巴菲特1974年度信（五）。2025-01-21

英文早读第189篇，选自巴菲特年度信，友才翻译。

Blue Chip Stamps
蓝芯票证公司

During 1974 we increased our holdings of Blue Chip Stamps to approximately 25.5% of the outstanding shares of that company. Overall, we are quite happy about the results of Blue Chip and its prospects for the future. Stamp sales continue at a greatly reduced level, but the Blue Chip management has done an excellent job of adjusting operating costs. The See's Candy Shops, Inc. subsidiary had an outstanding year, and has excellent prospects for the future.
在1974年，我们增加了在蓝芯票证公司的持股至大约公司流通股份的25.5%。总的来说，我们为蓝芯公司的成果和他未来的预期感到十分高兴。票证销售业务仍处于大幅下跌的水平，但是蓝芯管理层在调整运营成本上也做了出色的工作。喜诗糖果商店子公司这一年很出色，未来也有卓越的预期。

Your Chairman is on the Board of Directors of Blue Chip Stamps, as well as Wesco Financial Corporation, a 64% owned subsidiary, and is Chairman of the Board of See's Candy Shops, Inc. We expect Blue Chip Stamps to be a source of continued substantial earning power for Berkshire Hathaway Inc.
贵董事会主席在蓝芯票证公司董事会，也是持股64%的子公司威斯克财务公司董事会成员，同时是喜诗糖果商店董事会主席。我们预期蓝芯票证公司将会是伯克希尔哈撒韦公司持续重要利润来源。

The annual report of Blue Chip Stamps, which will contain financial statements for the year ended March 1, 1975 audited by Price, Waterhouse and Company, will be available in May. Any shareholder of Berkshire Hathaway Inc. who desires an annual report of Blue Chip Stamps may obtain it at any time by writing Mr. Robert H. Bird, Secretary, Blue Chip Stamps, 5801 South Eastern Avenue, Los Angeles, California 90040.
蓝芯票证公司的年报包括由普华公司审计截止到1975年3月1日年度结束的财务报表，将会在5月发布。任何伯克希尔哈撒韦公司的股东想获得蓝芯票证公司的报告可以在任何时候通过写信给蓝芯票证公司秘书罗伯特H博德先生获得，地址是加州洛杉矶东南大道5801号，邮编90040.

Merger with Diversified Retailing Company, Inc.
关于合并百货零售公司

As you previously have been informed, the proposed merger with Diversified Retailing Company, Inc. was terminated by the respective Boards of Directors on January 28, 1975. We continue to view such a merger as eventually desirable, and hope to reopen the subject at some future time.
如之前已经告知的，关于合并百货零售公司的提议在1975年1月28日被各自董事会终止了。我们从长远来看这个合并是可取的，希望在未来某个时刻能够重启这个项目。

Warren E. Buffett Chairman of the Board March 31, 1975
沃伦E巴菲特 董事会主席 1975年3月31日

33.terminate：终止；结束；停止
34.respective：分别的；各自的