原文信息：
April 3, 1970
1970 年 4 月 3 日
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔·哈撒韦公司全体股东：
Four years ago your management committed itself to the development of more substantial and more consistent earning power than appeared possible if capital continued to be invested exclusively in the textile industry. The funds for this program were temporarily utilized in marketable securities, pending the acquisition of operating businesses meeting our investment and management criteria.
This policy has proved reasonably successful—particularly when contrasted with results achieved by firms which have continued to commit large sums to textile expansion in the face of totally inadequate returns. We have been able to conclude two major purchases of operating businesses, and their successful operations enabled Berkshire Hathaway to achieve an over‐all return of more than 10% on average stockholders’ equity last year in the face of less than a 5% return from the portion of our capital employed in the textile business. We have liquidated our entire holdings of marketable securities over the last two years at a profit of more than $5 million after taxes. These gains provided important funds to facilitate our major purchase of 1969, when borrowed money to finance acquisitions was generally most difficult to obtain.
事实证明，这一政策相当成功。有些公司在回报完全不足的情况下继续投入大量资金用于纺织业扩张，他们所取得的成绩，更是与我们形成鲜明对比。我们成功完成了对运营业务的两项重大收购，它们的成功运营使伯克希尔去年的平均股本回报率超过 10%，而我们用于纺织业务的那部分资本回报率不到 5%。在过去两年中，我们已经清算了持有的全部有价证券，税后收益超过 500 万美元。这些收益为我们在 1969 年的重大收购项目提供了重要的资金支持，当时借钱进行收购通常非常困难。
We anticipate no further purchases of marketable securities, but our search for desirable acquisitions continues. Any acquisition will, of course, be dependent upon obtaining appropriate financing.
Textile Operations 纺织业务
Dollar sales volume in 1969 was approximately 12% below 1968. Net earnings were slightly higher despite substantial operating losses incurred in the termination of our Box Loom Division. Earnings on capital employed improved modestly but still remain unsatisfactory despite strenuous efforts toward improvement.
1969 年的销售额比 1968 年下降约 12%。尽管梭箱织机部门关停产生了重大运营亏损，但净利润还稍微有所提高。投入资本所产生的收益略有改善，但尽管作出巨大努力以求改善，但仍未令人满意。
We are presently in the midst of a textile recession of greater intensity than we have seen for some years. There is an over‐all lack of demand for textile products in a great many end uses. This lack of demand has required curtailment of production to avoid inventory build‐up. Both our Menswear Lining Division and Home Fabrics Division have been forced to schedule two‐ week shutdowns during the first quarter of 1970, but inventories remain on the high side. The slowdown in demand appears even greater than that normally occurring in the cyclical textile market. Recovery from this cycle will probably be dependent upon Federal Government action on economic factors they can control.
目前，我们正处于纺织行业的衰退时期，其严重程度超过了我们多年来所看到的情况。在大量终端用途上，对纺织品的需求总体不足。需求不足迫使我们削减生产以避免库存积累。1970 年第一季度，我们的男装衬里部门和家居面料部门都被迫停产两周，但库存仍然偏高。需求下降的幅度似乎比周期性纺织品市场的正常情况还要大。从这个周期中复苏，可能将取决于联邦政府对他们能够控制的经济因素采取的行动。
We have concentrated our textile operations in those areas that appear, from historical performance and from our market projections, to be potentially satisfactory businesses. Improvements have been made in our mill operations which, under better industry conditions, should produce substantial cost reductions. However, the present picture is for lower profits in this business during 1970.
Insurance Operations 保险业务
Jack Ringwalt and his outstanding management group turned in new records in just about every department during 1969. During another year in which the fire and casualty insurance industry experienced substantial underwriting losses, our insurance subsidiaries achieved significant adjusted underwriting profits. Since establishment of the business in 1941, Mr. Ringwalt has held to the principle of underwriting for a profit — a policy which is frequently talked about within the industry but much less frequently achieved.
1969 年，杰克·林沃尔特 (Jack Ringwalt) 和他杰出的管理团队几乎在每个部门都创造了新的记录。火灾及意外保险行业本年度再次出现重大承保亏损，但我们的保险子公司却实现了可观的调整后承保收益。自 1941 年公司成立以来，林沃尔特就一直坚持”承保需盈利”的原则——这项政策在业内经常被提起，但得到贯彻却少得多。
Our new surety department, although small, made good progress during the year. We are entering the workmen’s compensation market in California through the establishment of a branch office in Los Angeles. Our new reinsurance division seems to be off to a strong start, although the nature of this business is such that it takes at least several years to render an intelligent verdict as to operating results. We also have interesting plans for a new “home state” insurance operation.
我们新成立的担保部门虽然规模不大，但年内进展顺利。我们正在洛杉矶设立分公司，以期进入加州的工伤赔偿保险市场。我们新成立的再保险部门似乎开端强劲，但这项业务的性质决定，至少需要几年的时间才能对经营业绩做出明智的判断。我们有正孕育值得关注的新计划，开展新的 Home-State 住宅保险业务。
Phil Liesche—over 20 years a major contributor to outstanding results in the production and underwriting departments—was elected Executive Vice President early this year.
20 多年来菲尔·列谢 (Phil Liesche) 一直是保险产品和承保部门出色业绩的主要贡献者，他于今年年初当选为执行副总裁。
Expectations are for continued growth in our insurance operations.
我们的保险业务有望持续增长。
Banking Operations 银行业务
The most significant event of 1969 for Berkshire Hathaway was the acquisition of 97.7% of the stock of The Illinois National Bank and Trust Co. of Rockford, Illinois. This bank had been built by Eugene Abegg, without addition of outside capital, from 400,000 of deposits in 1931 to 100 million of deposits in 1969. Mr. Abegg has continued as Chairman and produced record operating earnings (before security losses) of approximately $2 million in 1969. Such earnings, as a percentage of either deposits or total assets, are close to the top among larger commercial banks in the country which are not primarily trust department operations. It will not be easy to achieve greater earnings in 1970 because (1) our bank is already a highly efficient business, and (2) the unit banking law of Illinois makes more than modest deposit growth difficult for a major downtown bank.
对伯克希尔来说，1969 年最重大的事件是 1550 万美元收购了伊利诺伊州洛克福德地区的伊利诺伊国民银行和信托公司 97.7% 的股份 (The Illinois National Bank and Trust Co.)。这家银行是尤金·阿贝格 (Eugene Abegg) 创立的，在没有外部增资的情况下，从 1931 年的 25 万美元账面价值和 40 万美元存款，发展到 1969 年的 1700 万美元账面价值和 1 亿美元存款。阿贝格先生将继续担任董事长，并在 1969 年取得创纪录的约 200 万美元经营收益(扣除证券损失前)。在不以信托为主业的国内大型商业银行中，此类利润占存款或总资产的百分比接近榜首。要在 1970 年实现更高的收益并不容易，因为：(1) 我们的银行已经是一家高效的企业，(2) 伊利诺伊州的单一银行制度(不设分支，一行一店)使得大型城市银行难以实现适度的存款增长。
After almost a year of ownership, we are delighted with our investment in Illinois National Bank, and our association with Mr. Abegg.
拥有近一年后，我们对自己在伊利诺伊国民银行的投资以及与阿贝格先生的合作感到满意。
Kenneth· V · Chace
肯尼斯· V · 蔡斯
President
总裁
沃伦·E·巴菲特 执笔