Say you may not believe the fact I"m with Charlie even simply never been to fee area — Alzheimer"s corporate headquarters is located in Cincinnati， （in addition to like to help us operate the hi Candies 15 years Chuckover Omaha Berkshire"s corporate headquarters from the future）， so that if Berkshire"s success is built on continue to inspect the plant， we would probably have to face a lot of problems， engaged in mergers and acquisitions company， we tryforward to assess the competitiveness of the company， its strengths and weaknesses， as well as the ability and level of business class fee area — Hymer in every way an outstanding， while Bob and George a time when 61—year—old prime of life （instandards）， and the successor to Gary and other three outstanding children inherit the mantle of being the acquisitions the best typical and the company there is only one small drawback is that its scale is not big enough， and we hope that next time the opportunityencounter various conditions the fee — Alzheimer scale at least it is several times larger company， our annual target for merger after tax profit threshold from five million U.S. dollars each year to improveto ten million U.S. dollars.
——摘自1986年巴菲特寫給全體股東的年報
譯文
說起來你或許不會相信，實際上我和查理甚至根本就從沒有去過費區—海默位於辛辛那提的公司總部（另外還有像幫助我們經營喜斯糖果十五年之久的Chuck，也從未來過奧瑪哈Berkshire的公司總部），所以說假如Berkshire取得的成功是建立在接連不斷地考察工廠的話，如今我們或許早就要麵臨一大堆需要解決的問題了，因此在從事並購業務時，我們嚐試著對該公司的競爭能力進行綜合評估，分析其自身的發展優勢與缺點，以及經營階層的能力水準等。而費區—海默在這些方麵的表現都很優秀，而Bob與George正值六十多歲的壯年期（用我們的標準進行衡量），且他們還有像Gary等三位優秀的子弟繼承他們。作為並購公司的典型，該公司並不是完全沒有缺點，唯一的小缺點就是它自身的發展規模還不夠大，我們希望下一次有機會能遇到各方麵條件都和費區—海默相當，且發展規模至少要比它大好幾倍的公司。不得不說的是，目前我們對於並購對象年度稅後獲利的基本門檻由原來每年的500萬美元，升到了1000萬美元。