-Eleven, Yum! Brands and others. Grocery sales comprised approximately 67% of McLane’s consolidated sales in 2018 with food service comprising most of the remainder. A curtailment of purchasing by any of its significant customers could have an adverse impact on periodic revenues and earnings.
麥克萊恩還經營蒸餾酒、葡萄酒和啤酒（“飲料”）的批發經銷商業務。雜貨和食品服務業務產生了高銷售額和極低的利潤率。這些企業有幾個重要客戶，包括沃爾瑪、7-11、百勝！品牌和其他。食品雜貨銷售額佔McLain 2018的綜合銷售額的67%，其中包括大部分剩餘的食品服務。任何重要客戶的採購縮減都可能對定期收入和收益產生不利影響。
McLane provides wholesale distribution services to Walmart, which accounts for approximately 22% of McLane’s revenues. McLane’s other significant customers include 7-Elevenand Yum! Brands, each of which accounted for approximately 11% of McLane’s revenues in 2018.
麥克萊恩為沃爾瑪提供批發分銷服務，來至沃爾瑪的收入約佔麥克萊恩總收入的22%。McLane的其他重要客戶包括7-Elevenand Yum！品牌，這個品牌在2018年約佔麥克萊恩收入的11%。
McLane Company, Inc. (“McLane”) provides wholesale distribution services in all 50 states to customers that include convenience stores, discount retailers, wholesale clubs, drug stores, military bases, quick service restaurants and casual dining restaurants.
麥克萊恩公司在所有50個州向客戶提供批發分銷服務，包括便利店、折扣零售商、批發俱樂部、藥店、軍事基地、快速服務餐廳和休閒餐廳。
McLane’s business model is based on a high volume of sales, rapid inventory turnover and stringent expense controls. Operations are currently divided into three business units: grocery distribution, foodservice distribution and beverage distribution.
麥克萊恩的商業模式是基於高銷售量、快速的庫存週轉和嚴格的費用控制。業務目前分為三個業務部門：雜貨配送、餐飲配送和飲料配送。
McLane’s grocery distribution unit, based in Temple, Texas, maintains a dominant market share within the convenience store industry and serves most of the national convenience store chains and major oil company retail outlets. Grocery operations provide products to approximately 50,000 retail locations nationwide, including Walmart. McLane’s grocery distribution unit operates 23 distribution facilities in 20 states.
麥克萊恩位於德克薩斯州坦普爾市的雜貨配送部門在便利店行業保持著主導市場份額，為大多數國家便利店連鎖店和主要石油公司零售店提供服務。雜貨店業務向全國大約5萬個零售點提供產品，包括沃爾瑪。麥克萊恩的雜貨配送部門在20個州經營23個配送設施。
McLane’s foodservice distribution unit, based in Carrollton, Texas, focuses on serving the quick service and casual dining restaurant industry with high quality, timely-delivered products. Operations are conducted through 47 facilities in 22 states. The foodservice distribution unit services approximately 35,200 restaurants nationwide.
McLane位於德克薩斯州卡羅爾頓市的餐飲服務配送部門專注於為快餐和休閒餐飲行業提供優質、及時的產品。運營通過22個州的47個設施進行。餐飲配送部為全國約3.52萬家餐廳提供服務。
Through its subsidiaries, McLane also operates several wholesale distributors of distilled spirits, wine and beer. Operations are conducted through 14 distribution centers in Georgia, North Carolina, Tennessee and Colorado. These beverage units operating as Empire Distributors, Empire Distributors of North Carolina, Empire Distributors of Tennessee and Baroness Small Estates, service approximately 25,300 retail locations in the Southeastern United States and Colorado.
麥克萊恩還通過其子公司經營蒸餾酒、葡萄酒和啤酒的多家批發經銷商。業務通過喬治亞州、北卡羅來納州、田納西州和科羅拉多州的14個配送中心進行。這些飲料部門作為帝國分銷商、北卡羅來納州帝國分銷商、田納西州帝國分銷商和小莊園男爵夫人運營，服務於美國東南部和科羅拉多州約2.53萬個零售點。
McLane’s revenues were approximately $50.0 billion in 2018；
2018，McLane的收入約為500億美元。
<strong>【FlightSafety International】
FlightSafety International Inc. (“FlightSafety”), headquartered at New York’s LaGuardia Airport, is an industry leader in professional aviation training services to individuals, businesses (including certain commercial aviation companies) and the U.S. government and certain foreign governments.
飛行安全國際公司總部位於紐約拉瓜迪亞機場，是一家為個人、企業（包括某些商業航空公司）、美國政府和某些外國政府提供專業航空培訓服務，是行業領先者。
FlightSafety is also a leader in the design and manufacture of full flight simulators, visual systems, displays and other advanced technology training devices. This equipment is used to support FlightSafety training programs and is offered for sale to airlines and government and military organizations around the world. Manufacturing facilities are located in Oklahoma, Missouri and Texas.
飛行安全國際公司也是全飛行模擬器、視覺系統、顯示器和其他先進技術培訓設備的設計和製造的領導者。該設備用於支持飛行安全公司培訓計劃，並出售給世界各地的航空公司、政府和軍事組織。製造工廠位於俄克拉荷馬州、密蘇里州和德克薩斯州。
<strong>【NetJets】
NetJets Inc. (“NetJets”) is the world’s leading provider of shared ownership programs for general aviation aircraft. NetJets’ global headquarters is located in Columbus, Ohio, with most of its logistical and flight operations based at Port Columbus International Airport.
NetJets Inc.是全球領先的通用航空飛機共享所有權計劃提供商。NetJets的全球總部位於俄亥俄州哥倫布市，大部分後勤和飛行業務都設在哥倫布港國際機場。
NetJets’ European operations are based in Lisbon, Portugal. The shared ownership concept is designed to meet the travel needs of customers who require the scale, flexibility and access of a large fleet that whole aircraft ownership cannot deliver. In addition, shared ownership programs are available for corporate flight departments seeking to outsource their general aviation needs or add capacity for peak periods and for others that previously chartered aircraft.
NetJets的歐洲業務總部位於葡萄牙里斯本。共享所有權的概念是為了滿足客戶的旅行需求，這些客戶需要一個大型機隊的規模、靈活性和訪問權限，而整個飛機所有權無法滿足這些需求。
<strong>【TTI, Inc.】
TTI, Inc. (“TTI”), headquartered in Fort Worth, Texas, is a global specialty distributor of passive, interconnect, electromechanical, and discrete components used by customers in the manufacturing and assembling of electronic products.
TTI公司總部位於得克薩斯州沃思堡，是一家全球專業分銷商，為客戶生產和組裝電子產品提供無源、互連、機電和分立元件。
TTI operates sales offices and distribution centers from more than 100 locations throughout North America, Europe, Asia and Israel.
TTI在北美、歐洲、亞洲和以色列的100多個地區設有銷售辦事處和配送中心。
<strong>【XTRA Corporatn】
XTRA Corporatn (“XTRA”), headquartered in St. Louis, Missouri, is a leading transportation equipment lessor operating under the XTRA Lease® brand name. XTRA manages a diverse fleet of approximately 82,000 units located at 51 facilities throughout the United States. The fleet includes over-the-road and storage trailers, chassis, temperature controlled vans and flatbed trailers. XTRA is one of the largest lessors (in terms of units available) of over-the-road trailers in North America.
xtra公司總部位於密蘇里州聖路易斯市，是一家領先的運輸設備出租公司，以xtra lease®品牌運營。xtra管理著一支由大約8.2萬個單位組成的多元化車隊，分佈在美國的51個工廠。車隊包括公路和儲存拖車、底盤、溫控貨車和平板拖車。xtra是北美最大的公路拖車出租公司之一。
<strong>【International Dairy Queen】
International Dairy Queen develops and services a worldwide system of over 6,900 stores operating primarily under the names DQ Grill and Chill®, Dairy Queen® and Orange Julius® that offer various dairy desserts, beverages, prepared foods and blended fruit drinks. Business Wire provides electronic dissemination of full-text news releases to the media, online services and databases and the global investment community in 150 countries and in 45 languages. Approximately 97% of Business Wire’s revenues derive from its core news distribution business.
國際乳製品皇后區在全球範圍內開發和服務了6900多家商店，主要以“DQ Grill and Chill”、“ Dairy Queen”和“Orange Julius”的名稱運營，提供各種乳製品甜點、飲料、準備食品和混合水果飲料。以45種語言向150個國家的媒體、在線服務和數據庫以及全球投資界提供全文新聞稿的電子傳播。Business Wire大約97%的收入來自其核心新聞發佈業務。
<strong>【CORT Business Services Corporation】
CORT Business Services Corporation is a leading national provider of rental relocation services including rental furniture, accessories and related services in the “rent-to-rent” market of the furniture rental industry. The Buffalo News and BH Media Group, Inc. are publishers of 31 daily and 43 weekly newspapers.
CORT商務服務公司是一家領先的全國性租賃搬遷服務提供商，在傢俱租賃行業的“租賃到租賃”市場提供租賃傢俱、配件和相關服務。布法羅新聞和BH傳媒集團是31家日報和43家週報的出版商。
<strong>【WPLG, Inc】
WPLG, Inc. is an ABC affiliate broadcast station in Miami, Florida and Charter Brokerage is a leading non-asset based third party logistics provider to the petroleum and chemical industries.
wplg，inc.是美國廣播公司（abc）在佛羅里達州邁阿密的分支廣播電臺，charter brokerage是石油和化工行業領先的非資產第三方物流提供商。
10、零售商業
Berkshire’s retailing businesses include automotive, home furnishings and several other operations that sell various consumer products to consumers. Berkshire’s retailing businesses employ approximately 29,000 people.
伯克希爾的零售業務包括汽車、家裝和其他一些向消費者銷售各種消費品的業務。伯克希爾的零售業僱傭了大約2.9萬人。
Our retailers include Berkshire Hathaway Automotive (“BHA”). BHA includes over 80 auto dealerships that sell new and pre-owned automobiles, and offer repair services and related products. BHA also operates two insurance businesses, two auto auctions and an automotive fluid maintenance products distributor. Our retailing businesses also include four home furnishings retailing businesses (Nebraska Furniture Mart, R.C. Willey, Star Furniture and Jordan’s), which sell furniture, appliances, flooring and electronics.
公司的零售商包括伯克希爾哈撒韋汽車公司（“BHA”）。BHA包括80多家汽車經銷商，銷售新車和二手車，並提供維修服務和相關產品。BHA還經營兩項保險業務、兩項汽車拍賣和一項汽車液體保養產品分銷商。公司的零售業務還包括四家家居用品零售業務（內布拉斯加州傢俱市場、R.C.威利、星光傢俱和喬丹），銷售傢俱、電器、地板和電子產品。
Other retailing businesses include three jewelry retailing businesses (Borsheims, Helzberg and Ben Bridge), See’s Candies (confectionary products), Pampered Chef (high quality kitchen tools), Oriental Trading Company (party supplies, school supplies and toys and novelties) and Detlev Louis Motorrad (“Louis”), a Germany-based retailer of motorcycle accessories.
其他零售業務包括三家珠寶零售業務（Borsheims、Helzberg和Ben Bridge）、See's Candies（糖果產品）、Pamped Chef（優質廚房工具）、Oriental Trading Company（派對用品、學校用品、玩具和新奇事物）和Detlev Louis Motorrad（“Louis”），一家總部位於德國的摩托車配件零售商。
Revenues of the retailing group were approximately $15.6 billion in 2018, an increase of $542 million (3.6%) compared to 2017. BHA’s revenues, which represented approximately 63% of the aggregate retailing revenues in each of the past three years, increased 4.0% in 2018 as compared to 2017. The increase derived primarily from increased pre-owned vehicle sales and service contract revenues. Revenues from new vehicle sales were relatively unchanged.
零售集團在2018的收入約為156億美元，同比增長3.6%。在過去三年中，伯克希爾哈撒韋汽車公司的收入佔總零售收入的大約63%，相比於2017，在2018增加了4%。增加的主要原因是二手車銷售和服務合同收入增加。新車銷售收入相對不變。
Pre-tax earnings of the retailing group were $860 million in 2018, an increase of $75 million (9.6%) over 2017.
2018年，零售集團稅前利潤為8.6億美元，同比增長9.6%。
<strong>汽車
<strong>【Berkshire Hathaway Automotive】
Berkshire acquired a group of affiliated companies referred to as the Berkshire Hathaway Automotive Group, Inc. (BHA) in 2015. BHA is one of the largest automotive retailers in the United States, currently operating 108 new vehicle franchises through 82 dealerships located primarily in major metropolitan markets in the United States. The dealerships sell new and used vehicles, vehicle maintenance and repair services, extended service contracts, vehicle protection products and other aftermarket products. BHA also arranges financing for its customers through third-party lenders. BHA operates 29 collision service centers directly connected to the dealerships’ operations and owns and operates two auto auctions and a fluid maintenance products distribution company.
伯克希爾在2015年收購了一家被稱為伯克希爾哈撒韋汽車集團（BHA）的關聯公司。伯克希爾哈撒韋汽車集團是美國最大的汽車零售商之一，目前通過主要位於美國主要大都市市場的82家經銷商經營108家新車專營權。經銷商銷售新車和二手車、車輛保養和維修服務、延長服務合同、車輛保護產品和其他售後產品。伯克希爾哈撒韋汽車集團還通過第三方貸款人為客戶安排融資。伯克希爾哈撒韋汽車集團運營29個與經銷商運營直接相關的碰撞服務中心，擁有並運營兩個汽車拍賣和一個流體維護產品分銷公司。
Dealership operations are highly concentrated in the Arizona and Texas markets, with approximately 70% of dealership-related revenues derived from sales in these markets. BHA currently maintains franchise agreements with 27 different vehicle manufacturers, although it derives a significant portion of its revenue from the Toyota/Lexus, General Motors, Ford/Lincoln, Nissan/Infiniti and Honda/Acura brands. Approximately 90% of BHA’s annual revenues are from dealerships representing these manufacturers.
經銷商業務高度集中在亞利桑那州和德克薩斯州市場，約70%的經銷商相關收入來自這些市場的銷售。伯克希爾哈撒韋汽車集團目前與27家不同的汽車製造商保持著特許經營協議，儘管它的大部分收入來自豐田/雷克薩斯、通用汽車、福特/林肯、日產/英菲尼迪和本田/謳歌品牌。伯克希爾哈撒韋汽車集團年收入的大約90%來自代表這些製造商的經銷商。
BHA also develops, underwrites and administers various vehicle protection plans as well as life and accident and health insurance plans sold to consumers through BHA’s dealerships and third party dealerships. BHA also develops proprietary training programs and materials, and provides ongoing monitoring and training of the dealership’s finance and insurance personnel.
伯克希爾哈撒韋汽車集團還開發、承保和管理各種車輛保護計劃，以及通過BHA的經銷商和第三方經銷商銷售給消費者的人壽、意外和健康保險計劃。BHA還制定專有培訓計劃和材料，並對經銷商的財務和保險人員進行持續監控和培訓。
<strong>傢俱零售
The home furnishings businesses consist of Nebraska Furniture Mart (“NFM”), R.C. Willey Home Furnishings (“R.C. Willey”), Star Furniture Company (“Star”) and Jordan’s Furniture, Inc. (“Jordan’s”). These businesses offer a wide selection of furniture, bedding and accessories. In addition, NFM and R.C. Willey sell a full line of major household appliances, electronics, computers and other home furnishings and offer customer financing to complement their retail operations.
家裝業務包括內布拉斯加州傢俱市場（“NFM”）、R.C.威利家裝（“R.C.威利”）、Star傢俱公司（“Star”）和Jordan's Furniture，Inc.（“Jordan's”）。這些企業提供各種傢俱、床上用品和配件。此外，NFM和R.C.Willey還銷售全系列主要家用電器、電子產品、計算機和其他家居用品，併為客戶提供融資，以補充其零售業務。
NFM operates its business from three large retail complexes, which include warehouse and administrative facilities in Omaha, Nebraska, Kansas City, Kansas and The Colony, Texas a suburb of Dallas, which opened in 2015. These three sites include approximately 1.5 million square feet of retail space. NFM is the largest furniture retailer in each of these markets. NFM also owns Homemakers Furniture located in Des Moines, Iowa, which has approximately 215,000 square feet of retail space.
NFM的業務來自三個大型零售綜合體，其中包括奧馬哈、內布拉斯加州、堪薩斯城、堪薩斯城和德克薩斯州殖民地（達拉斯郊區）的倉庫和行政設施，2015年開業。這三塊地的零售面積約為150萬平方英尺。NFM是這些市場中最大的傢俱零售商。NFM還擁有位於愛荷華州得梅因市的家庭主婦傢俱，擁有約215000平方英尺的零售空間。
<strong>【R.C. Willey】
R. C. Willey, based in Salt Lake City, Utah, is the dominant home furnishings retailer in the Intermountain West region of the United States. R.C. Willey currently operates 12 retail stores and three distribution centers. These facilities include approximately 1.5 million square feet of retail space with six stores located in Utah, one store in Idaho, three stores in Nevada and two stores in California.
總部位於猶他州鹽湖城的R.C.威利是美國西部山區的主要家裝零售商。R.C.威利目前經營著12家零售店和3個配送中心。這些設施包括大約150萬平方英尺的零售空間，其中6家店位於猶他州，1家店位於愛達荷州，3家店位於內華達州，2家店位於加利福尼亞州。
<strong>【Jordan】
Jordan’s operates a retail furniture business from six locations with approximately 770,000 square feet of retail space in stores located in Massachusetts, New Hampshire, Rhode Island and Connecticut. The retail stores are supported by an 800,000 square foot distribution center in Taunton, Massachusetts. Jordan’s is the largest furniture retailer, as measured by sales, in Massachusetts and New Hampshire. Jordan’s is well known in its markets for its unique store arrangements and advertising campaigns.
Jordan's在馬薩諸塞州、新罕布什爾州、羅德島州和康涅狄格州的六個地方經營傢俱零售業務，零售面積約77萬平方英尺。這些零售店由位於馬薩諸塞州陶頓的80萬平方英尺的配送中心提供支持。以銷售額衡量，Jordan's是馬薩諸塞州和新罕布什爾州最大的傢俱零售商。Jordan's以其獨特的店鋪安排和廣告活動而聞名於世。
<strong>【Star】
Star’s retail facilities include about 700,000 square feet of retail space in 11 locations in Texas with eight in Houston. Star maintains a dominant position in each of its markets.
Star的零售設施包括約70萬平方英尺的零售空間，分佈在德克薩斯州的11個地方，其中8個位於休斯頓。Star在其每個市場上都保持著主導地位。
<strong>珠寶
<strong>【Borsheim Jewelry Company, Inc】
Borsheim Jewelry Company, Inc. (“Borsheims”) operates from a single store in Omaha, Nebraska. Borsheims is a high volume retailer of fine jewelry, watches, crystal, china, stemware, flatware, gifts and collectibles.
博斯海姆珠寶公司在內布拉斯加州奧馬哈的一家商店經營。博斯海姆是一家高銷量的珠寶、手錶、水晶、瓷器、文具、餐具、禮品和收藏品零售商。
<strong>【Helzberg’s Diamond Shops, Inc】
Helzberg’s Diamond Shops, Inc. (“Helzberg”) is based in North Kansas City, Missouri, and operates a chain of 217 retail jewelry stores in 36 states, which includes approximately 500,000 square feet of retail space. Helzberg’s stores are located in malls, lifestyle centers, power strip centers and outlet malls, and all stores operate under the name Helzberg Diamonds® or Helzberg Diamonds Outlet®.
赫爾茲堡鑽石商店有限公司總部位於密蘇里州堪薩斯城北部，在36個州經營著217家珠寶零售連鎖店，其中包括約50萬平方英尺的零售空間。赫爾茲堡的商店位於購物中心、生活中心、電源線中心和插座購物中心，所有商店都以“赫爾茲堡鑽石”或“赫爾茲堡鑽石插座”的名義營業。
<strong>【The Ben Bridge Corporation】
The Ben Bridge Corporation (“Ben Bridge Jeweler”), based in Seattle, Washington, operates a chain of 95 upscale retail jewelry stores located in 11 states primarily in the Western United States and in British Columbia, Canada. Forty-six of its retail locations are concept stores that sell only PANDORA jewelry. Principal products include finished jewelry and timepieces. Ben Bridge Jeweler stores are located primarily in major shopping malls.
總部位於華盛頓州西雅圖的Ben Bridge公司（“Ben Bridge Jeweler”）在11個州經營著95家高檔珠寶零售連鎖店，主要分佈在美國西部和加拿大不列顛哥倫比亞省。其46家零售店是僅銷售潘多拉珠寶的概念店。主要產品包括成品首飾和鐘錶。本橋珠寶店主要位於各大商場。
<strong>糖
<strong>【See’s Candies】
See’s Candies (“See’s”) produces boxed chocolates and other confectionery products with an emphasis on quality and distinctiveness in two large kitchens in Los Angeles and San Francisco and one smaller facility in Burlingame, California. See’s operates approximately 250 retail and quantity discount stores located mainly in California and other Western states. See’s revenues are highly seasonal with nearly half of its annual revenues earned in the fourth quarter.
See's Candies（“See's”）生產盒裝巧克力和其他糖果產品，重點放在洛杉磯和舊金山的兩個大型廚房和加利福尼亞州伯林蓋姆的一個小型設施的質量和獨特性上。See's主要在加利福尼亞州和其他西部州經營大約250家零售和數量折扣店。SEE的收入具有很強的季節性，其年收入的近一半來自第四季度。
<strong>廚具
<strong>【Pampered Chef, Ltd】
The Pampered Chef, Ltd. (“Pampered Chef”) is a premier direct seller of distinctive high quality kitchenware products with operations in the United States, Canada and Germany. Pampered Chef’s product portfolio consists of approximately 400 Pampered Chef® branded kitchenware items in categories ranging from stoneware and cutlery to grilling and entertaining. Pampered Chef’s products are available online as well as through a sales force of independent cooking consultants.
Pampeed Chef，Ltd.是一家在美國、加拿大和德國開展業務的優質廚具產品的主要直銷商。Pampered Chef's Product Portfolio由大約400件Pampered Chef品牌廚房用品組成，種類從石器和餐具到燒烤和娛樂。
<strong>文具
<strong>【Oriental Trading Company】
Oriental Trading Company (“OTC”) is a leading multi-channel retailer and online destination for value-priced party supplies, arts and crafts, toys and novelties, school supplies, educational games, patient giveaways and personalized products.
東方貿易公司（“OTC”）是一家領先的多渠道零售商和提供有價值的派對線上用品、工藝品、玩具和新奇物品、學校用品、教育遊戲、患者贈品和個性化產品。
OTC, headquartered in Omaha, Nebraska, serves a broad base of nearly four million customers annually, including consumers, schools, churches, non-profit organizations, medical and dental offices and other businesses. OTC offers a unique assortment of over 50,000 fun products on its websites, including its flagship orientaltrading.com site and utilizes sophisticated digital and print marketing efforts to drive significant traffic and industry leading customer satisfaction.
OTC總部位於內布拉斯加州奧馬哈，每年為近400萬客戶提供廣泛的服務，包括消費者、學校、教堂、非營利組織、醫療和牙科辦公室以及其他業務。OTC在其網站（包括旗艦網站orientaltrading.com）上提供了超過50000種有趣產品的獨特分類，並利用複雜的數字和印刷營銷努力來推動顯著的流量和行業領先的客戶滿意度。
<strong>摩托車
【Detlev Louis Motorrad】
In April 2015, Berkshire acquired Detlev Louis Motorrad (“Louis”) which is headquartered in Hamburg, Germany. Louis is a leading retailer of motorcycle apparel and equipment in Europe. Louis carries over 32,000 different products from more than 600 manufacturers, primarily covering the clothing, technical equipment and leisure markets. Louis has over 80 stores in Germany, Austria and Switzerland and also sells through catalogs and via the Internet throughout most of Europe.
2015年4月，伯克希爾收購了總部位於德國漢堡的Detlev Louis Motorrad（“Louis”）。路易斯是歐洲領先的摩托車服裝和設備零售商。路易擁有來自600多家制造商的3.2萬種產品，主要覆蓋服裝、技術設備和休閒市場。路易在德國、奧地利和瑞士有80多家商店，還通過目錄和互聯網在歐洲大部分地區銷售。
11、投資
2018年，公司投資的股票市場市值1727.57億元，而伯克希爾公司的總資產為7078億元，股票市值與總資產之比為24.4%。
<strong>股票投資
2018年，伯克希爾公司淨利潤大幅下降92%以上，主要原因是投資大幅虧損。
2017年，伯克希爾公司的投資收益為14.1億美元，而2018年虧損高達221.55億美元，相當於1551億人民幣；
on January 1, 2018, we adopted a new accounting pronouncement (“ASU 2016-01”), which requires the recognition of unrealized gains and losses arising from changes in market values of investments in equity securities in the Consolidated Statements of Earnings.
公司於2018年1月1日採用了新的會計公告，要求在合併收益表中確認權益性證券投資市值變動產生的未實現損益。
Pre-tax investment gains/losses reflected in earnings in 2018 included net unrealized losses of approximately $22.7 billion from investments in equity securities still held at December 31, 2018, reflecting the declines in securities prices in the fourth quarter.
在2018財年中反映的稅前投資收益/虧損包括在2018年12月31日仍持有的證券投資中淨未實現虧損約227億美元，反映了第四季度證券價格的下跌。
根據公允價值計量方法，在2018年的投資虧損中，其中公司投資的卡夫亨氏股票出現大幅虧損；其中虧損非常嚴重的就是卡夫亨氏；
Since June 2013, Berkshire has maintained a significant investment in H.J. Heinz Holding Corporation (now The Kraft Heinz Company).
自2013年6月以來，伯克希爾一直對卡夫亨氏進行重大投資。
Kraft Heinz is one of the largest food and beverage companies in the world, with sales in approximately 190 countries and territories. Kraft Heinz manufactures and markets food and beverage products, including condiments and sauces, cheese and dairy meals, meats, refreshment beverages, coffee and other grocery products, throughout the world, under a host of iconic brands including Heinz, Kraft, Oscar Mayer, Philadelphia, Velveeta, Lunchables, Planters, Maxwell House, Capri Sun, Ore-Ida, Kool-Aid and Jell-O.
卡夫亨氏是世界上最大的食品和飲料公司之一，在大約190個國家和地區銷售。卡夫亨氏在世界各地生產和銷售食品和飲料產品，包括調味品和醬料、奶酪和乳製品、肉類、點心飲料、咖啡和其他食品雜貨，旗下有許多標誌性品牌，包括亨氏、卡夫、奧斯卡梅耶、費城、維維達、午餐、種植園、麥克斯韋莊園、卡普里太陽，Ore Ida，Kool Aid和Jell-O。
Berkshire currently owns 325,442,152 shares of Kraft Heinz common stock representing 26.7% of the outstanding shares. Shares of Kraft Heinz common stock are publicly-traded and the fair value of our investment at December 31, 2018 and 2017 was approximately $14.0 billion and $25.3 billion, respectively.
伯克希爾目前持有3.2544億股卡夫亨氏普通股，佔已發行股份的26.7%。 2018的公允價值為140億美元，而2017年的公允價值是253億美元，下降了80.7%，下降額度為113億美元，佔了2018年虧損的大部分。
從2017年2月22日到2019年10月16日，卡夫亨氏股價下跌了61.93%。而卡夫亨氏的股價下跌很大原因與公司大幅虧損有關，2018年卡夫亨氏虧損101.9億美元，約合700多億人民幣。
不過作為長期投資的巴菲特，他的投資哲學是忽視短期股價波動，只要公司經營沒出現不可逆轉的惡化，那麼他還是會選擇繼續持有的。
按照公允價值計算，由於卡夫亨氏的股價大幅下跌，導致伯克希爾公司的投資收益大幅虧損。但是如果根據權益法，把卡夫亨氏當成伯克希爾公司擬業務的一部分，那麼虧損並沒有那麼嚴重。
We recorded equity method losses in 2018 of approximately $2.7 billion compared to earnings of $2.9 billion in 2017 and $923 million in 2016.
根據權益法，2018年投資卡夫亨氏損失約為27億美元，而2017的收入為29億美元，2016為9.23億美元。
Our carrying value of this investment at December 31, 2018 and 2017 was approximately $13.8 billion and $17.6 billion, respectively.
2018年，伯克希爾公司投資卡夫亨氏的賬面價值138億美元，而2017年為176億美元。
2019年半年報數據，卡夫亨氏的淨利潤為8.54億元，業績同比下降51.39%，但是虧損並沒有繼續。因此2018年的虧損是不可持續的；
至於為什麼2018年卡夫亨氏為什麼會虧損101.9億美元，我們下一期再談；
實際上2018年的虧損是不可持續的，因為2018年的前三季度公司還保持23.79億元的淨利潤，所以2018年的虧損應該並非來至於正常經營所產生。
卡夫亨氏經過2018年和2019年的持續下跌，目前公司的每股淨資產為42.25美元，而股價為27.8美元，市淨率僅為0.66倍，已經相當便宜。
Our long-held acquisition strategy is to acquire businesses that have consistent earning power, good returns on equity and able and honest management.
伯克希爾公司的長期收購策略是收購具有持續盈利能力、良好的股本回報率和幹練誠實的管理層的企業。
而且伯克希爾公司的持倉非常集中，對於優秀公司擬的股票會選擇儘可能的買入，2018年在1727.57億美元的投資中，68%的倉位集中在5只股票上。
除了卡夫亨氏股價下跌，其實蘋果的股票在2018年也發生了下跌，不過2019年又震盪上行，創出了新高，因此2019年伯克希爾公司的投資收益應該表現會不錯。根據公司今年的三季報來看，2019年公司淨利潤超過400億美元，應該是無懸念的。
After-tax losses from investments and derivative contracts were $17.7 billion in 2018, which included after-tax losses of approximately $18 billion from changes in market values of our investments in equity securities held at December 31, 2018.
公司稅後投資和衍生品合約的損失在2018美元為177億美元，由於公司2018的股票證券投資的市場價值變化，其中稅後損失約為180億美元。
面對投資的股票下跌，伯克希爾公司的年報評論是：
We believe that investment gains/losses, whether realized from sales or unrealized from changes in market prices, are often meaningless in terms of understanding our reported consolidated earnings or evaluating our periodic economic performance. We continue to believe the amount of investment gains/losses included in earnings, including the changes in market prices for equity securities, in any given period has little analytical or predictive value.
我們認為，無論是從市場價格變化中實現的還是未實現的投資損益，在理解我們的合併收益表或評估我們的定期經濟業績方面通常都是毫無意義的。我們仍然認為在任何給定時期內分析或者預測投資收益金額，股價，幾乎沒有價值。
<strong>衍生品投資
As of December 31, 2018, the intrinsic value of our equity index put option contracts was approximately $1,653 million and our recorded liabilities at fair value were approximately $2,452 million.
截至2018，公司的股票指數看跌期權合約的內在價值約為16.53億美元，而公司的公允價值負債約為24.52億美元。
Derivative contracts produced pre-tax losses in 2018 of $300 million, which were primarily due to lower index values.
衍生工具合約在2018年產生了3億美元的稅前虧損，主要原因是指數值下降。
<strong>回購
Berkshire’s common stock repurchase program was amended on July 17, 2018, permitting Berkshire to repurchase its Class A and Class B shares at prices below Berkshire’s intrinsic value, as conservatively determined by Warren Buffett, Berkshire’s Chairman of the Board and Chief Executive Officer, and Charlie Munger, Vice Chairman of the Board. The program allows share repurchases in the open market or through privately negotiated transactions and does not specify a maximum number of shares to be repurchased. The program is expected to continue indefinitely. We will not repurchase our stock if it reduces the total amount of Berkshire’s consolidated cash, cash equivalents and U.S. Treasury Bills holdings below $20 billion. Financial strength and redundant liquidity will always be of paramount importance at Berkshire. Subsequent to the program amendment, in 2018, Berkshire repurchased shares of Class A and B common stock for an aggregate cost of approximately $1.3 billion.
伯克希爾普通股回購計劃於2018年7月17日進行了修訂，允許伯克希爾以低於伯克希爾內在價值的價格回購其A類和B類股票，這是伯克希爾董事會主席兼首席執行官沃倫•巴菲特（Warren Buffett）和董事會副主席查理•芒格（Charlie Munger）保守決定的。該程序允許在公開市場中進行股份回購或通過私人協商交易，並沒有指定要回購的最大股份數。該計劃預計將無限期地繼續下去。如果伯克希爾的合併現金、現金等價物和美國國庫券持有總額低於200億美元，我們將不會回購我們的股票。財務實力和多餘的流動性將永遠是伯克希爾最重要的。在程序修正案之後，在2018，伯克希爾公司回購了A類和B類普通股的股票，其總成本約為13億美元。
<strong>固定收益類投資
截止2018年，公司投資的固定收益類資產與198.98億美元
<strong>公司投資哲學
Equity securities represent a significant portion of our investment portfolio. Strategically, we strive to invest in businesses that possess excellent economics and able and honest management, and we prefer to invest a meaningful amount in each investee. Consequently, equity investments are concentrated in relatively few issuers. At December 31, 2018, approximately 68% of the total fair value of equity securities was concentrated in five issuers.
權益證券在我們的投資組合中佔很大比例。從戰略上講，我們努力投資於經濟效益好、管理能力強、誠實守信的企業，我們更願意對每個被投資方進行有意義的投資。因此，股權投資集中在相對較少的發行人身上。在2018，大約68%的權益證券的總公允價值集中在5只股票上。
We often hold our equity investments for long periods and short-term price volatility has occurred in the past and will occur in the future. We also strive to maintain significant levels of shareholder capital and ample liquidity to provide a margin of safety against short-term price volatility.
我們經常長期持有我們的股權投資，短期價格波動在過去和將來都會發生。我們還努力保持大量的資本和充足的流動性，以提供抵禦短期價格波動的安全邊際。
At December 31, 2018, our insurance and other businesses held cash, cash equivalents and U.S. Treasury Bills of approximately $109 billion, which included $85 billion in U.S. Treasury Bills. Investments in equity and fixed maturity securities (excluding our investment in Kraft Heinz) were approximately $193 billion.
截止2018年，公司持有的現金和現金等價物高達1090億美元，包括850億美元的國庫券，還有權益和固定到期收益類證券1930億美元。
伯克希爾公司看好的股票，可以說是長久持有，甚至公司的股價很高也繼續持有，例如可口可樂和蘋果公司的股票，目前市淨率是非常高的，超過10倍，伯克希爾公司依然選擇繼續持有。對於這些股票，由於沒有價格優勢，因此伯克希爾公司寧可持有上千億美國的貨幣資金，並且繼續持有這些價格高的股票，但是並沒有選擇加倉。
12、財報
1、從伯克希爾公司的資產上來看，2018年貨幣資金為277.49億美元，短期投資國庫券為815.06億美元，這兩項加起來為1092.55億美元，佔公司總資產的15.44%。
2、另外，公司的權益類投資（股票投資）1727.57億美元，佔公司總資產的比率為24.4%。
由於公司有大量的貨幣資金，其實公司還可以選擇繼續加倉的。
但是大家都知道，2009年以來，美股進入十年大牛市。目前美股的價格已經很高，缺乏好的投資機會，所以伯克希爾公司才不得不持有大量的貨幣資金。
為了資金能夠更高效的利用，伯克希爾公司2018年已經開啟了股票回購的計劃，2018年回購了13億美元的股票。
3、伯克希爾公司還有相當高的商譽，2018年伯克希爾公司的商譽為563.23億美元，佔總資產的8%，公司有71萬的A股，相當於每股A股含有商譽7.9萬的商譽。
4、伯克希爾公司的無形資產為314.99億美元，相當於每股A股有4.4萬的無形資產。
不過即使去掉無形資產和商譽，伯克希爾公司的股票依然並不貴。
在安全性方面，2018年伯克希爾公司的總負債為3552.94億美元，公司的總資產為7077.94億美元，資產負債率為50.2%，債務規模並不高，而且由於公司有很高的貨幣資金，因此公司的安全性是相當高的。
2018 年，伯克希爾公司的淨利潤為43.22億美元，相比於2017年的453.53億美元下降了90.17%。其中投資虧損額度為221.55億元，與2017年的淨利潤之比為48.85%。
公司業績大跌主要是投資虧損，那麼我們可以選擇業績較為正常的2016年作為參考。
2016年，伯克希爾公司歸屬上市公司股東的淨利潤為240.7億美元，而公司的總資產為6209億美元，淨利潤與總資產之比為3.88%，這個水平並不高。
2017年，伯克希爾公司的歸屬淨利潤為449.4億美元，而總資產為7021億美元，淨利潤與總資產之比為6.4%，而在2017年，公司的利潤水平可以說是非常高的一年。
根據以上這些數據，我們發現隨著伯克希爾公司的成長，目前公司的投資收益率其實下降非常明顯。
並且由於缺乏優質的投資標的，伯克希爾公司不得不持有大量的貨幣資金。
就目前情況來看，如果伯克希爾公司要想保持投資吸引力，選擇回購股票是一個不錯的選擇。所以在2018年，伯克希爾公司開啟了股票回購的計劃。
如果後續美國股市依然高位運行，依然缺乏好的投資機會，伯克希爾公司依然繼續持有高額現金，那麼可能會使得伯克希爾公司的淨利潤與總資產之比在相當長一段時間維持在低位；
在2018年，伯克希爾公司的淨利潤為40.21億美元，而公司的總資產為7078億美元，淨利潤與總資產之比僅為0.56%。即使公司投資收益並沒有虧損221.55億美元，那麼利潤與總資產之比頂多也就是3.7%。
隨著伯克希爾公司的成長，我們認為公司的很難再長期實現淨利潤與總資產之比在10%以上.
另外，雖然2018年公司的淨利潤僅為40.21億美元，但是公司經營活動產生的現金流量淨額高達374億美元，這是一個相當高的規模。
至於2018年第四季度股價下跌的問題，其實股價跌了還會漲回來嘛。並且伯克希爾公司的投資哲學是長期持有，不用過於在意短期股價波動。
不過，雖然按照經營獲得產生的現金流量淨額與總資產之比，2018年這一比值也僅為5.28%。未來伯克希爾公司要想在業績上獲得提升，更重要還是在投資收益上下功夫。
由於伯克希爾公司有大量鐵路資產，2018年公司的地產、廠房和設備價值206.28億美元，由於有龐大的固定資產，因此公司的折舊和減值往往也會比較高。
對於物業、廠房和設備，公用事業和能源公司減值16.31億美元，鐵路公司減值13.77億，伯克希爾公司減值14.26億，三項加起來44.34億。
另外，2018年公司有810.25億的商譽 ；
還有415.04億的無形資產；因此後續也要注意公司的商譽減值和無形資產的攤銷；
Intangible asset amortization expense was $1,393 million in 2018, $1,469 million in 2017 and $1,490 million in 2016.
2018年同時無形資產攤銷費用為13.92億美元；
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