（阿浦研究院｜亚澳巴菲特研习社）
Part 4 - Day 11
字数：352字
Day 11思考：
1.巴菲特认为浮动金应该看作一种什么资金？
2.巴菲特认为什么是保险行业资产中的商誉？
金融词汇解析：
1. goodwill -商誉：商誉是指能在未来期间为企业经营带来超额利润的潜在经济价值，或一家企业预期的获利能力超过可辨认资产正常获利能力（如社会平均投资回报率）的资本化价值。商誉是企业整体价值的组成部分。在企业合并时，它是购买企业投资成本超过被合并企业净资产公允价值的差额。
2.original cost -原始成本：指与购买资产相关的总价格。资产的原始成本考虑了所有可以归因于购买和使用资产的项目。这些费用包括购买的价格和诸如佣金、运输、估价、保证以及安装和测试等因素的价值。
3. liability-负债：负债定义为公司在业务运营过程中产生的法定财务债务或义务。通过转移经济利益（包括货币、商品或服务）来确定负债。记录在资产负债表的右侧，负债包括贷款，应付账款，抵押，递延收入和应计费用。
生词积累：
1. consecutive adj.连贯的；连续不断的
2. replenish v.补充，再装满；把…装满
3. thereby adv.从而，因此；在那附近；在那方面
4. attributable to 归属于…
5. prolonged adj.长期的
As noted in the first section of this report, we have now operated at an underwriting profit for eleven consecutive years, our pre-tax gain for the period having totaled $22 billion. Looking ahead, I believe we will continue to underwrite profitably in most years. Doing so is the daily focus of all of our insurance managers who know that while float is valuable, it can be drowned by poor underwriting results.
正如在本报告的第一部分指出的那样，我们已经连续十一年取得承保利润了，在此期间累计的税前承保利润达220亿美元。展望未来，我们依然会在大多数年份里取得承保利润。获得承保利润是保险公司管理层的日常工作，他们了解浮动金的价值，而承保亏损会使其失去价值。
So how does our float affect intrinsic value? When Berkshire’s book value is calculated, the full amount of our float is deducted as a liability, just as if we had to pay it out tomorrow and could not replenish it. But to think of float as strictly a liability is incorrect; it should instead be viewed as a revolving fund. Daily, we pay old claims – some $17 billion to more than five million claimants in 2013 – and that reduces float. Just as surely, we each day write new business and thereby generate new claims that add to float. If our revolving float is both costless and long-enduring, which I believe it will be, the true value of this liability is dramatically less than the accounting liability.
那么浮存金对内在价值有着怎样的影响呢？在计算伯克希尔的账面价值时，浮存金总额被作为负债扣除掉了，就好像明天就要拿去偿债，且再也拿不回来。但将浮动金看做一种严格意义上的负债是不对的，它实际上应该被视为一种周转资金。每天都要支付过去的索赔――2013年，一共支付500多万笔保单，共170亿美元――因而减少了浮存金。同样可以肯定的是，我们每天都承接新保单，由此产生新索赔，并增加浮存金。如果浮存金是无成本且长期存在的――我相信对于伯克希尔而言――这项负债的实际价值比账面负债小得多。
A counterpart to this overstated liability is $15.5 billion of “goodwill” that is attributable to our insurance companies and included in book value as an asset. In very large part, this goodwill represents the price we paid for the float-generating capabilities of our insurance operations. The cost of the goodwill, however, has no bearing on its true value. For example, if an insurance business sustains large and prolonged underwriting losses, any goodwill asset carried on the books should be deemed valueless, whatever its original cost.
这些归属于保险公司价值155亿美元的“商誉”抵消了高估的负债账面价值，作为一项资产入账。实际上，这些商誉代表的是我们为这些保险业务产生浮存金的能力所支付的价格。但商誉的账面成本并未反映其实际价值。比如说，一家保险企业持续产生大量承保亏损，无论其历史成本是多少，其商誉账面资产都应视作零。
Fortunately, that does not describe Berkshire. Charlie and I believe the true economic value of our insurance goodwill – what we would happily pay to purchase an insurance operation possessing float of similar quality to that we have – to be far in excess of its historic carrying value. The value of our float is one reason – a huge reason – why we believe Berkshire’s intrinsic business value substantially exceeds its book value.
幸运的是，在伯克希尔不存在这种情况。我和查理相信，我们保险公司的商誉具有实际的经济价值――它相当于我们愿意为购买一家能产生相同质量浮动金的保险公司所支付的价格，这远远超过它在账面上记录的历史成本。浮动金价值是让我们我们相信伯克希尔的内在价值大幅超过其账面价值的一个原因，相当重要的一个。
Day 11思考答案：
1. 巴菲特认为浮动金实际上应该被视为一种周转资金，而不是作为负债扣除。只要周转中的浮存金是免费的和可持续的（巴菲特认为伯克希尔的浮存金就具备这两个特点），那么这项负债的实际价值就会低于账面负债价值。
2. 伯克希尔为应对保险业务产生的浮存金而随之带来的支付的代价的能力，但是其成本并未反映其实际价值，比如说，如果一家保险企业持续存在大量的承保亏损，那么无论其初始成本是多少，记载于账面上的任何商誉资产都应被视为一文不值。
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