原文信息：
March 12, 1969
1969 年 3 月 12 日
To the Stockholders of Berkshire Hathaway Inc.:
致伯克希尔·哈撒韦公司全体股东：
Earnings in both textile and insurance operations improved somewhat during 1968. Total operating earnings in relation to stockholders' investment still are not satisfactory, but we are expending every effort to bring them to the proper level.
在 1968 年，纺织业务和保险业务的盈利状况有所改善。目前的与股东相关的资本收益率仍然不尽如人意，但我们正在尽最大努力使其达到适当水平。
Sales volume increased about 14% with good gains in both Home Fabrics and Menswear Linings. Over the years, these have been our most consistently profitable areas and their improvement in 1968 reflects strong efforts by Richard Bowen in Home Fabrics and Ralph Rigby in Menswear Linings. The Home Fabrics Division in 1969 will utilize new 150 inch Saurer looms, offering opportunities for expanding our style line. We hold options on additional looms, enabling expansion if profitable projections materialize.
家居纺织品业务和男装衬里业务良好，营业额增长了 14％。多年来，这些业务一直是我们盈利最稳定的领域，它们在 1968 年的改善得益于理查德·博文 (Richard Bowen) 在家居纺织品业务和拉尔夫·里格比 (Ralph Rigby) 在男装衬里业务的不懈努力。 1969 年，家居纺织品业务将采用新的 150 英寸苏拉织机，这将进一步丰富我们的产品样式。如果利润可观的项目达成预期目标，我们将考虑增购织机助力业务扩张。
Our Box Loom Division continued to present severe operating problems, as it has over many years.Our history in this area shows occasional periods of strong prices, regularly followed by heavy imports of goods, severe price cutting and curtailed operations. As a result of a careful survey of the future market for Box Loom greige goods and the investment required to service this market, it was decided to phase out our operation of such greige goods during 1969. After the transitional operating period has been completed and some loss has been sustained on the sale of fixed assets, we expect an improved over-all textile operating situation.
我们的梭箱织机部门多年来一直存在严峻的经营问题。我们在这一领域的历史表明，偶尔会出现价格强劲的时期，随之而来的是大量进口产品，恶性的降价和缩减运营规模。经过对梭箱织机坯布产品的未来市场进行仔细评估，以及继续支撑此业务所需要的投资规模，因此决定在 1969 年逐步淘汰这些不挣钱坯布的经营。在运营过渡期结束后，出售固定资产会导致一定额度的亏损，我们预计纺织业务的运营状况整体上会有所改善。
National Indemnity Company and National Fire & Marine Insurance Company continue their splendid operating performance under Jack Ringwalt. Premium volume increased only slightly in 1968, but more importantly, a good underwriting profit was again produced during a period when the property insurance industry operated at an underwriting loss. Investment income increased substantially in 1968, reflecting both a greater base of assets and higher yields on fixed income securities. Some capital gains again developed from our investments in common stocks.
国民保险公司和国民火灾与海事保险公司在杰克·林沃尔特的管理下继续保持突出的经营业绩。 1968 年保费收入略有增加，但更重要的是，在财产保险行业整体承保亏损的情况下，仍然实现了良好的承保利润。得益于更大的资产规模和固定收益证券回报率的提高，投资收益在 1968 年大幅增加。我们对普通股的投资再次兑现了部分资本利得。
The insurance companies continue to seek new areas for expansion, both at the direct level and possibly in the reinsurance field. The emphasis continues, however, to be on under- writing at a profit rather than volume simply for the sake of size. Due to our policy of retaining all earnings in the insurance subsidiaries, we have substantially augmented their capital funds, increasing our ability to retain greater segments of our originated premium volume.
无论是在直接保险领域还是在再保险领域，保险公司将继续寻求新的扩张机会。然而，需要继续强调的是，保险承保要保持一定的利润水平，不能单纯为了规模而牺牲利润率。得益于我们保险子公司留存所有收益的政策，我们大幅增加了公司资本金，从而增加了我们获取更多保费的能力。
During 1968, we sold a portion of our marketable securities portfolio at a profit of approximately $1.5 million after tax. At the end of 1968, we had unrealized market appreciation of $6,400,000 in the balance of the portfolio. Such securities were held in marketable common stocks as a temporary investment, pending the utilization of the funds in acquisition or expansion of operating businesses consistent with our program for the development of greater and more diversified earning power.
在 1968 年，我们出售了投资组合中部分有价证券，实现了约 150 万美元税后利润。在 1968 年底，我们的投资组合市值中未兑现资本利得高达 640 万美元。这种作为短期投资的普通股有价证券可以随时满足我们在收购或扩大经营业务时的资金需求，这符合我们发展更强大且更多元化盈利能力的计划。
Immediately after year end, we purchased all of the stock of Sun Newspapers, Inc.and Blacker Printing Company,Inc.,which represents an initial entry into the publishing business. This purchase involved only a small portion of our funds available for acquisition. Sun Newspapers,Inc.publishes five weekly newspapers in the Omaha,Nebraska area, with paid circulation of about 50,000. A related printing business is conducted by Blacker Printing Company, Inc.This purchase, while small, has potential for future expansion. The operations will continue under the able management of Stanford Lipsey.
年底之后，我们收购了太阳报业公司和布莱克印务公司 (Sun Newspapers, Inc. & Blacker Printing Co., Inc.) 的全部股票，这表示我们开始进军出版业。本次收购仅花费我们可用收购资金中的一小部分。太阳报业在内布拉斯加州奥马哈地区发行五份周报，订阅规模约为 5 万份。配套的印刷业务则由布莱克印务公司承揽。此次收购规模虽小，但是未来成长潜力巨大。此项业务将继续由斯坦福·利普西 (Stanford Lipsey) 负责管理。
Kenneth· V . Chace
肯尼斯· V ·蔡斯
President
总裁
沃伦·巴菲特 执笔